January 20th, 2020
2019 Charlotte Housing Market Recap
Based on information from the Carolina Multiple Listing Services, Inc. (CMLS) for the period December 2018 through December 2019 in the Charlotte Region and the Annual Report on the Charlotte Region Housing Market.
The start of a new year brings us an opportunity to look back at the previous year’s successes and milestones.
The 2019 real estate market was fueled by the overall strength of the economy across most of the country. Unemployment rates fell to 50-year lows, while wages increased, creating new opportunities for home buyers entering the market. Mortgage rates declined throughout the year, helping to offset any affordability concerns caused by home price appreciation and low housing inventory.
Home prices across Charlotte continued to rise, coinciding with the national market, due to a lack of inventory paired with strong buyer demand. With 10 years having now passed since the Great Recession, the U.S. has been on the longest period of continued economic expansion on record. The housing market continues to benefit greatly from the overall health of the current economy.
When comparing December 2019 to December 2018, New Listings were up in the Charlotte region by 5.7 percent to 2,785. Pending Sales increased 22.3 percent to 3,072. Inventory of homes for sale shrank 23.9 percent to 7,416.
With less homes for sale and more potential buyers entering the housing market, home prices increased relatively. In the Charlotte region, the average sales price was up 9.9 percent in December 2019, year over year, to $309,752. Helen Adams Realty experienced this rise in home price as well. The firm saw a 4 percent jump, raising its average sales price to $450,811, which is about $150,000 higher than the average for CMLS.
Helen Adams Realty saw more successes, as a company, as well. The firm’s total sales volume increased 26.7 percent in 2019, compared to the previous year. Our agent count grew to 214 agents across our four offices and we proudly represented 78 zip codes in the CMLS area.
“We’re excited to have had another record-breaking year at Helen Adams Realty,” says Jeff Adams, President of Helen Adams Realty. “We are proud to have served buyers and sellers in Charlotte now for 45 years and we’ve seen this city turn into a booming metropolitan area first-hand. With about 264 people moving to Charlotte everyday, we are expecting an even stronger future for Charlotte real estate.”
Our continued success at Helen Adams Realty is due in large part to our agents’ dedication to providing the highest level of personal service to their clients. The firm is honored that 75 percent of our agents’ business stems from repeat clients or referrals, a truly high compliment, according to our survey provider RealSatisfied. We look forward to a healthy economy in 2020 and another year serving Charlotte’s finest neighborhoods.
If you are interested in entering the housing market, reach out to your preferred Helen Adams Realty agent to get started. If you aren’t sure where to start, our Referral Services Manager, Jordan Bass, can help. Through Bass’ diligent matchmaking process, she’ll find the perfect agent to match your lifestyle preferences and real estate needs.