January 22nd, 2019
Looking Back at 2018 Charlotte Housing Market
The start of a new year brings an opportunity to look back at the previous year’s successes and milestones.
The Charlotte Metro area, along with most national markets, experienced an interesting year in the housing industry considering the continued low inventory, steadily rising interest rates, and a high demand that fueled increased buyer competition and appreciation in home prices. Home prices were consistently up in most markets in 2018 due to this high demand for few homes for sale.
When comparing December 2018 to December 2017, new listings were down in the Charlotte area to 2,601, a decrease of 4.4 percent. This means that less homes were coming onto the market while total inventory of homes for sale also shrank 5.9 percent to 8,718 units.
With less homes for sale and more potential buyers continuing to enter the housing market, home prices increased relatively. In the Charlotte region, the average sales price of a home was up 1.1 percent in December 2018, year over year, to $282,894. Helen Adams Realty experienced this rise in home price as well. The firm saw a 10.9 percent jump, rising its average sales price to $433,574, or about $150,000 higher than the average for CMLS.
“2018 was a landmark year for our company,” said Jeff Adams, President of Helen Adams Realty. “We added a fourth office, in Fort Mill, SC, attracted terrific agents to join us, and finished the year with $724M in closed volume. As a third generation, family owned, 44 year old company, we take great pride in upholding our tradition of providing the highest level of personal service to our agents and their clients. We are deeply grateful to the clients and agents who trust us and who have allowed us to become the firm we are today.”
The Charlotte region saw shorter days on market compared to December 2017, with the area’s cumulative days on market dropping 3.3 percent to 58 days. The combination of high demand and low inventory has created a hot market for sellers interested in listing their homes. Most sellers in 2018 were able to expect shorter time on market of their listing followed by multiple offer situations.
After an eventful year in the Charlotte market place, Helen Adams Realty looks forward to continuing to grow and contribute substantially. If you are interested in learning more about the Charlotte housing space, call one of our real estate agents. Our Referral Services Manager, Jordan Nelson, can help play matchmaker to place you with the right agent for your real estate needs.
*This article is based on information from the Carolina Multiple Listing Services, Inc. (CLMS) for the period December 2017 through December 2018 in the Charlotte Region.