What Does the First Quarter in North Carolina Look Like?

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Today, I wanted to go over a quick market update for the first quarter in the Charlotte real estate market.

Compared to last year, our average days on the market number has decreased by about 20 days for homes priced up to $300,000. Last year, it was approximately 78 days, but now it’s closer to 58. It’s typical to see homes fly off the market within a few days as well. Additionally, it’s important to remember there are fewer homes for sale in this range. We have a little over 800, but 1,400 are under contract. There isn’t a lot to choose from. In the last 90 days, we’ve had over 1,600 homes under contract here.

In the $300,000 to $600,000 price range, the average days on the market is down about 18 days. We were at 96 last year and now we’re at around 78. In the last 90 days, 1,400 homes are available on the MLS and about 1,000 currently under contract. Also, we’ve already closed 900 homes in this price range within that same period of time.

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Different markets for specific price ranges are starting to pick up.

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Finally, for homes priced above $600,000, the average went down by 14 days on average last year compared to this year. We have roughly 900 homes in the area with over 300 under contract and 250 closed within the last 90 days.

As you can see, the first quarter of 2016 is strong, and different markets for specific price ranges are starting to pick up. It’s a great time to buy with low interest rates. It’s an aggressive time to get your home sold as well!

If you’re thinking about buying or selling a home in the surrounding area, you can reach me by phone or email. I’d be happy to answer any questions you might have!