A new median home price of $400,000 was reached November which marks a new record for Mecklenburg County single family home sales. This represents a 21% increase over the median price in the same month last year. The average sales price is still below its summertime high, which tells us that the new record median is a function of ultra low inventory under $400,000. The mortgage markets have responded to higher prices by increasing loan limits. Conventional loan limits have been to $647,200 and the limit for FHA is now $356,362.
Our team is watching the market closely and is expecting the early part of 2022 to look similar to last year. Although the Federal Reserve is planning to hike rates next year in response to inflation, which we discussed last month. This may not be bad news for real estate because it will likely slow demand a bit, which might mean more inventory of homes for sale which is desperately needed right now.
This week we’ll send out our last E-Newsletter for 2021 including the stats for Mecklenburg County single family sales comparing November stats to the previous month and again to the same month last year. Here’s a sneak peak:
- Home sales are down 2% from last month but up 2% from last year.
- Average sales price is is up 5% from last month and 17% from last year.
- Median sales price is up 5% from last month and 21% from last year.
- Average price per square foot is up 3% from last month and 20% from last year.
- Average time on market is even with last month, but down 32% from last year.
- Pending home sales are down 10% from last month, but down 1% from last year.
- Supply is down 8% from last month and 13% from last year.
- Mortgage rates at 3.07% are even with last month, but up from 2.77% last year.
- Average house payment is up 5% from last month and 22% from last year.
It has been a wild year in real estate both in Charlotte and across the nation. There’s been no better time than I’ve ever seen to own real estate. And thankfully, the interest rates are still low enough to make buying a home affordable.
2022 lies ahead and this team is ready for it. Happy Holidays and see you next year!