First quarter 2017 Charlotte, North Carolina region's home sales continued the positive trends we've seen since 2015. Home buyers are finding the housing market very competitive with higher home prices and a lack of properties to buy. Buyers looking for a bargain are "hard pressed" to find one. Many first-time buyers are being "priced out of the market." Meantime, home sellers are seeing their homes sell quickly and for top dollar, when priced right for condition and location. The "story" of the first quarter 2017 might well be about the continuing double-digit decrease in the supply of homes available for sale across the region. So long as inventory is tight and demand increasing, home prices should continue to increase.

In the first quarter of 2017, the Charlotte region saw a:

  • 10.7% increase in average sale prices compared with one year ago
  • 22.0% decrease in inventory of homes for sale compared with one year ago
  • 12.0% increase in closed sales compared with one year ago
  • 29.0% decrease in the months supply of homes (2.2 months supply) compared with one year ago
  • 21.0% decrease in days on market (52 days on average) compared with one year ago
  • 1.4% increase in the percent of original price received compared with one year ago

 

First Quarter 2017 Housing Market Update For Charlotte, NC Metro Region

 

SEARCH ALL CHARLOTTE REGION HOMES FOR SALE

 


 

The "main" story in four of the most populated and in-demand counties (Mecklenburg and Union Counties in North Carolina; York and Lancaster Counties in South Carolina) in the Charlotte region is the lack of inventory of homes for sale, which has dropped in double digits. Mecklenburg County had only 1.6 months of inventory at the end of the fourth quarter. Union and York Counties  had 2.4 months or less of inventory, while Lancaster County had 3.2 months of inventory. It's clearly a seller's market in these four Charlotte metro area counties and the lack of inventory to meet demand continues to be "the story of the day."

 

Mecklenburg County, NC (where Charlotte City is located):

  • Average Sale Price: up 10.3% versus one year ago.
  • Inventory of Homes for Sale: down 29.4% versus one year ago.
  • Closed Sales: up 9.1% versus one year ago.
  • Months Supply of Homes for Sale: 1.6 months, down 29.4% versus one year ago.
  • Average Days on Market: 41 days, down 23.9% versus one year ago.

 

Union County, NC:

  • Average Sale Price:  up 14.3% versus one year ago.
  • Inventory of Homes for Sale: down 16.2% versus one year ago.
  • Closed Sales:  up 14.1% versus one year ago.
  • Months Supply of Homes for Sale: 2.4 months, down 22.1% versus one year ago.
  • Average Days on Market: 59 days, down 13.1% versus one year ago.

 

York County, SC (where Fort Mill, Tega Cay, and Rock Hill are located):

  • Average Sale Price: up 6.8% versus one year ago.
  • Inventory of Homes for Sale: down 16.2% versus one year ago.
  • Closed Sales:  up 9.6% versus one year ago.
  • Months Supply of Homes for Sale: 2.0 months, down 33.2% versus one year ago.
  • Average Days on Market: 535days, down 11.9% versus one year ago.

 

Lancaster County, SC

  • Average Sale Price:  down 0.3% versus one year ago.
  • Inventory of Homes For Sale:  down 2.9% versus one year ago.
  • Closed Sales: up 5.4% versus one year ago.
  • Months Supply of Homes for Sale: 3.2 months, down 8.6%. 
  • Average Days on Market:  72 days, down 1.4% versus one year ago.

 

See the charts below for more detailed information on 1st quarter home sales statistics:

 

First Quarter 2017 Housing Market Update For Mecklenburg County, NC

SEARCH ALL MECKLENBURG COUNTY HOMES FOR SALE

 


 

First Quarter 2017 Housing Market Update For Union County, NC   

SEARCH ALL UNION COUNTY HOMES FOR SALE

 


 

First Quarter 2017 Housing Market Update For York County SC 

SEARCH ALL YORK COUNTY HOMES FOR SALE HERE

 


 


First Quarter 2017 Housing Market Update For Lancaster County, SC  

SEARCH ALL LANCASTER COUNTY HOMES FOR SALE HERE

 


 

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This quarterly Charlotte, NC region housing market update is brought to you by Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area real estate consultants. 

 

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