The pandemic has not slowed the Charlotte, North Carolina real estate market. It may have actually had the opposite effect. Working from home, people are recognizing the importance of the place where they live. The home improvement and renovations industry has been a huge benefactor. Just try to find a contractor with immediate availability right now! When renovating is not an option, moving works too. And when you couple heightened need for a functional home with the lowest interest rates in history, the result is a strong real estate market.
Year after year, this blog has focused on the seasonality of the market in Charlotte. Sales and prices typically bottom out in January or February every year and then peak in summer. Even in one of the strangest, most atypical years of my lifetime, the seasonality of real estate is unchanged. Real estate sales and prices have climbed right into July and both the average and median sales prices in Mecklenburg County reached all-time highs. The average sales price in Mecklenburg County was $417,000 in July and the median price was $330,000. Charlotte, North Carolina is no longer the inexpensive southern city it once was.
Seasonally, it is likely that in either August or September we will see prices start to fall back again into winter. Don’t let the media or the politicians frighten you this fall when it is reported that real estate prices are down. That happens every fall!
This week we’ll publish our monthly E-Newsletter with all the stats for Mecklenburg County. All of the numbers show nothing but strength in the market. Yet, we are in an unprecedented time where the market is good for sellers because of increasing prices, but still good for buyers because of the low, low interest rates. Real estate is a good investment fundamentally, and right now is a time in our history when it is hard to disagree with that statement.
Here’s a sneak peek summary of the data when comparing single family home sales in Mecklenburg County for July to the prior month and again to the same month last year:
- Homes sales are up 8% from last month and 14% from last year.
- Average sales price is up 5% from last month and 10% from last year.
- Median sales price is up 3% from last month and 9% from last year.
- Average price per square foot is even with last month, but up 9% from last year.
- Average time on market is down 11% from last month and 18% from last year.
- Pending sales are down 1% from last month, but up 18% from last year.
- Housing supply is even with last month, but down 17% from last year.
- Mortgage rates at 3.02% are down from 3.16% last month and 3.77% last year.
- The average house payment is up 3% from last month and 1% from last year.