For Week Ending October 16, 2021 (Data current as of October 25, 2021)
The supply of entry-level housing is at its lowest level in nearly five decades, according to Freddie Mac, who reports that entry-level home construction decreased from 418,000 units per year in the 1970s to 65,000 units per year in 2020. The shortage of starter homes has proven challenging to first-time buyers, as many existing entry-level homes are being remodeled or demolished and replaced by much larger homes, while those that remain have become significantly more expensive, with sales prices increasing 64% from 2016, according to realtor.com.
In the Charlotte region, for the week ending October 16:
- New Listings increased 4.0% to 1,267
- Pending Sales increased 14.5% to 1,284
- Inventory decreased 33.2% to 4,379
For the month of September:
- Median Sales Price increased 15.9% to $335,000
- List to Close decreased 17.9% to 69
- Percent of Original List Price Received increased 2.4% to 101.0%
- Months Supply of Homes for Sale decreased 35.7% to 0.9
Most Prevalent Mortgage Rates for Top Tier Buyers:
- 30 Year Fixed – 3.125% – 3.375%
- 15 Year Fixed – 2.375% – 2.625%
- FHA/VA – 3.000% – 3.250%
You’ve worked hard for what you’ve earned, and you’re right to want the best experience. With ROI-based updates, highly targeted pre-listing marketing, and a systematized approach, you can rest easy knowing you are in good hands.
If you are thinking about selling your home in the next 6 months, call me today for your strategic marketing consultation. 708.995.7444
Local Data and content were obtained from CanopyMLS and Current as of October 25, 2021. Data is refreshed regularly to capture changes in the market activity. The Charlotte Region Report includes Alexander, Anson, Cabarrus, Catawba, Cleveland, Gaston, Iredell, Lincoln, Mecklenburg, Rowan, Stanley, and Union Counties in North Carolina and Chester, Chesterfield, Lancaster, and York Counties in South Carolina.