Whether buying or selling, there are many factors to consider when conducting a real estate transaction. From pricing to closing costs, moving expenses to negotiation, there are important decisions you have to make at every turn.
However, one of the most important things you can do to help ensure your purchase or sale goes as planned is to thoroughly research the housing market in the area of your transaction ahead of time.
For buyers, researching the North Carolina market means you'll know when to buy, what to offer, and how to obtain the best price. For sellers, it means accurately timing your listing, showcasing your home in the best light, and knowing how to competitively price your home without losing money.
While the information below should help both buyers and sellers obtain valuable information regarding the housing market, it's important to remember that the market fluctuates on a state, regional, and local level. In addition to your research, make sure to work with an experienced, local real estate agent in your area who can guide you through the buying or selling process and ensure you obtain the best possible outcome.
2019 Home Value Trends for Top 5 Neighborhoods in Charlotte, NC
There are many wonderful places to call home in the Charlotte area. However, we've narrowed down five of the best Charlotte neighborhoods to provide some specific market reports that you can use to determine where you'd like to search for a home. This information can also help sellers get an idea of what they might be able to sell for and the overall trends that exist in the Charlotte area.
Dilworth has a population of 8,542 people according to Niche. The median home value in the area is $465,300 according to May data from Zillow. Over the last year, home values have risen 8.8%, and they are projected to rise another 2.9% in the coming year. The median household income in Dilworth is $101,980, and 18.2% of listings have a price cut associated with them. The median listing price in this neighborhood is $420,000.
Around 4,903 people call Sharon Woods home. The median home value in this area is $396,300. Over the last year, Sharon Woods has seen an increase in home value of 2.4%, with another 2.1% increase expected over the next year. The median household income in this area is $92,160.
Brandon Forest is home to 1,354 people. The median home value in this neighborhood is $177,500. Over the last year, home values in this neighborhood have risen by 5.7% and are expected to rise another 2.6% in the coming year.
Brandon Forest is a neighborhood often sought after by retirees thanks to its quiet, small-town vibe.
There are 6,705 residents in Beverly Woods. The median home value in this area is $461,300. Home values have risen 3.4% in the last year and are expected to rise another 2.2% in the coming year. The median listing price is $525,000 and around 16.9% of listings have a price cut associated with them. The median household income in this area is $101,902.
Quail Hollow has a population of 3,854 residents. The median home value in Quail Hollow is $342,800. There has been an increase in home values of 1.7% in the last year, and home values are expected to rise another 1.9% in the coming year. The median listing price in this neighborhood is $388,485, and the median household income is $88,656.
The Best Time to Buy a Home in Charlotte, NC
When you're determining when the best time to buy a Charlotte home is, there are several factors you should take into consideration. Some of these factors include when the most listings are on the market, when the new listings hit the market, when the most competitive months are, and when you can expect the best prices.
Most of the new listings in Charlotte hit the market between March and July. In March, there are usually around 4,100 new listings on the market, in June there are around 4,400 new listings, and in July there are around 4,200 in new listings on the market.
If it's important to you as a buyer to be able to take your pick of the newest listings, then June and July would be your best bet. However, buying a home in March shouldn't put you too far behind where the ability to shop the newest listings is concerned.
The most competitive month in Charlotte, North Carolina for home buyers is March, followed closely by April and January. If you're hoping to buy when everyone else is and you think you can compete in the marketplace, then March is your best bet.
As far as inventory is concerned, June, July, and August are all tied for the months that have the highest amount of inventory. You'll find the best prices in the month of August, where historically 13.5% of listings have a discount associated with them.
Taking all of this into consideration, you'll be able to pick from the newest listings, the most inventory, experience the most competition, and find the highest number of discounts if you start shopping for a home in March through June.
However, it’s also worth noting that shopping closer to winter can afford you a unique set of benefits, as well. Most sellers who list their homes in the fall and winter months want to get rid of their homes quickly, and most buyers don’t want to shop during the colder seasons.
Additionally, most buyers are busy with holiday activities during this time, so while you’ll have fewer options and less chance of a posted discount in the fall and winter, you also have a good chance of being able to negotiate a great deal.
The Best Time to Sell a Home in Charlotte, NC
If you're going to sell your home, you'd better come prepared to play. That's why, for most sellers in Charlotte, North Carolina, selling during the springtime, specifically during the month of May, tends to be the most beneficial.
Not only will you be listing your home right before the month that historically has the highest number of new listings on the market, but you'll also place yourself in the middle of the competition while still allowing missing the frenzy that happens right when peak season begins.
Finally, May puts you in the sweet spot of inventory availability when most buyers are going to be shopping for a home.
Attom Data recently did a study that came to the same conclusion. They took even more factors into consideration, such as foreclosure rates and mortgage trends. Their conclusion was that the best time to sell in North Carolina was in the month of May.
How to Find the Perfect Charlotte, NC Real Estate Agent
Whether you're buying, selling, or both it's critical to work with an experienced, local real estate agent. Only an experienced agent with local expertise can guide you through the buying or selling process with the highest rate of success.
Utilizing their expertise, years of experience in the market, professional network, and negotiation skills, you'll be able to obtain expert advice regarding timing, pricing, and other factors critical to the buying and selling process.
Clever connects buyers and sellers with top-rated real estate agents in the area of their choice. Clever buyers who spend $150,000 or more on their home can receive a $1,000 rebate, or 1% on homes over $500,000, to help with closing costs. Sellers can save money on commission, as well, since Clever Partner Agents work for a flat fee.