Charlotte, N.C.'s real estate market is heating up, though new construction projects are not keeping up. In February, the market's new-home inventory level was found to be the lowest in a national study.
In fact, according to Metrostudy's survey data, Charlotte's new-home inventory was found to be lower than sizzling market San Francisco. The inventory conditions have helped push up the average sale price 35 percent since 2014, per MLS data analysis by The Charlotte Observer. Richard Buttimer, director of the Childress Klein Center for Real Estate at UNC Charlotte, says people are staying in their homes longer, another supply headwind. “People who currently own homes know that it’s hard to find something else that they can afford,” Buttimer said. “So they don’t go out and put something on the market really until they’ve already secured something else.”
February saw a continuing trend of housing inventory near record-low levels, according to an analysis of data released this week by the Carolina Multiple Listing Services. For more than three years, the region has had around a 90-day supply of existing homes for sale. Experts say a balanced market should have around a six-month supply. Just five years ago, the region had a five-month supply.
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