Charlotte 2023 March Market Report
The Charlotte housing market saw a significant decrease in inventory of homes in March 2023, with only 4,835 available for sale, up 61.7% from the previous year. Closed sales decreased by 18.5% year over year, with 3,832 sales. However, the average sales price increased by 3.1% year over year to $442,628. Days on market also increased significantly by 128.6% year over year to 48 days.
A balanced housing market is a situation where the demand for homes matches the supply. In such a market, there is neither a surplus nor a shortage of homes for sale, and the prices remain relatively stable. In a balanced housing market, buyers and sellers have equal bargaining power, creating a fair and stable environment for both parties. However, achieving a balanced housing market is challenging, and it largely depends on various factors, including the economy, interest rates, government policies, and population growth.
The Charlotte housing market report for March 2023 shows a continued trend of high demand and low inventory. The median home price has increased by 0.4% compared to the previous year, with the average price now just over $368,000. Despite rising prices, buyers are still showing strong interest, leading to a competitive market with multiple offers on many properties. Real estate experts predict that these trends will continue throughout the year, making it a challenging but potentially rewarding time for both buyers and sellers in the Charlotte area.