Charlotte Market & Prices

Changing Market

The Charlotte market continues to be the one bright light of the national housing market; consistently listed athe only major city that is experiencing home rice increases every month.

We are experiencing phenomenal growth throughout the Charlotte area market.  Many, many people are choosing to move to this wonderful region from all parts of the country.  Because of this, there is sill a large amount of new construction going on.  Just recently, we have started to feel the impact of the slow markets in other parts of the country.  Many people trying to move to the Charlotte area are having difficulty selling their current homes in other states.  This is starting to cause a trickle-down slowing in the market in Charlotte; especially in the mid to higher price ranges.  Homes that would have sold in under 60 days 3 years ago may now take 120 days to sell.  No - prices here are not going down like they are in other markets; they continue to rise as a nice, slow, sustainable rate.  This is not one of the markets where you can make low-ball offers to sellers and be taken seriously.  Properly priced homes are still selling for typically 96% to 98% of listed price.  However, there are plenty of homes available making this somewhat of a "buyers' market" in terms of the amount of home inventory avaialable.  With interest rates low and plenty of inventory, now is an excellent time to be a buyer. 

Exceptions

The most notable exception to that is lake property.  Properties with water frontage on Lake Norman, or water views, or lake access are all at a premium.  (See "Thinking Waterfront?" at the bottom of this page.) There is very little land not yet developed on the lake.  However, there is currently a better than ever supply of waterfront homes and property for sale so it is no longer a true sellers' market.  Good values can be had that were not possible 2 or 3 years ago.

There are also a few selected, prestigious communities in and around Charlotte where demand exceeds supply.  But, for the most part, the buyer here has much to choose from when looking at "average" homes.

• No basements.  Because of the heavy clay soil here and the effort & expense to properly waterproof basements, you will find that a very small percentage of homes have them.  If they do, they are usually walk-out (or, daylight) basements.  Basement sqaure footage is not inexpensive here like it is in many other states.
• Small lots.  Because of the rapid growth and land-use concerns, you will find that most new development is on lots of a quarter acre or less.  Buyers looking for "acreage" are going to find fewer choices and mostly older homes.  Lots of a half acre or more, are often referred to as "large."  Some communites (like Huntersville) are starting to require devlopers to have larger lots.  This will lead to higher prices across the board.
• Subdivisions.  A huge percentage of new construction is going to be in the form of subdivisions.  The trend is for large developments with small lots and more emphasis on community common areas such as green spaces, neighborhood pools, tennis courts, and other shared amenities.
• All New.  Because this area has seen explosive growth in just the last 10 - 15 years, the majority of homes for sale are less than 15 years old -- especially in the Lake Noman area and other suburbs surrounding the city.  If you are looking for an older home "with character" like is found in older cities, you will find a very limited (and, therefore, expensive) selection in this area.  There are a few popular pockets of gorgeous older homes in the city of Charlotte, but their limited numbers make them priced accordingly.  You might find it odd, but you will hear people refer to homes built in the early 90's as "older."
• No Open Houses. If you are coming from the northeast or parts of the midwest, you are accustomed to spending your weekends going to open houses if you are house-hunting.  Or, maybe you call the seller's agent to meet you & show you a house.  It doesn't work that way in this market.  Very, very few open houses are held.  When they are, their main purpose is for buyers' agents to meet people who might need their services.  When you are ready to shop for a home in this market, you select a professional Buyer's Agent to work exclsuively with.  That agent can show you any home available for sale and will schedule appointments through centralized showing services.  The seller's agent normally does not attend and the sellers are expected to be out of the house for all appointments so that you & your Buyers' Agent can look around and discuss the house in privacy. Working with an organized Buyers' Agent, it is not unusual to see 20 homes in a single day.

• Huntersville - 3bd/2ba; 1867 square feet, $212,544.  4bd/3ba; 2840 square feet, $302,270.
• Cornelius - 3bd/2ba; 1897 square feet, $226,899.  4bd/3ba; 2844 square feet, $380,049.
• Davidson - 3bd/2ba; 2308 square feet, $350,088.  4bd/3ba; 3357 square feet, $515,647.
• Mooresville - 3bd/2ba; 1794 square feet, $214,951.  4bd/3ba; 2989 square feet, $318,900.
• Charlotte - North (Zip code 28269)- 3bd/2ba; 1764 square feet, $155,240.  4bd/3ba; 2800 square feet, $284,317.
• Charlotte - West (Zip Code 28214) - 3bd/2ba; 1730 square feet, $136,787.  4bd/3ba; 2554 square feet, $195,603.
• Charlotte - South Mecklenburg High School - 3bd/2ba; 1890 square feet, $238,680.  4bd/3ba; 3226 square feet, $485,713.
• Charlotte - Myers Park High School- 3bd/2ba; 1900 square feet, $391,198.  4bd/3ba; 3219 square feet, $672,982.
• Concord - 3bd/2ba; 1726 square feet, $177,149 4bd/3ba; 2932 square feet, $295,740.
• Union County - (Monroe, Weddington, Waxhaw) 3bd/2ba; 1772 square feet, $188,992.  4bd/3ba; 2928 square feet, $324,415.
• Lincoln County - (Denver only) 3bd/2ba; 1882 square feet, $217,176.  4bd/3ba; 2824 square feet, $348,714.
• York County,  SC - 3bd/2ba; 1899 square feet, $202,463.  4bd/3ba; 3004 square feet, $348,770.

*Last Updated: 6-5-08.

**Baths listed as 2 include 2 or 2.5; Baths listed as 3 include 3 or 3.5.

***Garage removed as criteria in Myers Park area as it is more common to not have one in that older part of town.

Disclaimer:  These are very basic statistics for only a handful of the possible areas you might choose to live -- meant only to give you a very rough idea of the market here.  Obviously, individual home prices vary greatly based on the value of the lot, desirability of the neighborhood & schools, the quality of upgrades, etc.  "Averages" vary based on the sample size.

We'll find you the best deal: 

No matter what your budget, we will find you the best deals available.  Use the guide above to see if your expectations are in line with the market.  For instance, if you want a 4bd/3ba home in Huntersville but you can only afford to spend $275,000 (9% below the market), we will show you all of your options (and there will be plenty) but you may need to settle for a house that's a bit smaller, or older, or on a smaller lot, or in a less popular neighborhood than the "average."  Expect there to be trade-offs in every budget.  Larger lots, for instance, can greatly increase the cost of a home in this market where land is at a premium. 

When we meet to start seeing homes, we will provide you with much more detailed market information specific to your home preferences.  We will work with you to ensure you have all the information you need to make an informed buying decision and an investment that will appreciate.