Today we’re going to take a look at the final numbers for our real estate market in 2020 and make some predictions about what’s going to happen in the next year.
First, here’s how we ended 2020: Inventory dropped 11%, while sales rose 5.8%. This led to a 9% increase in our median price—way above our typical average of 3%.
What’s driving these rising prices? Interest rates, for starters. They’re as low as they’ve ever been. We’re also in the third-hottest real estate market in the United States. Our high quality of life brings all ages to the Charlotte Metro. Our emerging tech hub has well-paying jobs in tech, government, and healthcare.
For 2021, we predict continued population growth after a 20.4% increase in the last decade. We’ve doubled the size of our city in the last 30 years or so, and we have a strong job market. Our market is relatively affordable too, especially when compared to places like NYC, Chicago, and LA.
We still anticipate that buyers will have to compete for properties in 2021. This trend will continue as long as our low mortgage rates stick around, so at least through the first half of 2021. However, I also predict strong appreciation for those who are (and those who will become) homebuyers. Our 7% prediction isn’t as strong as last year, but strong nevertheless.
If you’re thinking of buying a home, it might be smarter to do so sooner than later before prices go up even more and while interest rates are low.
For sellers, you can’t have much more power than you do in this market right now. This might be your best opportunity to sell for the most money for the foreseeable future.
If you have any questions about buying a home, selling a home, or real estate in general, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.