SPOTLIGHT: NORTH CAROLINA
$181,500 3,965 $271,351 8% Increase comparing to Q1 2016 Charlotte Metro Area Median Sales Price Q1 2017 Number of Units Sold in Charlotte March 2017 Average Home Cost March 2017 22% Increase comparing to March 2016 10% annual increase
Source: ATTOM Data Solutions, North Carolina Association of Realtors
investors all declined during the quarter. Total distressed sales in the market were down 22 percent compared to the same quarter last year.
It’s crazy right now. Under $100,000 it’s definitely a war zone. … Now there’s so many offers, and the offers are going over asking price, so investors have to up their price.”
Flips accounted for 5.1 percent off all total home sales in Charlotte in 2016.
Tijuana Smith Realtor, Coldwell Banker, Charlotte
For March 2017, the NCAR reported 3,965 units sold in Charlotte, a 22 percent increase over March 2016. Average home cost for the month was $271,351, a 10 percent annual increase. Rapidly Rising in Raleigh-Durham Similar to the Charlotte metro, the Raleigh-Durham housing market “is going pretty crazy right now,” according to Brian Peters, a broker with Fonville Morisey Realty’s Stonehenge office in Raleigh. Peters said that any home priced under $300,000 that is in good condition gets multiple offers and doesn’t stay on the market long. So it is tough for first time homebuyers to find anything in the starter home price range given the level of competition out there.
investors. At one point the market was working in investors’ favor because they were coming in with cash. Now there’s so many offers, and the offers are going over asking price, so investors have to up their price.” Smith tells her buyer clients they may need to bid on around four properties before actually getting an accepted offer –- especially if the buyer is looking below $200,000. So whether they are traditional home buyers or investors, she advises her clients to consider looking at surrounding areas.
for so they can overbid. It’s not as bad on the outskirts. Most people are okay with a 20- to 30-minute commute.” Smith also noted that there is quite a bit of new construction going on in Charlotte -– particularly condos, apartments, some retail, and a lot of mixed use. The median sales price in the Charlotte metro area for the first quarter of 2017 was $181,500, an 8 percent increase from the same quarter last year, but still below the $191,500 median price at the market’s peak in the third quarter of 2016, according to ATTOM Data Solutions. Also, the percentage of FHA sales, cash sales and sales to institutional
“Sometimes they have to look at houses for less than what they’ve been approved
ATTOM Data Solutions • P21
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