November 12, 2014

Charlotte’s Existing Single-Family Home Prices Rose by By 9.6% In Q3

Charlotte’s Existing Single-Family Home Prices Rose by By 9.6% In Q3

According to the recent report released by the National Association of Realtors last Thursday, November 6, the median sales price of existing single-family houses within Charlotte has risen by 9.6 percent in the third quarter of this year compared to the same quarter a year ago.

Charlotte’s median, nonseasonally-adjusted existing-home price dropped from $203,6000 in the second quarter to $201,500 in the third quarter. But the price is certainly more than the third quarter of 2013, which was at $183,800.

The average national home appreciation was at 4.9 percent with the lowest gain in the Northeast at 2.2 percent and the highest gain in the Midwest at 5.0 percent. As for the South area, existing houses have risen by 4.5 percent.

Based on the closings in the third quarter, the median existing single-family home prices rose in 125 out of 172 metropolitan area surveyed.

“Home-price gains returned to more normalized levels of low- to mid-single digit rate of appreciation in many metro markets as inventory levels steadily increased,” said NAR’s chief economist Lawrence Yun. “Moreover, there are a good number of local markets that are still remarkably affordable with median prices at or under $200,000.”

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