Taking a Brief Look at the Housing Market in the Carolinas

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The Carolinas are known to have some of the most beautiful and prestigious homes in the country. With a booming population, affordable housing has become a hot topic. Just take a look at the data: Charlotte houses for sale has a search trend pointing up and to the right. 

Housing in the Carolinas is a popular topic that everyone is interested in. More and more people are moving to this area because of its affordability and lower cost of living compared to other places like New York City. As for now, there is no definite forecast for when this market will cool down, but as time goes on, that might not be as certain as we think it is today.

The Carolinas are known for their beautiful homes with some of the most prestigious communities in the country. However, with a booming population, affordable housing has become a hot topic over recent years.

Median Sales Prices are Increasing

The Carolinas are experiencing a strong housing market. Median home sales prices have increased in 2018 by 1.32 percent from $168,000 to $171,400, and the median list price grew from $240,000 to $245,900.

In particular markets like Charlotte and Raleigh, home prices have been increasing by 10 percent in the past year. Rising demand for homes has led to higher median sales and list prices.

Carolina’s housing market is booming, and this trend can be seen throughout all major markets in the state.

The Days on Market are Shrinking

The housing market in the Carolinas is getting stronger and stronger. With the newer construction, the average days on market for a property in the Carolinas continues to shrink.

The average days on market for a property in the Carolinas were around four months back in 2018. Now, it is around 3-4 weeks as of 2019. This shows that more people are buying homes in this area, and local real estate agents are adapting to make sure that every home gets sold quickly.

There is also a positive correlation between the number of days on market and how much homes cost in the Carolinas. The more days on the market, the cheaper it is to purchase properties in this area. However, we know that isn’t the case. With the average days listed on the market number shrinking, that is what is driving the percent increase in the sales process. 

Millennials Dominate the Searching

The housing market in the Carolinas has been booming recently, primarily because of a new influx of millennial buyers. Millennials are mainly drawn to Charlotte and Raleigh because of the high quality of life offered.

With the success of millennial-focused industries such as technology and finance, millennials are now looking for homes in the Carolinas.

Millennials represent a large portion of the American population, and they have been experiencing a surge in homeownership. They are now purchasing homes and want to find fresh new places that can provide them with affordable housing. This change has created a huge demand for affordable housing in the Carolinas. These changes have led to an increase in home values that has helped many people who were previously unable to purchase homes.

 

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