Buying a HomeSelling a Home June 1, 2023

Charlotte Housing Market Update for May 2023

Market-wide, inventory levels were up 27.7%

As we delve into the exciting prospects of the Charlotte housing market in 2023, let’s take a closer look at the latest statistics and trends shaping the industry. Over the past year, Charlotte has continued to experience a demand for housing resulting in an increase in property values, even into 2023. Charlotte is still thriving. In fact,  Core-Logic just posted that Charlotte, North Carolina showed the third-highest increase, at 4.7% in the major metro areas as of Q1 2023.
The housing market in Charlotte for Q1 of 2023 is showing strong signs of a continued sellers’ market.  Buyers are still advised to consider purchasing now as prices are not likely to decrease.  Locking in the best interest rate and considering refinancing when the rates stabilize is a sound strategy.
Looking at the latest data for the region, April 2023, a limited supply of existing homes for sale, along with an increase in new homes on the market, have helped boost demand for new single-family homes this year.
Monthly new-home sales increased 9.6% as of the last measure, marking the highest rate of new-home sales in a year, according to the U.S. Census Bureau.
Pending Sales in the Charlotte region were down 21.8 percent overall. The price range with the smallest decline in sales was the $300,001 and Above range, where they decreased 12.3 percent.
The overall Median Sales Price was up 10.4 percent to $381,000. The property type with the largest price gain was the Condo-Townhome segment, where prices increased 17.4 percent to $337,000.
The price range that tended to sell the quickest was the $150,001 to $200,000 range at 25 days; the price range that tended to sell the slowest was the $100,000 and Below range at 31 days.
Market-wide, inventory levels were up 27.7 percent. The property type that gained the most inventory was the Condo-Townhome segment, where it increased 27.7 percent. That amounts to 1.3 months supply for Single-Family homes and 1.2 months supply for Condos-Townhomes.  A 6 month supply of homes is considered a balanced market, with anything less than 6 months’ supply being a seller’s market.  
Buying or selling a home is part data and part art.  Data may inform your decision of price to sell or offer, but leaning on the expertise of someone who is watching the daily trends and doing business in the market full-time can lend an additional element to help you decide what is the best path for you. Contact me to discuss the current market and how I can help you with your next move of buying or selling a home.  If you are not ready yet, but know someone that is considering buying or selling, I would be delighted to help them, just send them this email with my contact information or visit my website at www.BeHomeCarolina.com 

Current as of May 5, 2023. All data from Canopy MLS, Inc. Report provided by the Canopy Realtor® Association. Report © 2023 ShowingTime.