Current State of The Market: Charlotte, NC

[Cole Simpson]

The homebuyers in the Charlotte housing market have dealt with a persistent seller’s market, which has shrunk inventory and driven up home prices.⁣
⁣
Charlotte's real estate market continues to boom without being affected by the pandemic. Homes are selling quickly, inventory is low and prices are rising fast.⁣
⁣
Continuing the Charlotte-area housing market's hot streak, home sales and the median price paid for those homes rise in October 2021. ⁣
⁣
Low mortgage interest rates, high demand, and a shortage of homes continue to fuel the Charlotte real estate market and drive prices higher. ⁣
⁣
Charlotte is a magnet for newcomers, which means there will be enough demand to keep home prices from falling too far. It is seeing an influx of new residents from expensive cities in the North and West.⁣
⁣
Here are more stats from the Charlotte housing market >>>>

Median home value: $343,760

Median list price: $412,156

1-Year appreciation rate: +25.0%

Median home value (1-year forecast): +21.0%

Months of supply: 0.7 (-46.2% year over year)

New listings: 4,513 (+8.7% year over year)

Pending sales: 4,751 (+11.9% year over year)

Closed sales: 4,604 (+2.1% year over year)

Days on market: 20 (-23.1% year over year)

Median rent: $1,693 (+15.5% year over year)

Price to rent ratio: 16.92

Unemployment rate: 3.3% (latest estimate by the Bureau of Labor Statistics)

Population: 885,708 (Latest estimate by the U.S Census Bureau)

Median household income: $62,817 (latest estimate by the U.S Census Bureau)