As summer is quickly passing by and it’s almost time for school to start back up, we are excited to release our 2018 Lake Norman/Greater Charlotte Mid-Year Market Report, summarizing all that’s happened in our local market this year. The market is still hot in the greater Charlotte and Lake Norman area. Understanding what’s going on in the market allows us to equip our clients to make confident, informed decisions. It also gives us an idea of what the future holds.
Although total sales dipped slightly across the Greater Charlotte area, on the whole our market is quite strong.
QUICK TAKEAWAYS
- On average, homes sold in the greater Charlotte area in the first half of 2018 sold for approximately 98.5% of asking price. That equates to an average sales price of $298,000 which is up from $278,000 at this time one year ago. These are important numbers suggesting that we are still in a strong market that has created an even lower average days on market down from 45 in the first half of 2017 to 42 this year.
- With less than four months of inventory available at the end of the second quarter, the current conditions strongly favor sellers as they are able to command higher prices since buyers have fewer options to choose from. If these conditions persist, it will continue to put upward pressure on prices.
Whether your considering selling your current home, buying a home, or just interested in learning more about our local real estate market, we hope this report serves as a valuable tool.
Be sure to check out the full 2018 Lake Norman/Greater Charlotte Mid-Year Market Report here for more info on how the market performed in the first half of the year.
Remember whether buying or selling, it is increasingly important in current market conditions to talk with your Nest Broker about how your home fits into the bigger picture. They will advise you and prepare you to make knowledgeable decisions and help you achieve your real estate goals. Interested in what’s happening in other markets? To view all of our area market reports, click here.