Market Update

July 1, 2019 – Now that everybody has had time to take a deep breath and get over Mecklenburg County’s tax value revaluation, it’s time to take a look at local housing numbers thru May provided by the Charlotte Regional Realtor Association. Though nothing dramatic is happening, an extended period of low unemployment, higher wages, and favorable rates have been a driver for the housing market. In Charlotte we are still seeing solid 5.7% year-over-year sales price growth, slight increases in year-over-year volume (+1.1%), a modest increase in listings (+1.2), and a stable 2.3 months of supply. These numbers are slightly better than the national numbers just released by CoreLogic, which showed a 3.6% year-over-year increase thru May with 5.6% increases predicted going forward.

Though there are substantive challenges including affordability and a lack of first-time buyers overly burdened with student debt, these numbers outline a fairly stable housing market in Charlotte and across the nation. Its clear that home ownership continues to be important for creation of long-term