5 Best Neighborhoods in South Park

5 Best Neighborhoods in South Park

by | Dec 2, 2024 | Blogs and Tips, Moving to Charlotte NC

South Park Living: Choosing the Right Neighborhood for Your Lifestyle

South Park, Charlotte. Just the name conjures images of tree-lined streets, upscale boutiques, and a vibrant community. But within this sought-after area lies a diverse collection of neighborhoods, each with its own distinct personality and charm. Whether you’re drawn to the bustling energy of mixed-use developments or the quiet tranquility of established residential enclaves, South Park has something for everyone.

This blog post dives deep into five of the best neighborhoods in South Park, exploring what makes each one special and who might find it the perfect place to call home. From families seeking top-rated schools to young professionals craving a walkable lifestyle, we’ll guide you through the unique features, hidden gems, and undeniable allure of South Park’s most desirable communities. So grab a cup of coffee, settle in, and let’s explore the best that South Park has to offer!

This comprehensive guide explores eight of Charlotte’s most sought-after neighborhoods for families, leveraging insights from Niche.com, a trusted platform that ranks neighborhoods based on various factors crucial to families.

Table of Contents:

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Foxcroft

Foxcroft, often considered the crown jewel of South Park, exudes an air of timeless elegance. Imagine stately homes, many dating back to the 1930s, nestled amidst mature trees and sprawling lawns.1 This established neighborhood boasts a mix of architectural styles, from classic Georgian to French Provincial, each home whispering stories of generations past.2 Residents here cherish a strong sense of community, gathering at the Foxcroft Swim & Racquet Club or strolling along the sidewalks that wind through the neighborhood. With top-ranked schools like Sharon Elementary and Myers Park High School, Foxcroft is a haven for families seeking an idyllic setting with convenient access to South Park’s vibrant amenities. However, this exclusivity comes at a price, as Foxcroft homes are among the most sought-after (and expensive) in Charlotte.3

Mountainbrook

Mountainbrook, nestled in the heart of South Park, offers a unique blend of natural beauty and modern convenience. This neighborhood is defined by its namesake, McMullen Creek, which meanders through the area, creating a serene atmosphere. Imagine mature trees lining winding roads, leading to homes that range from classic ranch styles to contemporary masterpieces. Residents here enjoy an active lifestyle, taking advantage of the Mountainbrook Swim & Racquet Club, the Anne Heinig Park, and the numerous green spaces scattered throughout the community. With its close proximity to SouthPark Mall and a variety of dining options, Mountainbrook provides a balanced lifestyle for those who appreciate both nature and urban convenience. It’s a neighborhood where kids can explore creeks, adults can unwind in peaceful surroundings, and everyone can enjoy a strong sense of community.

Barclay Downs

Barclay Downs offers a captivating blend of suburban tranquility and urban convenience. This sought-after neighborhood, nestled just north of SouthPark Mall, is known for its charming mix of housing styles, ranging from cozy bungalows and ranch homes to updated contemporaries. Mature trees line the streets, creating a peaceful atmosphere that feels worlds away from the bustling city center, yet all of South Park’s attractions are just moments away. Families are drawn to Barclay Downs for its highly-rated schools, including Myers Park Traditional and South Mecklenburg High School, as well as its proximity to the expansive Park Road Park, complete with playgrounds, sports fields, and walking trails. With its friendly atmosphere and accessible price point compared to some of its South Park neighbors, Barclay Downs provides a welcoming environment for families and young professionals alike.

Morrocroft Estates

If ultimate exclusivity and privacy are paramount, Morrocroft Estates reigns supreme in South Park. This gated community, with its grand entrance and 24/7 security, offers a secluded sanctuary for Charlotte’s elite. Mansions, each a unique architectural masterpiece, sit on sprawling lots, hidden amongst mature trees and meticulously landscaped grounds. Beyond the gates, residents enjoy a sense of community fostered by shared amenities like tennis courts, walking trails, and a playground. While the price of entry is steep, Morrocroft Estates provides an unparalleled level of luxury and seclusion within minutes of South Park’s bustling center. It’s a world unto itself, where privacy and prestige are the ultimate hallmarks.

