Recently, the Charlotte Regional Realtor Association said median home sale prices went up almost 12 percent in December 2017 compared to 2016, with high buyer demand and low inventory supply.
The number of houses on the market in the Charlotte region fell by more than 19 percent, The Charlotte Observer reports, concluding that this measure serves as a noteworthy indicator of the area's tight inventory. The average number of months that supply was on the market was two, less than half of what's considered a balanced market. Further, the average number of days a home was for sale on the market dropped to 47 days in December 2017, from 54 the year before.
“Looking ahead, buyers will continue to face the same headwinds of limited inventory for homes priced below $300,000, as well as price increases, faster days on market and the possibility of rising mortgage rates,” said Jason Gentry, Charlotte Regional Realtor Association president, in a statement. The number of days a house spent on the market fell by a week compared to December 2016, illustrating how quickly buyers are snapping up available properties.
