Charlotte Home Prices Increase 2.3% in 2007

In the face of a deepening national crisis in housing, Charlotte NC home prices led the country in home price appreciation in 2007 with average home prices increasing 2.3%, followed by Portland at 1.2% and Seattle at .5%.  The other 17 markets tracked by Case Shiller for Standard and Poors, fell dramatically,  with Miami, Las  Vegas and Phoenix "leading" in price drops in the mid teens for December 2007. The overall market showed a 9.8% decrease in housing prices in the 4th quarter of 2007.

As it has through all of 2007 and 2006, the Charlotte real estate market has bucked the national trends. Our modest 2007 price increase was in the face of a 13% drop in demand, as we sold 13% fewer homes and condos... and prices in Charlotte still went UP. 

I think there are 3 reason for this:

1st is the city's overall affordability: by any index, Charlotte is one of the most affordable major metropolitan areas in the nation. Housing prices? Yes. Insurance costs? Yes. Taxes? Yes. Our home prices never ran up the way some did in the lat 1990's and early part of this decade- just steady appreciation, year in year out.

2nd-What do Portland, Seattle and Charlotte have in common? Robust local economies that are adding jobs faster than the nation's anemic job growth. Housing economists know that job creation increases housing demand-- the rule of thumb, for every 2 jobs created, you'll need one house.

3rd- The steady influx of new people into Charlotte. The Chamber calculates 80,000 people will move to Charlotte in 2008...this on top of the 80,000 that came in 2006.

So, despite the doom and gloom, despite a slowing market, our home values in Charlotte remain strong. Even in the face of a 30% decline in the number of sales in February 2008 vs 2007, it still means 7 out of 10 homes sold. So if you are going to put your home on the market, resolve that it be one of the 7!  Make sure it is in tip top condition, price it right, and use a qualified tech savvy Realtor to list your home.

Considering buying or selling a home in Charlotte? You may Search All Charlotte Homes here, or Call me direct at 704-351-1519.

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