For many parts of the country, we have seen prices go up with no end in sight to the growth. Charlotte has been one of the cities where we have seen consistent growth in prices for homes. This growth has been fueled in recent years by lack of supply of homes. With fewer homes available and more people moving to the area, we were at a critical point where homes were seeing multiple offers for over list price and buyers foregoing inspections and more to win contracts.
Experts are saying that many parts of the country are due for a correction. This would stabilize the market and keep consumer confidence high. But, those experts are saying that the Charlotte market won’t see a dramatic price decline that other places may see. This retention of prices is great for sellers, but will continue to stretch buyers. For people staying put, it can stretch them when it comes time for tax reassessments.
Existing home sales have been falling nationwide for the past nine months. The trend we are seeing in the Charlotte area is that pending home sales have declined. This shows buyer demand has slowed. Homes are staying on the market longer before going under contract. There is also more inventory of homes for sale.
These conditions usually coincide with prices coming down, but they are still rising in the area. In fact, the Canopy Realtor Association reports that the median sales price grew 16.9% up from $325,000 to $379,990 when you compare January through November of 2021 to the same period in 2022.
Job growth in the region should keep the area desirable, but with more inventory of homes for sale, buyers don’t just have to get the first home available, and they are less likely to lose out on homes due to multiple offers. Hopefully inventory will continue to rise and a price correction could follow.
For more information about buying and selling homes in the Lake Wylie Area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.
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