The charts illustrate the most recent data for Charlotte and two other key micro-market areas. Without a question, the lack of supply is affecting the seller-buyer relationship. In Charlotte, the market has clearly shifted to a “sellers market”. Homes are not staying on the market for very long. Buyers have less to choose from and they now have to make concessions if they want to move forward with the buying of their home. It will take some time for the buyers to realize this shift.
Every metro area has micro-markets with varying conditions. The LN area is north of Charlotte and is following the shift toward a seller’s market. Generally there is a balanced market before tipping toward a seller or buyer. This shift has happened quickly and without fanfare.
The reason why Area 13 remains high is that this MLS area boarders Lake Norman and the price point is well above $750,000 – still a difficult sale but even this area has shifted significantly.
The result of this shift will be higher prices and appreciation, a solid start to a housing recovery in Charlotte.
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