CHARLOTTE, N.C. — Most know heartbreak and headache if they are trying to buy a home right now. With the market still on fire, how does Charlotte's home inventory compare to other cities across the country?
Searching for that perfect home has turned buyers from being picky to sometimes desperate.
With buyers battling other buyers over a limited number of available homes, we wanted to look at how Charlotte compares to the rest of the country.
THE QUESTION:
Does Charlotte currently have one of the lowest housing inventories across the country?
OUR SOURCES:
THE ANSWER:
Yes, Charlotte currently has one of the lowest housing inventories across the Country.
WHAT WE KNOW:
According to RE/MAX, Charlotte currently only has about a 15-day supply of available housing. This means Charlotte is tied with Raleigh, Denver, and Seattle for second on the list of the lowest housing inventories in the country.
The only city lower than Charlotte? Albuquerque, New Mexico, with about a 12-day supply.
According to CANOPY Realtor Association, there are only 2,455 homes for sale in the 16 counties that make up the Charlotte region. Both Berrey and Allen agree that this has a lot to do with your classic low supply and heavy demand.
"We have had such a shortage of housing, and it's very evident now, but builders have not caught up with the demand," Berrey said.
"As a result, we are a million and a half homes short of inventory to meet with the buyer demand," Allen said.
Because of this, homes continue to see a rise in value. According to RE/MAX and Canopy, the median sales price rose 20% over the last year.
"They continue to escalate because of the fact that there is a short supply," Berrey said. "Well why is there a short supply? Cause so many people are moving here."
The U.S. Census shows Charlotte ranked number nine in growth in the U.S., from July 2020 to July 2021, with 31,000 people moving here during that time, making the market even more competitive.
Contact Meghan Bragg at mbragg@wcnc.com and follow her on Facebook, Twitter and Instagram.
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