What’s the real estate market like in Charlotte?

In 2020, the average price of a home in Charlotte was $273,500. In September 2022, that average price rose to $420,000, a 53% increase.

CHARLOTTE, NC – Most residents know Charlotte is a hot real estate marketand now a real estate market company Zillow he said that the Queen’s Town would be the hottest real estate market in the country in 2023 due to rising home values ​​and growth in owner-occupied households.

CONNECTED: Zillow Names Charlotte Hottest Real Estate Market in 2023

The good news moving forward is that the housing market is starting to cool, which means there will be less pressure on home buyers to offer more than the asking price.

About a year ago there were house auctions and all cash offers. Experts say Charlotte’s real estate market won’t experience that this year, but with such high demand for housing in the city, it will remain expensive.

“It’s a growing city, and there’s a lot of opportunity here,” Jon Widdifield of RE/MAX Executive said.

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Housing prices have changed dramatically over the past few years.

According to UNC Charlotte’s 2022 State of Housing in Charlotte report, in 2020 the average price of a home in Charlotte was $273,500. In September 2022, that average price rose to $420,000, a 53% increase.

Still, Widdifield says, compared to other big cities, Charlotte is on the map.

“For a city this size, it’s one of the most affordable in the United States,” Widdifield said.

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In 2022, there is an aggressive increase in interest rates by the Federal Reserve to bring back inflation.

“I’m super optimistic about the market this year,” Widdifield said.

But for the most part, mortgage rates are falling, which means there will be less competition as more properties come on the market.

“I think we’re going to have a lot of houses on the market, which is going to be great, it’s going to get us back to a more normal place for buyers and sellers,” Widdifield said.

There is a long way to go to bring prices down to pre-pandemic levels. Inflation and just general concerns about the economy are other reasons why sellers may have their homes on the market longer than usual.

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