What Charlotte’s current real estate market means for buyers and sellers

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Produced in partnership with The Redbud Group.

Charlotte’s red-hot real estate market has been on a wild ride for the past few years and right now is no exception.

The background: The average sale price in Charlotte is $458,635, up 15.4% compared to last year, according to the latest data.

Okay, but: Rising interest rates, an increase in inventory, and fears of a recession are at odds with high home prices, creating a confusing market for the average buyer or seller.

What you need to know: We asked Ben Nowacki, a top agent with The Redbud Group, what these trends actually mean for Charlotte’s buyers and sellers.

What trends are you noticing in Charlotte right now?

The market is weird right now. Inventory is back to pre-pandemic levels, but there’s a gap between buyers and sellers.

What this means: Sellers are still looking for a really high number, but buyers are pushing back because interest rates are going up.

We’re not doing $30,000 due diligence anymore. We’re not going $50,000 over the asking price.

Do you think we’re approaching the “top” of the market or a crash?

I think it’s important to put it into context.

Key numbers: Yes, interest rates are going up right now; we’re at around 5.8%. But in hindsight, that’s not bad. The highest annual average mortgage interest rate in U.S. history was 16.63%.

Something like 2008 isn’t going to happen again for a very long time because proper procedures were put in place.

Yes, it’s scary to see interest rates going up while the economy is doing what it’s doing right now. Buying a house is scary.

That’s why you work with a professional agent who has your best interest in mind.

The takeaway: It’s impossible to time the market, so take a step back and focus on buying when it makes sense for you and your family.

What do you wish sellers knew?

They have to take a step back and realize that, realistically, they’re not going to get way over asking anymore.

On the other hand: Sellers are still getting the asking price for their home, and agents can negotiate terms to make everyone happy.

They also need to pay attention to the condition of their house. Sellers should consider the landscaping, paint, odors and more when they’re working with an agent to determine the sale price.

Why should buyers and sellers work with The Redbud Group?

We are a massive team, so you’re tapping into an information highway. We have a network of agents, potential listings and buyers, plus we have a great blog that answers every single question that you could have.

The results: We can help you and get you what you want, whatever that may be.

Ready to learn more about the market? Get connected with a Redbud Group agent.