What does our Charlotte market look like as we close the books on May?
Let’s look at the year-over-year numbers comparing this month to May of 2018 to find out:
- The number of homes for sale dropped from 2,768 to 2,752
- The number of homes closed increased from 2,104 to 2,175
- The average days on market increased from seven to 11 days
- The median sale price increased from $260,000 to $265,000
- The average 30-year mortgage rate dropped from 4.47% to 4.14%
When you take all of these numbers into account, our market is very healthy. A lot of buyers are sitting on the fence right now waiting for a market correction, but with less inventory, lower mortgage rates, and prices on the rise, it doesn’t look like that correction is going to happen anytime soon. It’s a great time to buy now, and if you bought a home within the last year, it’s also a great time to refinance.
“It’s a great time to buy now, and if you bought a home within the last year, it’s also a great time to refinance.”
Due to low inventory, now is a great time to sell too because you’ll face less competition from other sellers. Our average days on market is rising, though, so don’t push your luck as far as pricing goes.
If you have any other questions about our market or you have any other real estate needs, feel free to reach out to me any way you can. I’d love to speak with you.