Charlotte Real Estate Market Report JUNE 2016
How’s the Charlotte real estate market? Well, with the recent news of unemployment being down to 5.1% in the Metro region and the Feds delaying an increase in the rates, it’s a prime time to buy! As for Sellers – here are the most recent stats – and yes, it’s a fine time to sell as well!
Market absorption (how long it will take you to sell your home) is down considerably. There is a 4.2 month supply of homes valued at $279,000 and above. Homes under $500,000 are absorbed far quicker than those over $500K due to the number of buyers in the market for the lower price ranges.
Millennials continue to be the largest population entering the home-buying market. Inventory continues to struggle to keep up with demand and bidding wars prove to be challenging for many of these millennial buyers in this strong seller’s market.
Week ending June 4 in the CHARLOTTE METRO REGION:
- New Listings decreased 1.9% to 1,271
- Pending Sales increased 8.0% to 1,031
- Inventory decreased 22.9% to 11,253
Month of May in the CHARLOTTE METRO REGION:
- Median Sales Price increased 5.0% to $210,000
- List to Close decreased 9.5% to 105
- Percent of Original List Price Received increased 1.4% to 96.8%
- Months Supply of Homes for Sale decreased 30.9% to 3.1
Here are the fast-facts for the UNDER $500,000 Price Ranges. Average sales price is $234,411 with an average days-on-the-market (DOM) of 9 in sold listings and those under Contract. Current listing DOM are 37.
Charlotte (Proper) Market Data – Homes over $500,000 are as follows:
Average Sales Price: $807,128.
Average DOM for homes sold and under Contract: 79
To further break-down the Charlotte luxury real estate market, here is the 30-day data in the various price ranges:
Thinking selling your Charlotte home, give us a call – we’re happy to provide you more detailed data for your particular price range, size of home, acreage and neighborhood. As real estate is local, this is simply an overview of the Charlotte proper market.
© Debe Maxwell | Debe@TopProducer.com | Charlotte Real Estate Market Report JUNE 2016