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Charlotte Real Estate Finishes the Year with Strong Price Gains

Charlotte real estate will finish the year strong with large price gains for 2018.  Sales are beginning to slow as evidenced by the number of home sales and pending home sales.  However, the consistently low inventory over the past several years has lead to rising prices.  Those rising prices, when coupled with rising interest rates, have made housing less affordable over the past year.  That change is likely to damper the strong sales heading into 2019.  Inventory is still low, however, and until it returns to more normal levels we can continue to expect price gains next year.

This week we’ll be sending out our last monthly E-Newsletter of 2018 which will show the stats for November as compared to the prior month and the same month last year.  Here’s a sneak peak:

  • Home sales are down 10% from last month and 9% from last year.
  • Average sales price is up 9% from last month and 14% from last year.
  • Median sales price is up 8% from last month and 12% from last year.
  • Average price per square foot is up 3% from last month and 4% from last year.
  • Average time on market is up 12% from last month and 9% from last year.
  • Pending sales are down 11% from last month and 13% from last year.
  • Supply is down 10% from last month but up 10% from last year.
  • Mortgage rates at 4.87% are about even with last month but up from 3.92% last year.
  • Average house payment is up 10% from last month and 27% from last year.

Expect another great year in 2019.  Happy Holidays to everyone.  See you next year!

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