MINT HILL, NC – COVID-19 stepped in last year and threw the real estate market for a loop. This has caused many unique issues across the country and the Charlotte region is certainly not immune.
With the supply of homes in the area dropping to the lowest, it has been in 17 years; it might seem nearly impossible to find a home for sale in Mint Hill or Charlotte. This area of the county is experiencing one of the most competitive real estate markets in recent history.
Home prices are skyrocketing, which is causing some to be priced out of the market. In February 2021, the supply of homes for sale in Charlotte was just under 3,000. This only comes out to about 18 days’ worth of inventory and a balanced market would supply about 6 months of inventory.
Prices are Surging in the Charlotte Area
Due to the lack of homes for sale in the Charlotte area, prices are surging. The median sales prices are up nearly 12% from the same time last year as demand has continued even with COVID-19.
Many buyers are flooding the market from more expensive areas in the country. This is causing more competition for Mint Hill real estate and homes for sale throughout the Charlotte region. The lower cost of living and the higher quality of life for the area compared to larger cities, such as New York City and San Francisco are driving more buyers into the market.
Supply is Falling and Demand is Rising
It sounds a little bit like Chicken Little declaring, “the sky is falling,” and it’s not far off right now. Demand for homes for sale in Charlotte is rising fast and the supply is falling. The economy has been hit hard by the coronavirus, but it has hit the lower-wage workers that commonly rent the hardest.
While Charlotte was already a hot destination for new residents before COVID-19, it has become even more popular due to people working remotely and seeking a more affordable place to call home. Those moving from the West and North are looking for affordability and the Charlotte area offers it when compared to big-city living.
These new out-of-state buyers are willing to pay top-dollar for a home in the Charlotte area. They are used to much higher prices in major cities across the county and they are not afraid to put in a high offer.
All of these factors have caused lines for people to get into open houses and plenty of bidding wars throughout the area. Pair this with some buyers being priced out of the market and builders struggling to keep up with demand due to higher lumber prices and it has made it rather difficult to find a home for sale in Charlotte.
I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me. I will help you make the right move! Anna Granger 704-650-5707 | firstname.lastname@example.org | www.1stchoicepropertiesinc.com