Here’s the market recap for the Charlotte, NC area:
Higher Interest Rates
No doubt higher interest rates are a hot topic. With June’s inflation rate coming in above 9%, the Fed was forced to raise interest rates another .75% yesterday. Mortgage rates often follow — although, not always, which may increase the cost of buying a home. Yet, looking back 40+ years, interest rates are still relatively low. We are still seeing many Buyers obtain mortgages and many are competing and beating cash buyers.
Higher Inventory
We’ve seen more and more homes for sale during Q2. This was to be expected; record-low inventory couldn’t last forever. We welcome the increase in homes for sale for both Buyers and Sellers. Buyers will appreciate greater selection and less competition. For Sellers looking to move, less competition means it will be easier to concurrently buy and sell, reducing the stress and costs of moving on to your next life phase.
Steady Sales Prices
Per Canopy MLS the last quarter reflected an increase of average sales price and a deeper dive into July stats reflect that hasn’t quelled. The rise in interest rates are meant to eventually tamp that down as well—We are seeing early indicators for softening prices in the stats for percentage of original list price starting to drop.