Best Places in Charlotte NC For Young Professionals
Providence Plantation

Montibello

Montibello, nestled in the heart of South Park, offers a captivating blend of classic charm and modern convenience. This established neighborhood is characterized by its winding streets, mature trees, and a diverse collection of architectural styles, ranging from traditional ranch homes to stately Colonials. With an active homeowners association, Montibello fosters a strong sense of community, evident in its well-maintained common areas and popular events like the annual Montibello Fall Festival. Residents enjoy a prime location, just minutes from SouthPark Mall and a short commute to Uptown Charlotte. While Montibello offers a more accessible price point than some of its South Park neighbors, its desirability and limited inventory often lead to competitive bidding wars.

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Frequently Asked Questions 

Q: What is the cost of living like in South Park?

A: South Park is known for its upscale lifestyle, which is reflected in the cost of living. Expect higher housing prices, whether you’re renting or buying, compared to the Charlotte average. Expenses like groceries, dining out, and entertainment also tend to be on the higher end. However, many residents find the quality of life and convenient location well worth the investment.

Q: What are the schools like in South Park?

A: South Park is home to some of the most highly-rated public schools in Charlotte-Mecklenburg Schools (CMS). Schools like Sharon Elementary, Myers Park Traditional, and Myers Park High School consistently rank among the best in the state, attracting families seeking top-notch education for their children. There are also several well-regarded private school options in the area.

Q: Is South Park a good place for families?

A: Absolutely! South Park offers a family-friendly environment with excellent schools, safe neighborhoods, and plenty of kid-friendly activities. From parks and playgrounds to the SouthPark Mall and the nearby Discovery Place Science museum, there’s something to keep children of all ages entertained. The strong sense of community in many South Park neighborhoods also fosters a welcoming atmosphere for families.

Q: What is the commute like from South Park to Uptown Charlotte?

A: South Park is conveniently located just a few miles south of Uptown Charlotte. The commute can vary depending on traffic, but it generally takes around 15-20 minutes by car. The LYNX Blue Line light rail also has a stop at SouthPark Mall, providing a convenient alternative for those working Uptown.

Q: What is there to do in South Park?

A: South Park offers a vibrant mix of activities and attractions. SouthPark Mall is a major shopping destination with high-end retailers and department stores. The area also boasts a thriving culinary scene, with a variety of restaurants, cafes, and bars to suit every taste. For outdoor enthusiasts, there are several parks and greenways, including the popular Little Sugar Creek Greenway. And with its proximity to Uptown, residents have easy access to all that Charlotte has to offer.

Would you like to explore some other fantastic neighborhoods in the Charlotte area? Check out our Neighborhood Guide:

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Pros and Cons of Living in Huntersville

Pros and Cons of Living in Huntersville

by | Dec 1, 2024 | Blogs and Tips

Pros and Cons of living in Huntersville, NC

1. The Location

2. Things To Do

3. Dining and Shopping

4. Outdoor Activities

5. Homes for Sale

1. Traffic

2. Schools

3. Housing Inventory

3. Home Prices

Homes For Sale In Huntersville

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Pros of living in Huntersville, NC

Location: Huntersville’s location is truly one of its greatest assets. Situated just north of Charlotte, you get the best of both worlds: a peaceful suburban atmosphere with easy access to the vibrant city life. Commuting to Uptown for work or a night out is a breeze, and Charlotte Douglas International Airport is conveniently close for your travel needs.

Things to Do: You’ll never find yourself bored in Huntersville! The town offers a fantastic mix of entertainment and cultural activities. Catch a show at the Community School of the Arts, explore local history at the Latta Plantation, or enjoy a day of family fun at Discovery Place Kids. With festivals and events happening year-round, there’s always something to keep you entertained.

