Charlotte home prices keep heating up

Charlotte home prices keep heating up
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Charlotte’s real estate market is as busy as ever, with demand showing no sign of slowing anytime soon.

What’s happening: Inventory remains low, albeit steady, across the Charlotte region at 0.6 month’s supply, according Canopy MLS’s latest data. New listings are up compared to last year but they’re snatched up almost as quickly as they’re listed.

  • Homes sold in 16 days on average, compared to 20 days in April.

Prices: With low supply and high demand, home prices continued to surge more than 20% compared to this time last year. Median sales price was $323,000 in May, up from $315,000 in April.

  • On average, homes continued to sell for over asking, at 101.6% of list price.

    What we’re watching: The big thing I’m paying attention to is the number of new listings. If the number of new listings continues to increase throughout the year, there’s a better chance of inventory and home prices improving for buyers.

    Chart: Axios Visuals, Data: Canopy MLS

    More homes are hitting the market compared to this time last year — a good sign that sellers are feeling more confident this spring, compared to when the pandemic first started.

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    • An influx of new listings is typical of the spring and summer months. And most experts expected an uptick in new listings after the vaccine rollout, as many 2020 sellers decided to hold off during the height of the pandemic last year.

    The bottom line: We’re seeing small shifts in the market, but buyers won’t really feel that shift until demand cools or inventory picks up or both.

    Go deeper: How to buy a home in Charlotte’s wild real estate market

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