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Home Prices Rise Across Charlotte Area
A new report from Case-Shiller, homes throughout the Charlotte area are experiencing faster rates of price appreciation. Home prices ticked up in October, according to the latest S&P CoreLogic Case-Shiller Index.
Real estate prices increased 6.4% in the Charlotte metropolitan area on a year-over-year basis. This is higher than the national average of 6.2% home price growth. The local price increase that was recorded for October 2017 also came in above the area's 6.3% increase for the previous month of September.
The trend isn't restricted to Charlotte; several other major metropolitan areas saw increased home price growth, several of which saw home prices increase at an annual pace higher than Charlotte's. According to Jenna Martin of the Charlotte Business Journal, "Of the 20 markets tracked by Case-Shiller, Charlotte's price gain was the 12th highest."
The U.S. metro with the highest increase in home prices was Seattle with an annual gain of 12.7%. On the other end of the spectrum, Washington, D.C. recorded the lowest annual price increase at 3.1%.
According to David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, U.S. home prices are three times higher than they were in October.
"Home prices continue their climb supported by low inventories and increasing sales," said Blitzer in a statement to the Charlotte Business Journal. He also pointed out that existing-home sales rebounded 8.4% in November after falling 6.1% from March to September. Meanwhile, Blister said, housing inventory remained at just a 3.4-month supply. Generally, a 6-month supply of housing inventory is needed for a balanced market. Anything below this figure indicates a seller's market where there is more demand than supply. Anything higher indicates a buyer's market where there is more than enough housing to meet demand.
As low as the national inventory may be, Charlotte's supply is even lower according to the report. In the Queen City and surrounding areas that make up the entire Charlotte metropolitan area, inventory of homes for sale was at a strikingly low 2.3-months supply in November. That same month, sales of homes in the Charlotte area increased 2.9%.
What does this mean for Charlotte area home buyers and sellers?
If you're planning to buy, just know that competition is tough out there. The low inventory levels and high demand mean bidding wars are common and if you don't come in with a strong offer right away, you're unlikely to seal the deal. Your best strategy is to get your financing squared away first, get your mortgage lender to hand you a preapproval letter, and team up with a highly motivated, local real estate agent such as myself or someone from my team. Having that preapproval letter shows home sellers that you are a serious buyer and have already taken the steps needed to secure funding for your purchase.
If you're selling, good for you! You're choosing a great time to list your Charlotte home for sale! But keep in mind, just because buyers outnumber sellers right now doesn't necessarily mean they're going to be beating down your door and throwing around top offers. My advice is to hire an experienced seller's agent who can not only market your home for sale to attract the most buyer traffic, but also help you coordinate all the logistics of selling a home while vetting perspective offers and try to get the best deal for your property. Remember, selling a home isn't a simple process and with your busy lifestyle, it truly pays to entrust a professional with what is one of the largest financial transactions of your life.
If you're ready to buy or sell a home in the Charlotte area, please don't hesitate tocontact me or one of my team members today: 704-419-8644
Donna’s top priority is providing you with quality service. To accomplish this, she’ll listen to your needs and wants, presenting you with properties that match your criteria. Donna, who is very p....
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