There’s more bad news for potential homebuyers in Charlotte this spring: You’re likely to find fewer houses that cost a lot more than last year.
That’s according to the latest data released by the Charlotte Regional Realtor Association, which showed prices rose rapidly again in March.
The median price of a home sold in the Charlotte region was up 7.2 percent from March 2017, reaching $235,000. The average sale price, a measure that puts more emphasis on higher-priced properties, rose 4.6 percent, to $326,754.
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The number of houses for sale, on the other hand, continued to plunge in March, dropping almost 24 percent from the same month a year ago. And the number of homes sold fell as well, declining more than 11 percent.
“Unfortunately, sales declines are a natural result of too few homes for sale, and we’ve been talking about persistently low inventory for the past three years,” said Jason Gentry, president of the Realtor association. “Our hope is that more sellers will start to list and take advantage of the ready and willing buyer base.”
But a small number of houses on the market can have the opposite effect, as most sellers plan to buy a house themselves.
If there are few options on the market, more people might decide to stay put rather than sell and risk not being able to find a new house, which leads to a cycle that only further lowers inventory.
Image credit charlotteobserver.com