CHARLOTTE, N.C. — If you're looking to buy a house in the Charlotte metro, you'll want to read this.
New data from the Re/Max National Housing Report for August 2022 showed in Charlotte, home sales are down 20% and there's a lot more inventory.
A few months ago, it was an all-out bloodbath for a place to live. Mike Hosey, a real estate agent with Trade and Tryon Realty, said getting a house was a lot more challenging.
“The average price is going over 100% of the asking price," he said.
Boxing gloves were on and it was go time for buyers. Hundreds of applications and offers were submitted, and a property was sold in a matter of hours. But now, sellers are entering the ring for a whole new fight.
Gregory Ogunsanya is trying to make his way back up to New York, closer to family, and is doing his best to sell his house in the Wesley Heights neighborhood.
“It’s been on the market for really just one week," Ogunsanya said. "There's been lots and lots of traffic and people coming through.”
But there are a few factors that are making many people tap out.
“The mortgage rate going up has led people to being hesitant a bit," Ogunsanya said.
The Associated Press reported earlier this week that US mortgage rates climbed to 6%. It's the first it's climbed that high since the housing crash in 2008. But, this is not the only factor keeping people out of the house hunting foray. Hosey said house prices are still on the rise in the Queen City.
"In August, the median home price was $332,000. Now it’s $388,000,” he said.
That's more than a 16% increase in just a year.
There are also more homes for sale. Hosey said there is a positive to this amount of inventory for the buyer.
"They have more choices now."
WCNC Charlotte is part of seven major media companies and other local institutions producing I Can’t Afford to Live Here, a collaborative reporting project focused on solutions to the affordable housing crisis in Charlotte. It is a project of the Charlotte Journalism Collaborative, which is supported by the Local Media Project, an initiative launched by the Solutions Journalism Network with support from the Knight Foundation to strengthen and reinvigorate local media ecosystems. See all of our reporting at charlottejournalism.org.
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