Charlotte Is Predicted To Be The Nation’s Hottest Housing Market in 2023
Information provided by Rachel Brumfield, Vice President, Corporate Services
Allen Tate Corporate Services
The Charlotte region ranks second among large markets in projections for both home value growth and growth in owner-occupied households.
Home value growth in Charlotte is expected to be much slower this year, with slightly longer days on the market, and sellers receiving around 94% of their asking price, as compared to over 100% at this time last year. It is expected for affordability to stabilize in 2023, if not improve, making it easier for households to budget and plan for their housing decisions. For those able to buy now, less competition from other buyers means homes are staying on the market longer, many sellers are cutting their list price, and there is less chance of being caught in the bidding wars that were so prevalent over the last 2 years.
2022 YEAR-END RESIDENTIAL SALES TRENDS – IREDELL COUNTY
Iredell County had a total of 3,444 homes sold last year, an 181 percent year-over-year decline while pending contract activity was down 20 percent year-over-year to 3,317 homes under contract in 2022. New listing activity, which totaled 4,179 in 2022 was down 6.9 percent year-over-year compared to 4,487 homes listed in 2021. The median sales price for all of 2022 was $381,950, which is 12.3 percent higher than last year, while the average sales price of a home in Iredell County was $484,058, an increase of 15.4 percent over 2021’s average sales price. At report time there were 543 homes for sale of 2 months of supply, up from 1 month of supply in December 2021. Sellers received 98.6 percent of asking price on average last year while their homes averaged 25 days on market until sale compared to 22 days on market in 2021. Data provided by Canopy.
Allen Tate Relocation and Corporate Services is an investor in the Iredell Economic Development Corp.