Over the past few weeks, the Charlotte Business Journal has been profiling the real estate market in Charlotte. They have zoned in on various price points and are sharing specifics on how fast you can expect a house to move and what that house might look like. Today, we share the details on the $700,000 market in the Queen City.
The CBJ shares that the $700K market is a strong one within the city. Between January and August of this year, there were 633 closings on homes priced between $650,000 and $700,000. This number is up more than 13% from this same time frame in 2018. Pending sales are up too, by 17%, in fact.
What About Inventory?
More homes closed this year than last, but what’s interesting is that the inventory isn’t being replaced as quickly. As of August, the number of homes listed between $650,000 and $700,000 dropped by 69 properties over August of 2018. This represents a 4.7-month supply of inventory at this price range, compared to a 6.2-month supply in August 2018. Homes are selling a week faster than this time last year, to boot.
Other area real estate specialists have described this price point as a “seller’s-buyer’s-market”. It’s a seller’s market in that the inventory remains at record historic lows; however, it’s also, in a way, a buyer’s market. Why? Because buyers at this price point can afford to be much more picky. Market-ready homes sell in a minute but homes not at their best sit for a bit longer.
The feedback shows that clients moving to this area are impressed by what they can get for $700K compared to other large U.S. cities.