George Ratiu, Realtor.com’s senior economist, predicts 2021 will be similar to 2020 in Charlotte: Home prices will steadily march toward a peak and houses will continue to sell in record time.
Why it matters: If you’re looking to buy, home prices and competition will both be high. If you sell, you’ll get top-dollar for your home, but face the same record-high prices and record-speed sales as first-time buyers. Remember, though, low mortgage rates (if you qualify) decrease your monthly payments.
Trends by the numbers:
- 33% of shoppers were from out-of-state. Though home prices are on the rise — and there’s an affordable housing shortage — Charlotte is still an affordable city relative to other large metro areas. Many out-of-state shoppers were from Atlanta, New York, Washington, D.C., Miami, and Chicago. Expect this trend to continue.
- 49% of buyers were millennials. Gen Xers accounted for about 30% of mortgage originations.
- 5.2% expected increase in housing prices, according to Realtor.com. Right now the median home price is $368,819. This time next year, if predications are correct, that number will be $387,998.
Where the data come from: Ratiu says Realtor.com looks at household formation, residential construction, and unemployment and mortgage rates and current figures, among other measures over a long period of time.
Top 10 markets (in order):
- Sacramento, California
- San Jose, California
- Charlotte
- Boise, Idaho
- Seattle
- Phoenix
- Harrisburg, Pennsylvania
- Oxnard, California
- Denver
- Riverside, California
(Source: Charlotteagenda.com)