2020 Market off to a HOT start in Charlotte

Just when when we think real estate sales are going to start cooling off, the market picks up again. It’s a new decade, and the market in Charlotte is off to a HOT start. Year over year, just about every indicator I’ve been tracking shows growth and incredible strength. Prices are up, demand is up, and the outlook for what’s ahead is strong!

The average sales price for Mecklenburg County single family sales closed out 2019 at $379,000 which was up 14% from the prior year. And the number of sales for December was up 19% over last year. Pending sales, which is an indicator of what will close this month or next, is up 8% over last year. All of these indicators, plus the low interest rates and low housing supply, spell nothing but a real estate horse that’s come out of the gate with tremendous power and speed!

In all the years I’ve been tracking the real estate market, momentum has always picked up into the spring after a short dip in the winter months. Next month, I’m expecting the numbers to slide slightly, and then the spring market will be upon us, and it will be ON.

If you are considering a home sale this year, NOW is the time to be making preparations to list. Come March, the grass will be turning green, the flowers will be in bloom, and the trees will fill in. That time will be here before you know it. We’d love to have a conversation with you to help you plan and get ready!

Until then, we’ve published the full stats for Mecklenburg County single family home sales and the summary is below:

  • Home sales are up 6% from last month and 19% from last year.
  • Average sales price is up 1% from last month and 14% from last year.
  • Median sales price is down 1% from last month, but up 12% from last year.
  • Average price per square foot is up 1% from last month and 5% from last year.
  • Average time on market is up 2% from last month and 7% from last year.
  • Pending sales are down 14% from last month, but up 8% from last year.
  • Housing supply is down 14% from last month and 21% from last year.
  • Mortgage rates are at 3.72% which about even with last month, but down from 4.64% last year.
  • Average house payment is up 2% from last month and 2% from last year.

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