Canopy Realtor® Association Market Updates
Reprinted from January 2022 CRRA Monthly Indicators
The 2022 real estate market begins where 2021 left off, in which existing home sales reached their highest level since 2006. The National Association of REALTORS® reported sales were up 8.5% compared to the previous year as homebuyers rushed to take advantage of historically low mortgage rates. Home sales would’ve been even greater were it not for soaring sales prices and a shortage of homes for sale in many markets, forcing a multitude of buyers to temporarily put their home purchase plans on hold.
New Listings were down in the Charlotte region by 12.9 percent to 3,892. Pending Sales decreased 5.3 percent to 4,364. Inventory shrank 43.9 percent to 2,546.
Prices moved higher as Median Sales Price was up 22.7 percent to $349,700. Months Supply of Homes for Sale was down 50.0 percent to 0.5., indicating that demand increased relative to supply.
For many buyers, 2022 marks a new opportunity to make their home purchase dreams a reality. But it won’t be without its challenges. Inventory of existing homes was at 910,000 at the start of the new year, the lowest level recorded since 1999, according to the National Association of REALTORS®, and competition remains fierce. Affordability continues to decline, as inflation, soaring sales prices, and surging mortgage interest rates reduce purchasing power. The sudden increase in rates and home prices means buyers are paying significantly more per month compared to this time last year, which may cause sales to slow as more buyers become priced out of the market.
A Closer Look
Monthly Average 30-Year Fixed-Rate Mortgage Rates
Residential Closings & Average Sales Price for the entire CMLS Area
A Look at Charlotte's Overall Real Estate Market
For more information, if you have questions, or if you would like real-time market information, please don't hesitate to reach out!