CHARLOTTE, N.C. – Home sales across the 16-county Charlotte region continued their positive run, rising 6.8 percent year-over-year with 2,835 homes sold during the month of January, according to data from Canopy MLS. Sales in January, though positive, were not nearly as strong as the previous month, declining 28.1 percent compared to December 2019.
Pending sales counts, which were up 26.7 percent year-over-year, show solid buyer demand for homes within the region. Compared to December, pending sales were up 48.9 percent. Pending sales are a forward-looking indicator and good predictor of future sales.
Prices continued to rise due to increasingly tight inventory across the region. The average list price rose 5.0 percent year-over-year to $339,845, compared with $323,714 in January 2019. Both the average sales price ($297,821) and median sales price ($252,000) rose 10.4 percent year-over-year. However, compared to December, both price indices were down 3.9 and 5.1 percent, respectively. The list price to sales price measure for January 2019 was 96.1 percent, showing sellers across the region are getting closer to their original asking price.
Note: This chart shows the difference in YOY price appreciation for each market today compared to one year ago. For instance, San Jose resale prices were up 20% YOY last year but now are -6% YOY, a deceleration of 26%. In Raleigh-Durham, resale home prices gained 7% YOY last year, and today they are up 6% YOY, a 1% price deceleration. Metro-level detail is available for our research subscribers.
The biggest deceleration occurred in San Jose: Last year, resale prices in San Jose were up 20% YOY! Today, prices are down 6% YOY—a deceleration of 26%. Last year, San Jose was frenzied with less than one month of supply and very strong job growth. Builders were selling homes faster than they could build them. In the second half of 2018, the San Jose market slowed substantially due to affordability issues, but conditions have stabilized this year.
Top California markets, Seattle, and Las Vegas have experienced the most price deceleration. Home buyer affordability remains weak, even with historically low 4% mortgage rates, and homes are sitting on the market longer (especially higher-priced homes). We are seeing more buyer demand in markets such as Seattle, where home builders have adjusted prices.
Markets in the Southeast, Midwest, and Northeast have been far less frenzied this cycle and have had much steadier prices. These markets are typically lower risk in their fundamentals (more affordable, less risk of oversupply, and steady job growth). Raleigh-Durham has experienced the least deceleration in price from last year. Resale prices gained 7% YOY last year, and today they are up 6%, a 1% price deceleration.
Nationally, we expect resale prices to gain 2% through 2022, cumulatively, but there are huge disparities by region and metro.
The 2019 Mecklenburg County Property Revaluation is complete. Notices of 2019 Real Estate Assessed Value have been mailed to property owners. (This is NOT a bill.) You can also find your property value online.
State law requires the County to conduct a property revaluation at least every eight years to determine its market value. All property (commercial, land and houses) is being visited and observed by a County Assessor to:
- Verify the accuracy of characteristics on record for the property,
- Compare similar property sales and
- Consider improvements or changes that have been made to the property.
Based on that information, your property has been given a new real estate assessed value. The new value is effective January 1, 2019.
If you have a question about revaluation, check out the FAQs page.
Key Revaluation Dates
Find info on your property value in late January.
We’d love to speak to your group about revaluation.