Charlotte region remained a seller’s market in October 2019 with inventory remaining extremely tight, dropping 19.5% compared with October 2018. Despite lower inventory, the Charlotte market has shown resiliency and buyer demand for homes remained strong as interest rates dropped.
Charlotte Real Estate Report & Housing Market Snapshot: October 2019
Charlotte region was definitely a seller’s market in October 2019 with inventory remaining extremely tight, dropping 19.5% compared with October 2018. Despite lower inventory, the Charlotte market has shown resiliency and buyer demand for homes remained strong as interest rates dropped. It’s also worth keeping mind that while Charlotte overall is a seller’s market for homes priced under $300,000, there are price points where Charlotte is a buyer’s market — primarily for homes priced above $750,000.
Lack of inventory and small increases in new listings resulted in higher home list and sale prices year-over-year, and year-to-date. Average sale prices increased 9.7% and median sale prices increased 9.3%% year-over-year. Year-to-date average and median sale prices increased 5.5% and 7% respectively.
Closed sales increased 10.8%, while pending sales were up 25.9% year-over-year in October.
Homes continue to sell quickly with average days on market 40 days, down from 42 days on year ago.
The housing affordability index continued to decrease, as well ~ down 8.8% year-over-year and 7% year-to-date.
Months supply of homes remained very low at 2.1 months (down 25% year-over-year) and even lower for homes priced under $200,000.
Year-to-date trends are all also showing higher home sale prices, higher sales, and tight inventory.
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Charlotte Housing Market Performance: October 2019 Versus October 2018
Median Home Price Trends In Charlotte
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