June 2021
The weather in CLT is getting hotter and so is the real estate market. With COVID restrictions easing up, and people quite frankly sick of being cooped up, new listings were up and overall inventory on the market was down significantly.
Based on the current market report (released June 5th for data collected in May), the median sales price of a home in Charlotte metro is up 21.8% as compared to May 2020 to a total of $323,000.
Housing inventory is hard to come by, so everyone is looking to new home construction for relief. However, construction companies are dealing with their own COVID-related difficulties with the price of lumber and other commodities skyrocketing from pre-pandemic rates. Delays in getting raw materials, municipality delays and further building delays are making construction deadlines hard to meet and costly when missed.
Housing inventory is down 62% from May of last year. That means there’s only 3,104 homes currently available for sale in the MLS, which includes our entire metro area, outlying suburban and rural areas, and ALL price points.
If you’re looking to buy, there is still a house for you, though it may take more perseverance to find it. Many homes aren’t even making it to the MLS before being sold in an off-market deal.
Monthly data is only available after the closing of that month, therefore currently available data lags one month from the current date.
* All data is from the Canopy Realtor Association Charlotte Region Monthly Indicators report as of June 5th, 2021 for the Month of May 2021. All opinions expressed are that of the writer and are not considered to be personal advice or investment advice.*
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