As we wrapped up summer 2020, we found ourselves with a truly fascinating Charlotte real estate market. We’re now months into a pandemic and there’s still a general election awaiting us in November, but it seems our market has stared into the face of uncertainty without even flinching.
Of course, whether you’re a buyer, seller, or investor will have a lot to do with what your experience is going to be in this unique market, but regardless of your position, you’ll benefit from knowing the overarching trends that defined our market’s summer performance.
Once again, the big takeaway was our complete lack of inventory. There are practically no new houses available for sale on the market, and that has pushed a lot of buyers toward new construction. As a result, the new construction industry saw one of its busiest summers ever. For example, a builder here in town opened up a series of lots in the $700,000 to $750,000 price point. An email with a sign-up document was sent out, and all of those lots sold out in 7 minutes! That’s a faster sellout than a Justin Bieber concert!
Clearly, there’s still a crazy amount of buyer pressure in the market right now. Remarkably low interest rates are still available, and though there is no shortage of uncertainty on the horizon, we do have a relatively solid idea of what’s going to happen over the next six to nine months. Any major impact of the continuation of COVID-19 or the presidential election won’t be felt until next spring at the earliest. Until then, prices will continue to rise as high buyer demand keeps pressing against our low levels of inventory.
If you have further questions about our Charlotte market or need help selling, buying, or investing in real estate, reach out to us today via phone or email. We’re always here to help, and we look forward to hearing from you.