CHARLOTTE, N.C. — Buying a house is a big deal because it takes time, money and effort. The good news is, if you’re looking to buy in Charlotte, the market is considered “balanced,” according to an analysis from Realtor.com.
The real estate website categorizes a “balanced market” as one in which "the supply and demand of homes are about the same.”
Typically, when mortgage rates increase like they have since the fall of 2022, home prices go down to make up the difference and offset the cost, but that doesn’t seem to be the case in this current real estate climate.
According to Realtor.com, the median home listing price in Charlotte in February 2023 was $399,000 which is 6.4% higher than the median listing price from February 2022. While home sellers are asking $399,000 on average, that’s not the price they’re ultimately getting on average. Realtor.com states homes in Charlotte sold, on average, for 1.19% below the asking price in February 2023.
If you're thinking about putting your house on the market, expect it to take 66 days to sell. That's been the median number of days for homes to sell in Charlotte. Realtor.com said 66 days is less than last month but slightly higher than the median amount of days homes spent on the market in Charlotte last year.
For those who may be struggling to find affordable housing in Charlotte, WCNC Charlotte is part of the Charlotte Journalism Collaborative (CJC), launched by the Solutions Journalism Network with funding from the Knight Foundation. The CJC strengthens the local news ecosystem and increases opportunities for engagement. It is supported by a combination of local and national grants and sponsorships. For more information, visit charlottejournalism.org.
HOME ASSISTANCE PROGRAMS IN CHARLOTTE
Contact Carolyn Bruck at cbruck@wcnc.com and follow her on Facebook, Twitter and Instagram.
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.