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Charlotte Area Home Prices Continue to Climb
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The housing market all across the country is continuing to improve, and the increasing prices serve as proof to this statement. However, we are still not completely out of the woods. Now we have to be concerned about home prices going up too quickly.
Some cities are seeing inflated prices right now. So, how does Charlotte measure up?
In some of the most popular Charlotte areas, prices have climbed as much as 8 percent this year. And according to the Charlotte Regional Realtor Association, the year-over-year increase in home prices has gone up to 8.6 percent.
It should come as no surprise, though, that wealthy individuals are the ones truly reaping the benefits of all of this. Homes valued above $1 million saw their sales numbers increase by 21.06 percent from 2010 to 2015, while homes valued from $100,000-$250,000 only saw a modest increase of 4.5 percent.
Parents in the Charlotte area are also demonstrating that they are more concerned about their children getting the best possible education than they are about getting a good deal on a home. The numbers show that people are willing to pay more to be close to the most desirable and best performing schools.
The main reason for this increase is lack of supply. These rising home prices are good news for Charlotte residents who are putting their homes on the market right now. However, experts are concerned that the homes in Charlotte will be too expensive for people to actually afford in three or four quarters.
A recent census estimate reports that Charlotte has now surpassed a population of over 800,000 individuals, and Charlotte actually ranks third in a list of America’s fastest growing cities. With an increasing number of people flocking to the area and fewer residents putting their homes up for sale, many homebuyers are left with no other option but to pay more in order to get into the area.
As the home prices in Charlotte continue to climb, residents need to take note. If you have any interest in selling your home in the near future, now may be the time to take action.
