Thursday, March 29, 2018
Lower-than-normal inventories are bringing higher prices, squeezing some buyers out. And rents continue to rise despite more apartments being built. Mike Collins and local real estate experts take a deep dive into Charlotte's hot housing market.
Charlotte has one of the hottest housing markets in the country, but that’s not necessarily a good thing if you’re in the market to buy. Rising sale prices, combined with an historically low inventory have made it particularly tough for first-time home buyers. And home builders are focusing on the luxury market rather than starter homes.
Prices in Charlotte are rising faster than the national average and that trend is expected to continue. The median sale price has gone up almost 13 percent just in the last year.
The tight housing market is also driving up rent and affecting housing affordability. This trend has continued to plague the region for a couple years, so when is it expected to let up?
Plus, the number of apartments continues to multiply, but vacancy rates are up for luxury apartments in uptown. We look at these and other market trends and find out what the spring season holds for buyers and sellers in the Charlotte real estate market.
Jason Gentry, President of the Charlotte Regional Realtor Association and Realtor/Broker with Premiere Sotheby’s International
Ely Portillo, business and development reporter, The Charlotte Observer
Jenifer Gooch, Regional Director, Charlotte Metrostudy