The kids might have gone back to school already, but the market is still hot to the touch. Here, we take a look at some quick facts so you can feel confident about the months ahead, whether you are buying or selling in the Charlotte area or on the beautiful Carolina coast.
While July saw a slight dip in the number of new listings — only 6% — both the median and average sales prices are higher than the numbers for July 2021! While the median sales price was $330,000 in July last year, this year it rose 16.7% to an average of $385,000.
You might think the increase in price could create a longer average time on the market, but you’d be incorrect! On average, listings sold after just 15 days on the market last month, as compared to 14 days in July 2021.
What does that mean for you? Sellers can confidently list their homes and glean a great price at the closing table. Buyers, too, are in for good news — inventory has increased about 23.9%, so you’re able to find that dream home more easily.
Coastal Carolina Region
Similar to the Charlotte area, the coastal Carolinas saw an increase in the median sales price of a three-bedroom home —but an even BIGGER increase, from $240,000 in July 2021 to $295,000 in July 2022, or about 22.9%. Inventory for a three-bedroom, single-family homes rose about 29.5%, from just 787 homes in July 2021 to 1,019 in July 2022.
Looking for something smaller than a three-bedroom home? You’re in luck, as condos were the category with the biggest increase in inventory, a whopping 57.8%.
For sellers in this area, it’s still a perfect time to list and sell for top dollar. For buyers, this might be the perfect time to invest in that seaside condo you’ve been dreaming of!
These small changes equal fantastic news for both buyers and sellers. They indicate the market is evening out, so that both buyers and sellers can feel confident in their transactions and reap the benefits in these desirable areas. If you’ve been waiting for the market to “get less crazy,” your time is now! Let us know how we can help you sell or buy in the coming months.