CHARLOTTE, N.C. — House prices in North Carolina and South Carolina saw some of the largest increases over the past year, according to a new study from Santa Monica realtors.
South Carolina house prices rose 19.2% over the past year, which was the second-highest increase nationwide. North Carolina, meanwhile, came in at No. 5 with a 15.7% price increase over the last year. Florida had the highest increase in home prices at 19.9%.
Researchers analyzed data from Zillow across all 50 states to determine which state had seen the biggest rise in housing prices. A property in South Carolina has an average cost of $300,667, with North Carolina homes having an average price of $329,634.
High housing costs are nothing new in Charlotte, which has been one of the country's hottest real estate markets for several years. The good news is the market is starting to cool a little, which means the bidding wars and all-cash offers will likely remain in the past. But high prices aren't going anywhere.
"The housing market has indeed been turbulent over the past few years, with house prices being affected by inflation, the pandemic and many more factors," a Santa Monica realtors spokesperson said. "This study provides a fascinating insight into which parts of America have seen the highest increases as well as the lowest."
According to UNC Charlotte's 2022 State of Housing in Charlotte report, in 2020, the average cost for a home in Charlotte was $273,500. In September 2022, that average cost had risen to $420,000 which is a 53% increase.
Mortgage rates have been trending down, though, which means there will be less competition as more properties hit the market. RE/MAX executive Jon Widdifield said the increased volume should make Charlotte a "more normal place" for buyers and sellers in 2023.
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