The weather is great, the trees are in bloom, and Charlotte’s real estate market is rocking!
WOW it’s still crazy out there. Decembers all time low mortgage rates have amplified buying particularly by Millennials and second home buyers nationally accelerating prices and depleting inventories.
Nationally January’s prices were up 11.2% continuing an 8 month broadly based trend all the while February saw the largest plunge in inventories nationally on record (29.5% according to Lawrence Yun NAR chief economist).
Locally the trends are no different! Market-wide inventory levels are down 64.2% amounting to a .6 months’ supply for single family homes and a .8 months’ supply for condos. Even with very limited inventory pending sales (total units) were up in February year over year 8.5% for single family homes and 11.7% for condos. You know what that means. Multiple offer situations and % of list prices market wide at 98.3% on single family homes and 98.8 percent for condos.
Charlotte Business Journal recently shared a list compiled by Niche (a web company focused on connecting colleges and schools with students and families) of the best neighborhoods in each state and where they rank nationally. Twenty Charlotte-area neighborhoods made the top 25 in the state:
- Ballantyne East (state rank 3, nationally 162)
- A+ public schools, good for families, and health and fitness
- C+ Cost of living
- Dilworth (state rank 4, nationally 185)
- A+ good for families, nightlife, health and fitness
- C Cost of living
- Fourth Ward (state rank 5, nationally 207)
- A+ Nightlife
- C+ Public schools
- Uptown (state rank 6, nationally 305)
- A+ Nightlife, health and fitness, and commute
- C Cost of living
- Davidson (state rank 7, nationally 313)
- A+ Good for families, jobs
- B- Cost of living
- Ballantyne West (state rank 9, nationally 343)
- A+ good for families and health and fitness
- B- Cost of living
- Providence Crossing (state rank 11, national 421)
- A+ Public schools and good for families
- C+ Cost of living
- Sharon Woods (state rank 12, nationally 422)
- A+ Good for families and health and fitness
- C+ Cost of living
- First Ward (state rank 13, nationally 450)
- A+ Nightlife, health and fitness, and commute
- C cost of living
- Commonwealth (state rank 14, nationally 501)
- A+ Good for families and nightlife
- B- Cost of , diversity and commute
- Cherry (state rank 15, nationally 519)
- A+ Nightlife and health and fitness
- C cost of living
- Freedom Park (state rank 17, nationally 622)
- A+ good for families, nightlife, and health and fitness
- C cost of living
- Ashbrook (state rank 18, national rank 628)
- A+ good for families, nightlife, and health and fitness
- C+ cost of living
- Piper Glen Estates (state rank 19, national rank 637)
- A+ good for families and health and fitness
- C+ Cost of living
- Hempstead (state rank 20, national rank 663)
- A+ good for families and health and fitness
- B- cost of living and commute
- Chantilly ( state 21, nationally 688)
- A+ good for families and nightlife
- C+ cost of living
- Colonial Village (state 22, national 694)
- A+ good for families and nightlife
- B cost of living and commute
- Third Ward (state rank 23, national rank 699)
- A+ nightlife and commute
- C+ schools
- Providence Plantation (state 24, national rank 727)
- A+ good for families and health and fitness
- C cost of living
- Provincetowne (state rank 25, national rank 769)
- A+ public schools and good for families
- C+ cost of living
A fun list. Maybe your neighborhood made it or maybe your next neighborhood will! Obviously, people are buying and selling; and We would love to hear from you.
Numbers compiled from Canopy Realtor Association Charlotte region overview and from the Charlotte Business Journal “The Charlotte area’s best places to live, according to Niche.