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Sales dip slightly, but Charlotte’s housing market remains competitive, pricey

Sales dip slightly, but Charlotte’s housing market remains competitive, pricey

BY LAUREN LINDSTROM UPDATED OCTOBER 19, 2021 4:13 PM

Read more at: https://www.charlotteobserver.com/news/business/development/article255115717.html#storylink=cpy

Home sales in the Charlotte region dipped slightly in September, but low inventory and ever-increasing prices point to a continued strong seller’s market, according to a new report. The September report from Canopy Realtor Association shows a 4.6% decrease in sales compared with August for a 16-county region around Charlotte. That’s typical for this time of year, as many buyers try to move before a new school year starts, said David Kennedy, the association’s president, in a statement with this month’s report. The region saw a 2.3% dip in home sales from September 2020.

But overall demand remains high. “Continued migration into our market heightens the need for inventory,” he said. “A continued uptick in sales prices reflects a buyer’s need to outbid their competition for limited housing options.”

While low interest rates can make mortgages more affordable for some, Kennedy said, the market remains challenging for first-time buyers and those with smaller budgets. Strong demand and low inventory are contributing to rising sales prices and a fast-moving real estate market where homes are snatched up quickly. Prices continued to increase in September. The highest were in Waxhaw and Davidson, where the median home sales prices topped $500,000.

Among the lowest were in Kannapolis and Gastonia, both with a median sales price around $260,000.

The median sales price in Mecklenburg County in September was $355,000, up 16.4% from a year ago. However, those two areas had some of the biggest increases from last September — 30% and 33%, respectively — a sign that once more affordable areas will continue to become less so.

In many areas, homes are on the market for less than two weeks on average, sometimes half the time compared with a year ago.

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