CHARLOTTE, N.C. — According to the latest RE/MAX National Housing Report, the median home sale price in the Charlotte area has reached nearly $388,000, which is a new record high. That’s a 20% increase over 2021.
The average home in the area sells in just 19 days which is down from 25 days one year ago. With these statistics in mind, it's obvious why trying to buy a home right now can be tough, time-consuming and exhausting.
However, the President and CEO of RE/MAX Nick Bailey said things may start to turn around soon for buyers.
"You look at Charlotte [where] prices went up over 22% this last year," Bailey pointed to. "However, coming into January, prices started to stabilize, and it's projected that we won't see that level of increases in price, which is going to be very helpful for buyers.”
Another pain point for buyers is a higher interest rate. For the first time in three years, the Federal Reserve hiked the interest rate. The good news is it was only raised by 0.25%.
“People have to realize, even though rates are coming up a little more than last year, they're still at historic lows and favorable for most buyers,” Bailey explained.
Beyond interest rates that homebuyers have to consider, there's also all the money surrounding buying a home in general, such as their down payment of the mortgage payments.
“We saw last year that, even when rates were even lower than today, prices were going up at such a high rate that it was outpacing some of the buyers' affordability," Bailey said.
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.
Bailey said his no. 1 piece of advice for buyers is to make sure they have an agent who knows the market and to get ready to be patient.
“I tell all buyers be patient," Bailey shared. "It may not be the first or second house that you make an offer on. It may be the fourth or the fifth or in some markets, the 10th or 11th, but be patient, it's a good time to get in the market.”
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WCNC Charlotte is part of seven major media companies and other local institutions producing I Can’t Afford to Live Here, a collaborative reporting project focused on solutions to the affordable housing crisis in Charlotte. It is a project of the Charlotte Journalism Collaborative, which is supported by the Local Media Project, an initiative launched by the Solutions Journalism Network with support from the Knight Foundation to strengthen and reinvigorate local media ecosystems. See all of our reporting at charlottejournalism.org.