How Many Homes Are Available In Major NC Cities?
A look at the number of homes on the market in Raleigh and Charlotte
It’s no secret that major North Carolina cities like Raleigh and Charlotte are seeing record-high demand. Though interest rates are beginning to rise, real estate experts don’t expect the market to slow down anytime soon.
A combination of new priorities brought on by the pandemic, job market growth in the area, and a relatively low cost of living has sent people flooding into the North Carolina housing market. Here’s what the data tells us about buying an existing home in Raleigh or Charlotte right now.
Raleigh
The lack of housing inventory in Raleigh, NC has made recent headlines. Although springtime often brings a boost in the number of homes on the market, Raleigh has seen inventory drop a whopping 70% over the last two years. With just over a thousand homes going up for sale in March and even fewer in February, finding an existing home to buy is a challenge at any price range. Redfin pins the median sale price at $405K, a 22% increase over last year.
On top of employers like Apple setting up new headquarters in the Raleigh area, investors are also going to bat for homes in lower price ranges. These factors work together to create especially fierce competition in the Research Triangle area.
Charlotte
Rockethomes places the number of available homes in Raleigh at 3,071 in March, up from the two thousands in February. While this increase in inventory is heartening, it’s also important to note that the competition remains as strong as ever. 61% of the homes sold last month went for above asking price, indicating that the seller’s market is alive and well.
With a median selling price of $382K in March — a 20.3% increase over 2021 — entering the Charlotte market to purchase an existing home remains a tricky endeavor. Houses didn’t stay on the market long, either: the median in March was 26 days, a full week shorter than last year.
If you’re looking to move to the Tar Heel State but aren’t looking forward to endless bidding wars or unexpected strain on your home budget, building may be the right route for you. When you build a custom home with Atmos, you get to prioritize around your budget, lifestyle, and preferences all while skipping the competition. Get started today!
