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.