CHARLOTTE, N.C. — A new report's insight into Charlotte's real estate market shows more people are buying with cash rather than financing their homes.
Charlotte-based real estate agency Redfin says buyers are doing whatever they can to pull together a large down payment. And it's not just to lower their mortgage. Sky-high home prices and interest rates are incentivizing people to put more money down upfront.
Recent data shows home prices rose 6.6% from February of 2023 to this year. The latest information from Realtor.com shows the median home price in Charlotte is now $432,000.
Getting away from the numbers for a moment, experts say cash buyers are becoming more common as housing costs keep rising. The cash-buying trend peaked last fall when more than 30% of homeowners were ditching traditional mortgage loans to buy with cash.
That was the highest share of homebuyers paying upfront in nearly a decade. There is a downside, though. Hopeful homebuyers who don't have hundreds of thousands on hand can be squeezed out of the market, making it even more difficult in competitive markets like Charlotte.
Contact Kia Murray at kmurray@wcnc.com and follow her on Facebook, X and Instagram.
WCNC Charlotte To Go is a daily news and weather podcast you can listen to so you can start your day with the team at WCNC Charlotte.
SUBSCRIBE: Apple Podcasts || Spotify || Pandora || TuneIn || Google Podcasts || iHeart
All of WCNC Charlotte's podcasts are free and available for both streaming and download. You can listen now on Android, iPhone, Amazon, and other internet-connected devices. Join us from North Carolina, South Carolina, or on the go anywhere.