GO
Loading...

Charlotte seeing its homes sell quickly

There may be fewer listings on the Charlotte, North Carolina, housing market today than there were a year ago, but what is for sale is selling faster. Closed sales rose nearly 6 percent in July from July of 2013, according to the Charlotte Regional Realtor Association; that, as the inventory of homes for sale fell nearly 5 percent.

"The market is strong, though not everything is selling at the prices the sellers want," said Bonnie Papandrea, a real estate agent with Wilkinson & Associates Real Estate in Charlotte. "Closer to town, those properties are doing fabulous and getting the price point back to almost 2006."


The skyline of Charlotte, N.C., as seen from Marshall Park.
Jill Lang | Getty Images
The skyline of Charlotte, N.C., as seen from Marshall Park.

The median price of a Charlotte-area home that sold in July rose 5.5 percent from a year ago, and sellers are getting on average about 95 percent of their list price. Sellers have been getting a bit more realistic, at least on a national scale, lowering their list prices and negotiating more, according to a report from Redfin, a national brokerage.

Charlotte had been a target of large-scale investors in single-family rental homes, but that demand is easing, especially as home prices rise. Investors need to get bargain-priced homes in order to make the investment work, and there are fewer and fewer distressed homes coming onto the market. There is also more competition in the market.

Read MoreForeclosure sales boost Atlanta housing

"There are fewer investors mainly because they're building so many apartments," noted Papandrea. "We still see rental demand."

The number of new listings coming onto the Charlotte market fell nearly 3 percent in July, which does not bode well for the fall market. Affordability is key in markets like this one, where prices are being driven higher not so much by demand, but by lack of supply.

—By CNBC's Diana Olick

Contact Real Estate

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.
  • Diana Olick

    Diana Olick serves as CNBC's real estate correspondent as well as the editor of the Realty Check section on CNBC.com.

Home prices and supply map

  • Track the latest moves in sales, prices and inventory in some of the largest housing markets across the country.

Latest Special Reports

  • Tips on the best-performing portfolio strategies and global market trends that can help you become a smarter investor.

  • The nexus of technology -- cloud, social, mobile and data -- are transforming user behaviors and creating new businesses.

  • Advisor-centric content with guest columns covering practice management, investment strategies and marketing/social media.