March 2021 Charlotte Region Market Update

 

The spring market is well underway, and buyer activity remains robust and hot properties continue to frequently encounter bidding wars. Mortgage rates have ticked up over 3% for the first time since last July, which is unlikely to substantially affect buyer demand.

For most of us, our homes are the largest asset we’ll ever own—so you are right to want to understand this asset and the market you are in. You deserve and expert guide. Here are the top things you need to know.

Inventory is very low, and demand is high. 

While some are concerned about a Housing Bubble. This is nothing like 2008. There are three reasons why we’re NOT in a Housing Bubble. 1. This time, the housing supply is minimal. 2. This time, housing demand is actual. 3. This time, households have plenty of equity.

According to CoreLogic, “As of the third quarter of 2020, the average homeowner gained $17,000 in equity over the past year, and that number continues to grow as home values appreciate”.

è For our Charlotte region, year over year, closed sales are up 5.9%, median sales price is up 11.7%, and homes for sale is down 64.2%. The price range that tended to sell the quickest was the $150,001 to $200,000 range at 19 days; The price range that tended to sell the slowest was the $300,001 and Above range at 44 days. Supply of inventory is 0.6 months. Cumulative days on market until sale has decreased 30.2% to 37 days. So, what does this mean? There are fewer homes for sale, demand is very strong, so correctly priced homes are hot, hot, hot.

Buyers are searching now. Competition is real.

Last year, many homeowners thought twice about selling their home due to the health crisis’s onset. This year, however, homeowners are beginning to regain their confidence with it comes to selling safely. Fannie Mae shows that 57% of consumers believe now is an excellent time to sell.

With so few homes available to buy, your house will be more likely to rise to the top of an eager purchaser’s wish list in the competitive market.

If you’re a Seller: Realize that, in some ways, you’re in the driver’s seat. When there’s a shortage of an item and at the same time there’s a strong demand for it; the seller is in a good position to negotiate the best possible terms. Don’t be unreasonable, but understand you probably have the upper hand.

Bottom line: The housing market will remain strong throughout 2021. Know what that means for you, whether you’re buying, selling, or doing both.

If you are thinking about  buying or selling your home in the next 6 months, call me today for your strategic consultation à 704-995.7444

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.

We will cover your goals, and my unique approach to getting you the highest possible price in the fewest days on market.

Rock Hill, SC  Market Report

Median Sale Price

Up 19.0%

Median sales price has been trending up since July of 2014 with the height being January 2020. The current Median sales price is $254,000.

 

Median Days on Market

Down 60.9%

Median days on market have declined 60.9% to 18 days.

 

Sale-to List Price Ratio

Up 3.4%

Correctly priced, strategically marketed homes sell at or above list price, and sellers focused on ROI often seek my advice on how to invest in strategic updates before listing their home for sale. This year-over-year ratio is netting 99.8% of list price.

 

Price per Square Foot

Up 9.7%

As Charlotte continues to attract 120 new residents per day we will see spillover into our community which assists in increasing both demand and sale prices. We are currently trending at a median of $136 per square foot vs $124 in February 2020 .

 

If you are thinking about  buying or selling your home in the next 6 months, call me today for your strategic consultation à 704-995.7444

Local Data and content was obtained from CanopyMLS and Current as of March 8, 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.

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