Dining and Shopping: Huntersville boasts a diverse and delicious culinary scene. From cozy cafes to upscale restaurants, you’ll find flavors to satisfy every craving. Birkdale Village offers a delightful mix of shopping and dining, with popular chains and local boutiques. Whether you’re searching for a unique gift or a delicious meal, Huntersville has you covered.

Outdoor Activities: Nature lovers rejoice! Huntersville is surrounded by stunning natural beauty. Spend your days kayaking on Lake Norman, hiking or biking the trails at Latta Plantation Nature Preserve, or simply relaxing by the water at Ramsey Creek Park. With abundant green spaces and recreational opportunities, an active outdoor lifestyle is within easy reach.

Homes for Sale: Huntersville’s real estate market offers something for everyone. Whether you’re looking for a charming historic home, a modern townhome, or a spacious family home with a yard, you’ll find a variety of options to suit your needs and budget. Many homes boast desirable features like lake views, community amenities, and top-rated schools.

Living in Huntersville, NC

Cons of Living in Huntersville, NC

Traffic: While Huntersville’s proximity to Charlotte is a plus, it also means contending with traffic, especially during rush hour. Major roadways like I-77 can become congested, making commutes to and from the city center lengthy and frustrating. Be prepared for potential delays and consider alternative routes or transportation options.

Schools: Although Huntersville has many good schools, they can be inconsistent. School quality can vary significantly depending on the specific neighborhood. This means families may need to do extensive research to ensure they find the right fit for their children’s educational needs.

Housing Inventory: Huntersville’s popularity means that the real estate market can be quite competitive. The inventory of available homes can be limited, particularly in desirable neighborhoods. This can make finding the perfect home a challenge, and you may face bidding wars or need to act quickly when you find a property you like.

Home Prices: The high demand for housing in Huntersville drives up home prices. Expect to pay a premium compared to other areas in the region. While this reflects the town’s desirability, it can also put a strain on affordability, especially for first-time homebuyers or those on a tight budget.

The Truth About Living in Huntersville: Is the Hype Real?

Ultimately, the decision of whether or not to call Huntersville home is a personal one. Weighing these pros and cons against your own priorities and lifestyle is key. Huntersville offers a desirable blend of small-town charm and big-city access, but it’s important to be aware of the challenges that come with it. With careful consideration, you can determine if Huntersville is the perfect place for your next chapter.

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Charlotte NC 28277

5 Best Neighborhoods in South Park

South Park, Charlotte. Just the name conjures images of tree-lined streets, upscale boutiques, and a vibrant community. But within this sought-after area lies a diverse collection of neighborhoods, each with its own distinct personality and charm. Whether you're...

Read More

Pros and Cons of Living in Charlotte

1. People: Charlotteans are known for their friendly and welcoming nature. Whether you're chatting with your neighbor, striking up a conversation at a local brewery, or asking for directions, you'll likely be met with a...

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Pros and Cons of Living in Charlotte

Pros and Cons of Living in Charlotte

by | Nov 29, 2024 | Blogs and Tips, Moving to Charlotte NC

Pros and Cons of living in Charlotte, NC

1. The People

2. Job Market

3. The Airport

3. Things To Do

3. Outdoor Activities

3. Day Trips

1. Transportation

2. Bugs

3. Traffic

3. The Allergies

3. Lack of Culture

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Pros of living in Charlotte, NC

1. People: Charlotteans are known for their friendly and welcoming nature. Whether you’re chatting with your neighbor, striking up a conversation at a local brewery, or asking for directions, you’ll likely be met with a smile and a helpful attitude. This Southern hospitality creates a warm and inviting atmosphere that makes it easy to feel at home in the Queen City.

2. Job Market: Charlotte boasts a thriving and diverse job market, with opportunities in a wide range of industries. From finance and healthcare to technology and energy, there’s something for everyone. Major corporations like Bank of America, Wells Fargo, and Duke Energy call Charlotte home, and the city’s entrepreneurial spirit is fostering a growing number of startups and small businesses.

3. Airport: Charlotte Douglas International Airport (CLT) is a major transportation hub, making it incredibly convenient for both business and leisure travel. With direct flights to numerous domestic and international destinations, you can easily connect to the world from your doorstep. Plus, the airport itself is modern and efficient, making travel a breeze.

