Stay Ahead of the Curve: Innovative Solutions for Property Management in Charlotte
April 22, 2024
From Uptown to Suburbs: Exploring Charlotte’s Real Estate Market
May 6, 2024
It’s that time of year again when we check in on the current state of the North Carolina real estate market. The first three months of 2024 are behind us, and the arrival of spring also ushers in Q2 of the calendar year. Springtime is typically one of the busiest and most anticipated seasons, with people buying and selling their homes as school winds down and summer approaches.
In 2023, Charlotte was nationally recognized as having the hottest housing market in the country. This was a sign of a strong economy with plenty of jobs and rapid expansion. So that begs the question, where do we stand now? Let’s dive into some of the statistics, as forecasted by local and national experts, so you can be prepared for whatever the coming season brings.
Charlotte is still a seller’s market, which encourages higher prices and quick sales. In fact, homes only stay on the market for an average of 37 days, down almost 25% from this time last year. If you’re looking to buy this spring, you’ll need to act quickly and decisively, or you run the risk of losing out to another buyer. The median sale price of all homes sold in the past 12 months has now surpassed $400,000, an increase of 4% from February 2023. Sellers can ask more for their homes due to high demand and prime location.
The 30-year mortgage fell below 7% in January of this year, but the rates were back to hovering at or just above 7% around mid-March. Even so, we may see a downward trend in the coming months, especially considering that we’ve already come down from the staggering 8% rates of October 2023. This is good news for people who will be acquiring a new mortgage this season.
Housing inventory remains low, though it’s worth noting that the numbers are up almost 10% from this time last year. As the season goes on, supply is expected to increase as sellers put their homes on the market. Unfortunately, demand is expected to go up around this time as well, so any changes are likely to be negligible.
During this time when people can’t afford mortgage rates, apartments and rental properties are becoming increasingly popular. If you’re a landlord in the Charlotte area, your space is in-demand. Let us help you maximize your return on investment. Here at Talley Properties, our management team is dedicated to helping clients succeed at cutting costs and turning a profit. Learn more about our services on our website, and contact us today!