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The holidays are upon us once again, and we’re coming to the end of another calendar year. This is the perfect time to pause and reflect on all that’s happened in the past several months. It’s been quite a year for the Charlotte real estate market, and we’d like to do a quick recap, highlighting some key metrics. Whether you’re brand new to the investment property business or you’ve been keeping a close eye on the market for years, it can be extremely valuable to compare trends year by year. Let’s dive into the details of 2023 as we look forward to 2024.
The Charlotte real estate landscape closed out 2022 as a seller’s market, and it has remained a seller’s market through the end of 2023. The demand for housing far exceeds the available properties, which allows sellers to get away with higher asking prices. During the month of October alone, 75% of homes sold were under contract in 30 days or less. These metrics make sense, considering Charlotte’s enormous growth. The Queen City was predicted to be the single hottest housing market in the country, and it’s lived up to its potential.
The median selling price for a home in Charlotte hovers just above $402,000, up almost $12,000 since January of this year. You could find a 1-bedroom home for around $265,000 in the current season, roughly a 10% increase from this time last year. But those that want or need larger homes are in luck. The 4-bedroom homes on the market have remained relatively stable, hovering around $490,000, and even larger 5-bedroom homes have decreased a whopping 6.8% to around $730,000.
Even given all the changes that have occurred this year, Charlotte remains one of the least expensive areas when compared with nearby towns. Charlotte’s median $402,000 is pretty decent considering the alternatives presented by Pineville, Huntersville, and Matthews, which range in price from $420,000 to almost $515,000. If you’re looking to get started with rental properties, or you simply want to add to your existing portfolio, you’d be hard-pressed to find better value than real estate in the Queen City.
Property management can be a hassle if you don’t have access to the right tools, and doing it on your own can be quite overwhelming. Let us help! Here at Talley Properties, we offer competitive rates on valuable services such as marketing, tenant screening, and general property maintenance and repairs. With 2023 in our rearview mirror, get a head start on 2024, and contact us today to learn how we can make your new year even more prosperous with increased return on investment!