4. Things to Do: Charlotte offers a vibrant and ever-evolving array of things to see and do. From world-class museums and performing arts venues to professional sports teams and exciting nightlife, there’s never a dull moment. Whether you’re exploring the trendy NoDa arts district, catching a Panthers game, or enjoying a Broadway show, you’ll find plenty to keep you entertained.

5. Outdoor Activities: Charlotte’s location in the Piedmont region of North Carolina provides easy access to a variety of outdoor activities. The city boasts numerous parks and greenways, perfect for hiking, biking, and picnicking. Just a short drive away, you’ll find lakes for boating and fishing, mountains for hiking and climbing, and state parks for camping and exploring.

6. Day Trips: Charlotte’s central location makes it an ideal base for exploring the surrounding region. Within a few hours’ drive, you can escape to the mountains, relax on the beach, or visit charming small towns. Popular day trip destinations include Asheville, the Blue Ridge Parkway, Wilmington, and Charleston.

Cons of Living in Charlotte, NC

1. Transportation: While Charlotte has a growing public transportation system with the LYNX light rail and bus network, it’s still heavily car-dependent. This can be a challenge for those who prefer not to drive or rely on public transit. The light rail currently has limited reach, and bus service can be infrequent in some areas. This often leads to longer commute times and makes it less convenient to get around without a car.

2. Bugs: Thanks to Charlotte’s warm and humid climate, bugs can be a nuisance, especially during the summer months. Mosquitoes, ants, and roaches are common pests, and you might even encounter the occasional spider or stink bug. Be prepared to invest in some good bug spray and keep your home well-sealed to prevent unwanted critters from invading your space.

3. Traffic: Charlotte’s rapid growth has led to increased traffic congestion, particularly during peak hours. Commuting can be a stressful experience, with major highways like I-77 and I-85 often experiencing significant delays. Plan your trips accordingly, consider alternative routes, and be prepared for some stop-and-go traffic, especially if you’re traveling during rush hour.

4. Allergies: Charlotte’s warm climate and abundance of trees and pollen can make it a challenging place for allergy sufferers. Spring and fall can be particularly tough, with high pollen counts triggering symptoms like sneezing, congestion, and itchy eyes. If you have allergies, be prepared to stock up on antihistamines and consult with an allergist if needed.

5. Lack of Culture (Debatable): While Charlotte has a growing arts and culture scene, some argue that it still lacks the depth and diversity found in older, more established cities. While there are museums, theaters, and music venues, the options may feel limited compared to cities like New York or Chicago. However, Charlotte’s cultural scene is constantly evolving, with new galleries, performance spaces, and events popping up regularly.

So, Is Charlotte Calling Your Name?

Charlotte, like any city, has its own unique set of pros and cons. From its friendly people and booming job market to its traffic woes and allergy triggers, there's a lot to consider. Ultimately, the decision of whether or not to call Charlotte home depends on your individual priorities and preferences. Weigh the advantages against the disadvantages, explore the city for yourself, and see if the Queen City's charm and energy resonate with your soul.
Let’s Connect Today!

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704-631-3977

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5 Best Neighborhoods in South Park

South Park, Charlotte. Just the name conjures images of tree-lined streets, upscale boutiques, and a vibrant community. But within this sought-after area lies a diverse collection of neighborhoods, each with its own distinct personality and charm. Whether you're...

Read More

Pros and Cons of Living in Charlotte

1. People: Charlotteans are known for their friendly and welcoming nature. Whether you're chatting with your neighbor, striking up a conversation at a local brewery, or asking for directions, you'll likely be met with a...

Read More

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Charlotte North Carolina Housing Market Update May 2023

Charlotte North Carolina Housing Market Update May 2023

by | May 18, 2023 | Charlotte NC Housing Market Update

News flash: The Federal Reserve has upped the ante again, hiking interest rates. And if you’re wondering what kind of ripples this might cause in our bustling Charlotte housing scene, you’re in the right place!

