19 May 2015 · DHG
What a difference a few months makes! The Charlotte real estate market is hot right now. The average days on market for a home in the 28202 zip code is down to an average of about 15 days.
At the beginning of 2015, the average days on market was just under 100. It spiked up to around 130 in February, and has declined sharply since then.
That’s great news for sellers, as low inventory is driving up demand and buyers are making offers quickly. Many of the homes The David Hoffman Group has listed in the last few months have received multiple offers.
There’s good news for buyers, as well. A look at the average price per square foot in the same zip code shows that prices have fallen since the beginning of the year. The average price per square foot peaked in February at about $271, but it’s come down to about $236.
Median price has come down too, from about $685,000 on January 1, to $625,000 now. Inventory is beginning to climb. It’s been steadily climbing since reaching its lowest point in March.
Owner/Broker David Hoffman predicts home prices will continue to rise for the next two to three years, before coming down again. He estimates an average appreciation of 6-8% a year, so he believes home appreciation will outpace any downturns in the market.
If you’re looking to buy your first home or it’s time for an upgrade, you’ll need an expert buyer’s agent to help you navigate the market and make competitive offers. If you’re interested in listing your home or you’d like to know what it’s worth, please contact us, we’re here to help!