What Do Charlotte Market Conditions Mean for You?

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The new year is right around the corner, so I thought I would recap the year in real estate for the Charlotte area.

The biggest thing we saw over the last year was the decrease in average days on market. Traditionally, homes sit on the market for 100 to 125 days before selling. In 2014, however, the average days on market was only 75 days! This is about half as long as many other parts of the country.

Although the average market time is 75 days, we're seeing homes sell in only four or five days! For 2013 and 2012 we were still floating around 90-100 days, so we're down about 30% as of this year. I'm not sure whether we'll see this trend continue deep into the new year, but things look pretty good right now.

One thing everyone wants to know about is where home prices are going to be in the next year. Prices aren't going up like they were in the years leading up to the recession, but they are still increasing anywhere from 2%-4%, depending on the area of Charlotte you live in.

What can we expect for next year?

The biggest things driving our local market is the amount of people moving to the area and extremely low interest rates. If interest rates rise in the next year, which is expected, home appreciation may start to level out. However, if rates stay low, we'll probably see another year with solid home appreciation. With all the people moving to our area, you can expect demand for homes to be high, which may also have a positive effect on home values.

If you have any questions about what to expect in our market in the new year, give us call or shoot us an email. We would love to give you the information you need to be an informed buyer or seller of Charlotte real estate!