We’re about to deep dive into the latest market insights, the nitty-gritty details that make all the difference. Whether you’re a buyer, a seller, or just a curious spectator in the dynamic game of real estate, we’ve got the lowdown you need.

 

 

So strap in, folks. This is your all-access pass to everything you need to know about the state of the Charlotte housing market. Join us as we peel back the layers of this crucial news and reveal what it means for you in the Queen City.

Charlotte North Carolina Housing Market Update:  May 2023

 

1. Housing Market Overview

2. Mortgage Rate & Effect On Housing Market

3. Number of New Listings

4. Number of Pending Listings

5. Number of Closed Homes

6. Average Sales Price

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1. Market Overview

The Charlotte North Carolina housing market has remained hot over the past few months. Rates have stabilized over the past month, which has lead to a stabilization in our housing market as well. Buyer demand remains high and homes are selling quickly, not as quickly as they have in previous years.. However, the average days on market is falling rapidly. 

It seems buyers have grown accustom to the higher interest rates and are back in the market taking advantage of the Spring/ Summer season. We’re not seeing the euphoria that we saw this time last year, however many homes are selling with multiple offers and above asking.  Our average days on market has declined from 61 days in February to 43 days in April. But it still, on average, takes longer to sell than this time last year.  

 

2. Mortgage Rate & Effect On Housing Market

The mortgage rates have proven to be one of the most influential factors affecting our local housing market.  Mortgage rates over the last decade have been historically low , and they were driven even lower by the massive stimulus campaigns by Jerome Powell and the Federal Reserve during the pandemic. 

The average mortgage rate in 2021 was 2.96%, the lowest we’ve ever seen.  Now though, rates are back up and have more than doubled since the pandemic era lows.  This leaves many would-be buyers who locked in lower rates, in recent years, reluctant to wade back into the real estate market. 

Charlotte Housing Market

We have recently seen the mortgage rates stabilize and hover around the 6-6.5% range.  This has caused our housing market to somewhat stabilize as well. 

Mortgage rates and Housing Market<br />

The Federal Reserve

The Federal Reserve met again May 2nd & May 3rd. The Federal reserve raised the prime rate by 25 basis points. This brought their prime rate to a target of 5-5.25%, which is the highest it’s been since 2007.h However, this may not be bad news for our housing market.  Redfin’s Deputy Chief Economist, Taylor Maru says: “The latest Fed’s rate hike should not affect mortgage rates as it was an expected move.”

Conformation of a pause, which the Federal Reserve all but stopped short of doing could have downward pressure or long-term bond yields and home buyers could see mortgage rate relief.  

The good news is recent data indicates that the Federal Reserves’ tightening policy seems to be working.  Sen though, some analysts say maybe too well – even the ongoing turmoil in the banking sector.  

 

Headline inflation coded to 5% in March – for the first time in nearly 2 years. This is well below the June 2022 peak of 91%.  This is a good sign, even though were far above the Federal Reserve’s 2% goal. 

Which, on the brighter side, Jerome Powell, acknowledged that the committee feels its work is much closer to the end than the beginning.  He signaled a pause may be in the cards BUT he put a Kibosh on the notion of a rate cut anytime soon. 

 

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Why is this important? 

Home buyer’s don’t buy for price point, they buy for payment. Remember the rule of thumb, for ever 1% change in mortgage rates, affects a buyers purchasing power by 10%.   

Mortgage rates have a strong impact on the housing market. Inflation and the Federal Reserve’s decisions will affect the mortgage rate.

Find out how much your house is worth!

3. Number of New Listings

In April, 1255 new listings hit the market, which was an 18% decrease from the number of new listings in March 2023. Due to seasonal trends, we should have seen an increase in the amount of homes coming onto the market, however that wasn’t the case.  We saw a 30% decrease in the amount of new listings year over year. This shows us that many homeowners are still choosing not to put their homes on the market, which is keeping the Charlotte housing inventory low.

