The temps outside aren’t the only thing heating up around here. Like quarters prior, the Charlotte real estate market is also on the rise. A recent forecast by Home Buying Institute predicts that home prices in our area will continue to rise steadily throughout 2019 and into 2020.
It’s all about the numbers. Home prices are rising so steadily because demand is not meeting supply. According to data from the U.S. Census Bureau, Charlotte had one of the biggest population increases among major U.S. cities from 2016 to 2017. Housing supply hasn’t grown nearly as fast.
In March 2019, real estate research teams at Zillow predicted that the median home value in Charlotte will rise by 6.1% over the next 12 months. This is in-keeping with national averages for most major cities. (West coast cities being outliers that continue to grow by double-digit percentages.) This 12-month prediction pushes rising real estate costs into March of 2020.
As of January 2019, Charlotte’s inventory for available homes was sitting at less than 4 months. That’s slightly below national averages. It’s also fairly well below the 5-to-6 month averages needed to have what is considered a “balanced real estate market.”
All this really means is that the few available homes in Charlotte are highly desirable. Prices are rising to meet that demand. Charlotte is and will continue to be (at least for the time being) a seller’s market.
If you’ve been considered downsizing or leaving the hustle and bustle of Charlotte for a quieter lifestyle, we’d love to list your house. In a seller’s market where things move fast, having a trusted agent in your corner to work for you makes all the difference. Contact us today if you’re considering selling your home in the Charlotte-Metro area!