If you're buying a house in Charlotte, don't look for prices to fall any time soon.
The Charlotte Regional Realtor Association said median home sale prices shot up almost 12% in December compared to 2016, as the supply on the market stayed tight and demand remained high.
The median price for a home sold in December was $235,000, compared to $210,000 in December 2016. The average sale price, another measure, rose 8.4%, to $281,567.
In an indication of how little inventory there is for sale, the number of houses on the market in the Charlotte region plunged by more than 19%, ensuring that prices will stay high for the foreseeable future. The market is tightest on the lower end, and the supply of starter homes is especially low.
"Looking ahead, buyers will continue to face the same headwinds of limited inventory for homes priced below $300,000, as well as price increases, faster days on market and the possibility of rising mortgage rates," said Jason Gentry, Charlotte Regional Realtor Association president, in a statement.
The number of days a house spent on the market fell be a week compared to December 2016, illustrating how quickly buyers are snapping up available properties.
Tribune Content Agency