As we begin 2017, let’s look back on the past year. Here is what happened in the Charlotte real estate market in 2016.
As we head into 2017, we wanted to take a look at the 2016 numbers for the Charlotte real estate market to see where we stand heading into the new year. A lot has happened in the past year that you need to know about if you’re looking to buy or sell.
Closed sales went up by 8.4% in 2016 when compared to 2015. The average sale price also went up by $20,000 all across the board. We also saw average sale prices go up by 6.5%.
Our inventory also declined. As we began December, our supply of homes was down by 25.7% from the previous year. That’s a big difference. Our average days on market dropped by about 10 days as well.
Due to the lack of inventory, the supply in our region sits at just 2.3 months. This figure was at 3.4 months last year.
All of these indicators point to Charlotte being a strong seller’s market right now. You can still have a successful home purchase, but you have some things to consider there. Right now, we have home prices hitting their pre-recession levels. That’s huge for sellers who have been waiting to gain equity back in their homes. We’ve also got interest rates starting to tick up a bit. They are well above 4% now and are expected to go up again in the coming year. This will affect your buying power.
If you’re thinking about buying or selling, you should act sooner rather than later. We’ve got a healthy market right now that can benefit buyers and sellers. If you have any questions at all, don’t hesitate to reach out by giving us a call or sending us an email. We look forward to hearing from you.