Can I just start by saying I hate being asked this question. From my experience, no matter what my answer is, this is always being asked by someone who has already formed their own "opinion" about the market and will combat whatever answer you give. And they are typically someone who is not involved in Real Estate in any way, shape or form. I've learned to just let these types of people talk, even if what they are saying is wrong. Now if you are asking this question out of genuine curiosity and do not plan to debate the answer provided, by all means, ask away. Kind of ironic I would name this article that since I hate being asked it lol, but this post will be a quick read on how the Charlotte market is doing right now. You may see the same things happening in your market as well if you do not live in the Charlotte area. As always though, check with your local Realtor for accurate information pertaining to your market.
As of yesterday, inventory (number of homes available for sale) has increased by 11.8%, compared to what it was this time last year. At the beginning of this year, inventory was down 43.9% from the previous year, hence the bidding wars that have been common nationwide for quite some time now. There just simply hasn't been enough homes for the amount of people looking to buy. That is appearing to change, however. Inventory has been on the rise since the beginning of June and continues to increase every week. I am hopeful this will continue on so more of you have the opportunity to become homeowners!
I also want to make mention the average sales price of a home is still on the rise as well (average sales price right now is $476,168), which is great for sellers, not so much for buyers who are looking for more affordable housing. Keep in mind this is for the Charlotte area, more affordable housing may be available if you're willing to look a little outside of Charlotte. There are builders who are looking to combat this directly in Charlotte however, by building homes in the mid 200's. Truehomes currently has new construction starting in the mid 200's and Habitat for Humanity is still looking to assist with making as many people as possible homeowners, by building affordable houses for them. This shows that there are options available, we just may have to look a little harder to find them, which is why it's always a good thing to have a Realtor on your side to assist you.
I would like to be hopeful that we'll see a change in the average sales price or more preferably, there is a pay increase for all. If the average sales price of homes continue to increase, along with rent, groceries, gas, etc. does that not indicate wages need to as well? How can one desire the “American dream” of being a homeowner, when America doesn't pay enough to become one. Of course I'm not saying it's not doable right now, but I would like to see it doable for the majority of people, not just minority of people.
As always, thank you for taking the time to read my blog. I hope my posts are beneficial to you in some way! Feel free to connect with me about my posts, Real Estate, style, or just life in general. Have a great rest of your week! 💕
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