Q2 Market Pulse

Here’s the market recap for the Charlotte, NC area

• Higher Interest Rates - No doubt, higher interest rates are a hot topic. With June’s inflation rate coming in above 9%, the Fed was forced to raise interest rates another 0.75% yesterday. Mortgage rates often follow, although not always, which may increase the cost of buying a home. Yet, looking back 40+ years, interest rates are still relatively low. We are still seeing many Buyers obtain mortgages, and many are competing and beating cash buyers.
• Higher Inventory - We’ve seen more and more homes for sale during Q2. This was to be expected; record-low inventory couldn’t last forever. We welcome the increase in homes for sale for both Buyers and Sellers. Buyers will appreciate a greater selection and less competition. For Sellers looking to move, less competition means it will be easier to concurrently buy and sell, reducing the stress and costs of moving on to your next life phase.
• Steady Sales Prices - Per Canopy MLS, the last quarter reflected an increase in average sales price, and a deeper dive into July stats reflects that this hasn’t quelled. The rise in interest rates is meant to eventually tamp that down as well. We are seeing early indicators for softening prices in the stats for the percentage of original list price starting to drop.