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First Quarter 2022 Charlotte, NC Real Estate Report

Nationally, existing home sales recently dropped to a 6-month low, falling 7 % as buyers struggled to find a home amid rising prices and historic low inventory. Pending sales in the real estate report are also down, declining 4.1% as of last measure, according to the National Association of REALTORS®. Builders are working hard to ramp up production—the U.S. Census Bureau reports housing starts are up 22.3% compared to a year ago—but higher construction costs and increasing sales prices continue to hamper new home sales, despite high demand for additional supply.

New Listings were down in Mecklenburg County real estate report by 14.9% percent to 5,090. Pending Sales decreased 7 percent to 4,550. Prices moved higher as Median Sales Price was up 19.5 percent to $388,300. Months Supply of Homes for Sale was down 50 percent to 0.4., indicating that demand increased relative to supply.

Across the country, consumers are feeling the bite of inflation and surging mortgage interest rates, which recently hit 4.6% in March, according to Freddie Mac, rising 1.4 percent since January and the highest rate in more than 3 years. Monthly payments have increased significantly compared to this time last year, and as housing affordability declines, an increasing number of would-be homebuyers are turning to the rental market, only to face similar challenges as rental prices skyrocket and vacancy rates remain at near-record low.

It has never been more important to use a professional real estate broker to list your home or help you find your next home. Agents have resources within their brokerage to keep them up to date on the ever-changing real estate market and can help guide you in the biggest purchase of your life. Contact your preferred agent for more information whether it is a good time for you to list your home or make a purchase.