Long time readers of this blog know that the real estate market is seasonal, and prices fluctuate throughout any given calendar year. The highest price generally occurs in the summertime. 2019 has proven to be no exception, and real estate prices in Charlotte have crossed a few new thresholds. Notably, the average sales price for single family homes in Mecklenburg County for June has crossed the $400,000 market to $402,169 which is up from $386,573 just last month. The median sales price has also crossed a threshold and is now at $310,000 from $298,368 last month. The increases represent an 11% increase for both the year over year average and median sales prices. These new highs are the result of low inventory which continues to affect the market.
There may be some relief. Last month I talked about a slow increase in year over year inventory that has started to take place. That might be the first step in a cooling market. Practically speaking this makes sense as we are beginning to see days on market increase and more price reductions seems to be happening. The market is still very strong. And if you watch this month’s video update, you’ll see that the economy overall continues to be strong and the fundamentals are solid.
The summer months mark the high point for sales and prices which then typically begin to decline as we head in to fall. Yes, prices fall into fall. This being July, we may see more growth reported over the next month or two, but it is also likely that the price decline has already begun.
For a look at the most current market stats for Mecklenburg County real estate sales, visit our Market Stats page.