The good news about Charlotte real estate just keeps getting better. One of the strongest indicators is the number of Charlotte NC homes on the market in the Charlotte-Gastonia-Rock Hill NC/SC Metro area, which has dropped yet again as of October 31, 2013. The decrease of 7.7% to 15, 366 homes compared to last October was one of the biggest drops in the number of homes for sale in some time, and that’s on top of a solid,long-term trend of disappearing inventory. The average sales price was $210,278 or 93.9% of the list price, which is $5,994 or 2.9% higher than the average sales price at the same time last year. The average number of days on the market for residential listings is 4.43 months.
Those are the numbers, and aren’t they great? They prove the encouraging trends I’ve been reporting in the Charlotte Real Estate Market Report are steadily getting better.
In addition to the continued good news about the overall Charlotte economy, it seems the Charlotte real estate market has caught the attention of national investors. The Charlotte Observer has been reporting on Wall Street investors snatching up mid-level Charlotte homes for sale and turning them into rentals. In addition to decreasing inventory, this is affecting the rental market, edging up rents. And that impacts the market for buyers as well.
Real estate is a major player in any region’s overall economy, and provides one of the surest and clearest indicators to how well that economy’s long-term prospects look to businesses considering investing here. The vitality of the Charlotte real estate market reflects the Charlotte economy’s resurgence. It’s a great time to buy!