May Market Update: Charlotte
The month of May is drawing to a close! We’ve seen warmer weather, longer days and the beginning of the summer market. While we’re excited for the arrival of June, let’s not forget to recap the changes seen in May! We’ve summarized the key trends of Charlotte’s May real estate market to ensure you can make well-informed decisions and stay in the know.
- The median sold price for a home in Charlotte is approximately $235,000, an increase in value of 5% from year’s last May market
- Available inventory in the Charlotte May market has increased by 2.7% from this time last year, your options are plentiful
- Days on market have decreased by 9.2% from last month and currently average around 42 days. ( A Mark Spain listing averages around 37 days on market)
What does this mean for you?
Buyers, don’t let a little competition scare you! Interest rates are down, so there’s been a natural increase of demand. Inventory is up and your dream home is out there. Everyone wants to buy, so you should too – don’t miss out! It’s a great time to begin accruing equity.
Sellers, the increase in available homes indicates we are heading into a more balanced, normal market. People still want to buy, don’t be intimidated by an increase in inventory! Go ahead and list, it’s better to start the process now before the lull of late summer hits.
As summer settles in, the most activity will be seen in June, July, and August. The best time to get into the real estate market is now before the natural dip in the 4th quarter. Whether you’re buying or selling, you can be settled by the new school year and spend the holidays in your new home!
Whatever chapter of life you find yourself in, be it needing to sell or buy, make sure you are represented by a professional, full-time agent with years of closing experience under their belt.
Thinking about moving? Navigating the market can be difficult, and you do not want to do it alone. Contact us today to get a head start!