While we’re still strongly in a seller’s market, buyers often start pushing their budgets to the limit. In order to give themselves more options, they start to wonder what they’ll get in a house that’s just a bit more expensive than they originally envisioned. In today’s real estate market, what will $300,000 fetch you in the Charlotte-metro region?
The Charlotte Business Journal tackled this question in a few different ways. First, they used data compiled from the Charlotte Regional Realtor Association which included a peek into homes on the market as well as commentary from local brokers. Next, they narrowed the search down to homes at the $300k price point.
What they found is that homes in this range are holding steadily. As of August 2019, the stock on single-family homes, townhouses, and condos listed at $300,000 totaled 3,028 which is just 15 more properties available than August of 2018.
As it is with most major cities, the home’s location plays a huge role in available square footage. For example, just 10 minutes north of uptown in the Druid Hills neighborhood, a 1,450-square-foot home listed at $295,000. On the flip side, a 30-minute drive north of uptown to Huntersville yields a 2,611-square-foot home priced at $300,000.
The $300,000 price point was chosen for this experiment for a reason. In the last ten years, rent prices in Charlotte have increased more than 40%. As it turns out, a mortgage on a $300,000 home is roughly the same monthly payment are comparable to a monthly rental payment. Given that all other factors are equal, most people would rather own than rent. This is why $300K was chosen as the dollar amount.
While the market is competitive, buyers do have a very small edge compared to buyers this time last year. Homes in this price category have stayed on the market for a little bit longer than a year ago, averaging 50.4 days before going under contract. This is about 3.6 days longer than in 2018. So if you’re shopping for a home in this price point, you’ve got a few days advantage on your side!
Shopping for a home? Contact us today! Let us help you find your dream home, no matter the price point.