How did the Charlotte metro area's housing market perform in 2017? Here's the 2017 market "at a glance." All the critical indicators of a robust housing market show improvement year-by-year since 2011, with the exception of the inventory of homes available for sale, which has dropped now for FOUR years in a row. With only two months of inventory, in my mind this is the most critical aspect of our market right now -- availability of homes for buyers to purchase. And it's the supply of homes, or rather lack thereof, that is helping drive Charlotte are home prices up and the housing affordability index down as demand continues to outstrip supply. Closed sales are also being impacted negatively due to the lack of inventory.
Charlotte Metro Area's 2017 Housing Market At A Glance:
- Median Sale Price ~ up 9.2% in 2017 to $226,000
- Average Sale Price ~ up 5.8% in 2017 to $272,900
- Days On Market (List to Close) ~ down 9.3% in 2017 to 97 days
- Closed Sales ~ up 5.9% in 2017 to 47,353 units
- Pending Sales ~ up 6.3% in 2017 to 48.100 units
- Percent Of Original List Price Received ~ up 0.7% to 96.9% in 2017
- New Listings ~ up 5.0% in 2017 to 58,378 units
- Inventory Of Homes For Sale ~ down 19.4% to 8,019 units (the lowest amount of inventory since 2011)
- Distressed Homes Sold ~ down 34.6% in 2017, representing just 1.8% of total sales
This Charlotte, NC region housing market update for 2017 is brought to you courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area real estate consultants.
If you are considering selling or purchasing a home in the Charlotte metro area, I'd love an opportunity to earn your business, exceed your expectations, and to prove to you that: