Charlotte Real Estate Market Update for September 2020
Friends and Clients:
As we head into fall, I want to be sure that you have the latest numbers from our real estate market. Although sales were up 28 % in September compared to 2019, the real story is inventory. There are currently 51.3 % fewer homes available for sale than there were at the same time last year. We only have a 1.1 Months Supply for Single Family homes. With such a crunch in inventory, home sellers can take advantage of the high demand and rising prices.
We are still in a Sellers’ Market. Buyer demand is not slowing down but inventory of homes for sale is way down. Homes are selling FAST with multiple offers.
Home prices are heating up again.
The average price of homes sold last month (September 2020) rose 16 % from a year earlier.
The supply of homes remains very tight, particularly at the lower end of the market. Homes selling from $150-200K are selling in 22 days on average. Homes over $300K have seen the strongest Gains 27% Condo/townhomes saw prices increase over 10% from last year.
All of this is good news if you are looking to sell.
Right now, demand outstrips supply so much that if you were to put your home up for sale, you could expect to sell quickly and for top dollar.
So, if you have been thinking of selling your home, it might be smart to seriously consider doing so right now. This current situation may not continue.
It is a golden moment to sell.
And if you really want to get the process started while this golden moment lasts, give me a call at 704-997-3794.
I am here to help.
Showcase Realty LLC and Broker/Owner Nancy Braun are Licensed in North Carolina and South Carolina to serve all your housing needs.
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