Charlotte Real Estate Lockstep with National Averages

Charlotte is an incredible city full of opportunity, growth and vibrancy. It is simply a great place to live. Looking through the lens of real estate, many outsiders look at Charlotte as an affordable city and a great place to move in order to get away from the high priced markets out west. Yet, as a practitioner I can attest that people on the west coast often come to Charlotte, prepared to buy, with expectations of buying twice the house for half the price. These individuals are frequently met with sticker shock when they get here. It all depends on the location.

The city of Charlotte is geographically large and home prices tend to be highest near the center of the city. With the exception of certain pockets, prices tend to decrease as you get further away from the city. September sales stats show that the average sales price for Mecklenburg County is $462,663 and the median price is $380,000. However, $462,000 won’t buy you the “average” home close to center city and it will get you a lot more near the county borders.

Interestingly, the median home price in Charlotte is very close to the national median home price. The National Association of Realtors recently published a report showing price activity across major metropolitan areas. That report shows the national median at $357,900 vs the Charlotte median at $352,600 based on second quarter data. That same report shows that both the Charlotte Metro prices and the national prices are up 22.9% year over year. Essentially, the Charlotte market stats are lockstep with the national stats. What you are reading about in national news applies here at home.

This week we’ll be sending out our monthly E-Newsletter reporting all the local stats for Mecklenburg County comparing single family sales in September to the previous month and again to the same month last year. Here’s a quick summary:

  • Home sales are down 3% from last month and 6% from last year.
  • Average sales price is down 5% from last month, but up 9% from last year.
  • Median sales price is down 3% from last month, but up 15% from last year.
  • Average price per square foot is up 1% from last month and 21% from last year.
  • The average sales to list price ratio was 102% in September.
  • Average time on market is up 1% from last month, but down 59% from last year.
  • Pending sales are up 5% from last month, but down 8% from last year.
  • Supply is down 2% from last month and 21% from last year.
  • Mortgage rates at 2.9% remain steady from last month and last year.
  • The average house payment is down 5% from last month, but up 8% from last year.

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