Prices are up, but payments are down!

The real estate market in Charlotte is usually cooling off this time of year, but the numbers are telling a different story. There’s been talk of recession, but no signs of one materializing in 2020. All in all, the outlook is great for Charlotte real estate next year. This week our team got the download from our real estate mentor and coach, Brian Buffini. Check out the video summary here:

As always, we have published the market stats for Mecklenburg County real estate comparing November’s sales figures to the prior month and again to the same month last year. While the market seems to be holding strong with increasing sales and rising prices, the low interest rates have actually reduced the average house payment by 11%! What an opportunity for both buyers and sellers. Prices are up (good for sellers), but payments are down (great for buyers).

Below is a summary for the stats and you can also find them here:

  • Home sales are down 21% from last month, but up 9% from last year.
  • Average sales price is up 2% from last month and 2% from last year.
  • Median sales price is up 5% from last month and 3% from last year.
  • Average price per square foot is up 1% from last month and 7% from last year.
  • Average time on market is the same as last month, but down 4% from last year.
  • Pending sales are down 9% from last month, but up 14% from last year.
  • Supply is down 12% from last month and 9% from last year.
  • Mortgage rates are even from last month at 3.7%, but down from 4.87% this time last year.
  • Average house payment is up 2% from last month but down 11% from last year.

Leave a Reply

Your email address will not be published. Required fields are marked *