MINT HILL, NC – While homes for sale in Mint Hill and Charlotte are still selling very fast and prices are still going up, there is a small shift in the Charlotte housing market. There might be some people talking about a market crash, but real estate experts don’t see any data supporting this, at least not in the Charlotte area.
The data might not support a crash, but there are some early signs of a shifting market. Pending sales are starting to level off a little bit and there is a surge in new listings. In May, new listings were up 4.4% and pending sales were down 2.1%. These are not huge numbers, but they do show a small shift in the Charlotte and Mint Hill real estate market.
What the Data Looks Like in Charlotte
For May 2022, the median home price was $391,240. This represents an increase in the price of 20.8% compared to last year. Homes in May also sold 22% faster than they did during the same time last year.
It’s still common for homes to sell above the asking price. In fact, homes sold for nearly 103% of the asking prices, on average. While homes are selling above the asking price, inventory is down 12.3% year over year.
Inventory is starting to pick up and home price increases are slowing a little bit. However, the market in Charlotte is only seeing a small shift.
What About the National Market?
While the Charlotte housing market is only seeing a small shift, it’s important to pay close attention to the national market. Not all markets follow the national market, but it can be an indicator of what the future holds, in some cases.
Mortgage applications across the country are down 16%. It’s also important to note that 20% of sellers have dropped their asking price. This could lead to a larger shift in the national real estate market and in the local market.
If more new listings hit the market this summer, but buyers step away, this will shift the market. While there currently aren’t any major shifts in the Charlotte market, it does have a slight shift. This could lead to a larger shift later in the summer, but only time will tell.
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