With final reports for the 2017 selling season rolling in, market research shows that the Charlotte-area market was able to retain its steady growth throughout the year.
December saw home resale prices increase by 5.9% which is nearly identical to the 5.8% growth in November and almost matches the national average of 6.3%. Charlotte falls into a composite list of 20 cities covered by the S&P CoreLogic Case-Shiller index and ranks the city as meeting national averages.
Seattle posted the country’s highest jump in average home prices with a staggering 12.7% monthly increase. Washington D.C. saw the lowest at 2.8%.
So what does this mean for buying and selling? Managing Director of the index Committee at the S&P, David Blitzer, is quoted saying, “the rise in home prices should be causing the same nervous wonder aimed at the stock market after its recent bout of volatility.”
However, he goes on to hint that the market may calm later on in 2018. “It is too early to tell if the housing recovery is slowing," he said. "If it is, some moderation in price gains could be seen later this year.”
Growth trends like this can actually benefit both the buyer and seller. Sellers know that their home has value, especially in in-demand, growing areas like the Charlotte metro. Buyers also know what to expect month-to-month and may have an easier time budgeting home prices when they find it’s time to move.