If you've been wondering what is happening in this real estate market, keep reading!
To cut straight to the chase, the Charlotte Metro area is still in a strong seller's market. But believe it or not, there's great news for both sellers AND buyers!
We are at one of the lowest housing inventories we have ever seen, reporting in at just over 1 month. This number is the main indicator we use to determine if the market is balanced, or favoring the buyer or the seller. About 6 months’ supply of inventory is considered a balanced market between buyers and sellers.
With just 1.1 months’ supply of inventory, this means if not 1 more home hits the market today, it would only take 1 month (and 3 days) for all of our inventory to be gone!
So what does this mean for you?
For Buyers:
- I can promise you, there is still hope! The market is extremely competitive, but there are strategies to win offers.
- The condo and townhouse inventory is expanding, allowing more opportunities for buyers to enter the market.
- Interest rates are definitely in your favor. Your borrowing power is stronger than it has ever been as a buyer right now.
If you would like to set up a plan to discuss home buying strategies or where to begin, you can set up a completely free buyer's consultation here.
For Sellers:
- If you're on the fence between renting your home out as an investment or selling, I'd have to say the market is strongly urging you to sell.
- This is an incredible time to have the power to be a single family home seller. People want to buy and inventory is low, driving up prices throughout the entire area, and we have no idea how long this will last—especially with elections around the corner.
- The median home sale price in our area is up almost $17,000 right now since just a year ago. Yes, you read that right. The price you can get for your home today is on average 13% more than you would've gotten at this time last year.
If you want guidance on getting your home ready for market and in front of thousands of buyers, you can set up your completely free consultation with me here.
And as always, if you have absolutely any questions or need help deciding what move is next for you, I'm just a message away.
Happy buying AND selling!