October is always an odd month for real estate in the Charlotte area. While the days of real estate sales being season in this market are fading fast, October is one of the months with the fewest new listings hit the market. The drop off in inventory starts in July and bottoms out in December. As a result, Fall sellers are serious about getting their home sold and savvy buyers can score a deal ahead of the spring rush.
This October yielded a slightly higher supply of listings than in years past, with new inventory up 3.4% in the city of Charlotte .8% in all of Mecklenburg County and 3.4% in the Charlotte MSA. Inventory is what the Charlotte region has needed as the supply of housing has remained as historic lows for a couple of years now.
Unfortunately for Buyers, the new inventory flew off the market faster than the NES Classic with Pending Home Sales (homes receiving a contract) jumped 14.1% in the entire Charlotte MSA and 15.9% in Mecklenburg County. Dive a bit deeper and you’ll find that, at higher price points ($400,000 – $600,000), there are 4-7 month supplies of housing in various neighborhoods around the Charlotte area (Matthew 28105 being one).
Home prices in the Charlotte region continued their steep climb, due in part to the reduced inventory. The median home price in Mecklenburg County rose 8.4% to $233,000 and Cabarrus, Lincoln and Gaston counties experienced at least a 11% median home price gain. However, the big shocker was Montgomery County, NC which has a whopping 79% median home price gain, due to large part to the second-home / lake home market on lakes Tillery and Badin. Another surprise was the slight dip in the median home price in Waxhaw, one of the bedroom communities that also has a slightly larger amount of available housing inventory.
Click on the charts below to see the full display for each Charlotte area community.Keep up with home sales in your neighborhood with our monthly Market Snapshot Report