What Does Low Inventory Mean for Buyers and Sellers in Charlotte?

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Today, I want to briefly fill you in on what’s been going on in the Charlotte area market here in the first quarter of 2016. There are a lot of homes going under contract fairly quickly, so if you’re actively looking for a property here in the greater Charlotte area, you may be having trouble finding something that suits your needs.

The average days on market right now for homes priced between $150,000-$300,000 is down 20 days from last year. Most homes are going under contract within only 58 days here in the first quarter! Some of the best homes are going under contract in only a matter of days, so if you find a home you really like, there is no room for hesitation. You need to act quickly if you want to get results!

In the $300,000-$600,000 price range, homes are staying on the market for a bit longer, but there’s not much to choose from. The best homes in the price range are flying off the market in under a week, so if there is something you have questions about in this price range, you should contact us immediately. You don’t want to see the perfect home get scooped up because you failed to act.

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Money is still cheap because rates are low, but the lack of inventory is rough for buyers.

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For neighborhoods in the $600,000+ range, the market is holding steady. It’s not as active as the price ranges below it. In general we’re seeing about 25-30% of all homes in that price range going under contract within four months, which is down about two months from the previous year.

Money is still cheap as interest rates have remained low, but it can be hard for buyers out there to find the right home. Stay tuned for more information on the market as we head into the second quarter, these great selling conditions may not be around for long. If you would like more information about first quarter market statistics, or if you need help buying or selling, please don’t hesitate to reach out to us. We would love to hear from you!