According to the “Emerging Trends in Real Estate United States and Canada”, a study by the PWC and the Urban Land Institute, Charlotte is currently, third in regards to investor attractiveness. The reasons are clear, a fast-growing population fueling a rapidly growing local economy.
The current picture of housing in the Charlotte, NC area is coming together well. The Charlotte area has been experiencing inventory shortages including less listing, shorter market days, and steep home prices. Overall there is a very competitive market for buyers and an appealing market for sellers. However, the Charlotte Real Estate market has been experiencing a general slowdown in sales.
With the job market being stable and the mortgage rates being low, the demand for homes is still high even as buyers continue facing price increase and inventory shortages. The Charlotte marketplace is booming due to its robust leasing dynamics, economic expansion, and the best investment returns. Also, the area is affordable, has high living standards and an educated workforce.
New changes in the situation in the residential real estate market include:
New Listing of Homes
The current new listing matches the levels of what the market was experiencing last year. Things are still very competitive for all the buyers as much as the home inventory is still dropping across the Charlotte, NC area. The other major factor is lack of inventory as it leads to the increase in the home prices year after year.
Reduced Duration of Homes on the Market
The duration of the houses in the market seems to get shorter and shorter each month. With a drop from last year, home sellers see a forty day average from listing to close. It means that homes are flying off the market.
Many home sellers are receiving multiple offers from potential buyers. It is the major factor of the increase in the value of homes in the Charlotte, NC area. Therefore if you are a willing buyer ensure you act quickly and also be prepared to compete against multiple offer situations on your dream house.
The closings of sales are down over the years; the attribute is due to the lack of inventory and the highly competitive real estate marketplace.
Due to the low inventory, finding the best agent who knows the market and the neighborhoods you will have the best returns on your investments. Austin-Barnett Realty provides that for you!