2020 has been a wild ride, and the housing market was no exception. Regardless of any unknowns the future may hold, the housing market this year has been resilient and is strong going into 2021. Despite a drastic spring dip, the Charlotte real estate market has recovered, and now is performing better than this time last year. Both buyers and sellers can take advantage of the unique housing market we are experiencing in Charlotte.
For sellers, the amount of time a home stays on the market has decreased 13.8% for list prices over $150,000 compared to this time last year (Canopy MLS) and is averaging less than a month on the market (NAR). Despite record-low inventory of homes for sale, existing home sales has grown 4 months in a row, up to 9.4% as of September (NAR). Average sales price for homes has increased from $300,958 in 2019 to $349,041 in 2020 (Canopy MLS). Low inventory also provides sellers with less competition from other homes in the area.
The Housing Affordability Index, released by the National Association of Realtors, is a measure of whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home. According to the NAR, housing affordability is up 7.5%, which means that despite higher home prices, buyers still have a lot of purchasing power. Prospective buyers can purchase approximately 14% MORE home for the same monthly payment as this time last year due to record low interest rates.
Whether you’re buying or selling, The Premier Team of RE/MAX Executive has the experience necessary to take advantage of this unique, thriving market!
As the #1 RE/MAX team in the Carolinas, The Premier Team knows what it takes to sell your home. We realize that selling your property can be overwhelming, so please contact us for a free consultation and equity analysis!
980.285.2885
