Charlotte’s low housing inventory is among the worst in the country

Charlotte’s low housing inventory is among the worst in the country

Illustration: Brendan Lynch/Axios

  • Share on Twitter
  • Share on Facebook
  • Share by Email
  • Share on Twitter
  • Share on Facebook
  • Share by Email

Charlotte had the 16th largest decline in housing inventory out of the country’s 50 largest metros in the past year, according to a recent realtor.com report.

Why it matters: High demand and unusually low inventory is a recipe for rising home prices. And we’ve heard over and over again from realtors that homes, especially those $300,000 or less, often have 20 offers.

  • In other words, it’s still a sellers’ market.

By the numbers: Inventory is down 51.2% compared to this time last year.

  • There are also 29% fewer listings compared to this time last year.
  • The median number of days on the market is 59 — two weeks shorter than last year.
  • Median list price is up 11.8% year over year, at $385K.

Of note: At least we’re ahead of Raleigh. Their inventory shrunk even more than Charlotte’s, down 57.2% over the last year. That’s the 3rd largest decline in housing inventory out of the country’s 50 largest metros. Only Austin, Texas and Riverside, California saw steeper declines.


Go deeper: Booming Charlotte real estate widens wealth gap

Advertisement
Story Views:
SIGN UP
Join the 113,151 smart Charlotteans that receive our daily newsletter.
"It's good. I promise." - Emma   Emma Way