Low inventory isn’t just an issue in Charlotte, North Carolina.  We’re seeing this across the board, all over the United States. New Listings were down 20% year over year in the United States.

Redfin’s Chief economist Daryl Fairweather described the downturn in new listing inventory with a phrase thats been used in the labor markets to describe employees doing minimum work: “Homeowners are quiet quitting the housing market” 

Charlotte Housing Market Low number of homes for sale

Even though the number of new listings hitting the market continues to decrease, the number of active listings on the market is up year over year.  There is an average of 2859 listings on the market this year.  Which is 25% higher than what we saw just a year prior. 

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4. Number of Pending Sales

In April, 1309 homes in Charlotte NC accepted an offer. This was a 0% change from March 2023 and a 12% decrease from the amount of homes that accepted an offer in April 2022.  

Fewer homes listed = Fewer homes accepting offer’s.

So we saw the number of pending sales outpace the number of new listings, and with the exception of March, we’ve seen this trend since December 2022. This is important because this is a strong leading indicator as to where the market is going. The pending sales outpaced the number of new listings – so months inventory is decreasing. Overall, the number of available homes decreased over the past few months. 

 

 

Buyers Market | Increase In Inventory

If the number of new listings continuously outpace the number of pending sales, then we can expect the amount of homes for sale will increase. This means that there will be more homes avaliable and buyers will have more homes to choose from. If this trend continues, then you can expect for the market to eventually transition to a buyers market. 

Sellers Market | Decrease In Inventory

If the number of pending sales continuously outpace the number of new listings, then we can expect the amount of homes for sale will decrease. This means that there will be less homes avaliable and buyers will have less homes to choose from. If this trend continues, then you can expect for the market to eventually transition to a sellers market.

April  2023 New Listings: 1255 

April 2023 Pending Sales: 1309

With the exception of March, this trend has been consistent since December 2022. There are two factors that could have caused this trend:

1. Homeowners who would have put their homes on the market, are not.

2. The mortgage rates have slightly declined, increasing buyers purchasing power.

 

5. Number of Closed Homes

In April 1063 homes closed in Charlotte, which was a 13% decrease from March 2023 and a 27% decrease from April 2022. 

We have seen the number of closed homes continue to decrease, mainly due to fewer homes coming on the market. The number of closed homes is a lagging indicator. Since we have seen fewer newer listings and fewer pending homes, we can expect to see the number of closed homes to be lower. 

6. Average Sales Price

In April 2023, the average sales price was $526,500. This was a 2% increase from March 2023. Remember, sold home data is a lagging indicator. This means closed home data paints a picture of what happened 30-90 days previously in the housing market.  

We’ve seen the mortgage rates stabilize, which has lead to us seeing gradual changes in the price range, rather than extreme fluctuations in the market.  We’re still positive year over year, which is good for you home sellers.  

The average price in the United States is -3% year over year, so we’re outpacing the United States.  This is especially true when you look at markets like Austin, TX & San Francisco California!

For home sellers

The market has recovered over the past few months and home sellers once again have the upper hand.  Year over year prices are still positive and buyer demand is strong.  Also, if you bought in 2019, your homes value has increased by 75%. We aren’t seen the euphoria we saw this time last year, however many homes are selling with multiple offers and above asking.. you just need the right agent with the right approach

If you are considering selling your home, make sure you choose the best Realtor. Watch this video to make sure you are asking your potential realtor the RIGHT questions:  10 Questions You Must Ask Your Realtor Before Hiring Them. 

For home buyers

Buyers purchasing power has been decimated this year. Housing affordability nationwide is the worst it has ever been on record due to spiking home prices and interest rates, Bloomberg reports.

However, if you are in the market to purchase a home, you more homes available.  There will still be competition on the best homes, so make sure you have everything ready to make an offer right when you find your dream home.

Should you buy a home right now?

It really depends on what you are looking to accomplish, your goals, and your timeline. If you are wondering if NOW is the right time to purchase, visit Is NOW a Good Time to Buy a House in Charlotte? We explore who should be purchasing a home and who should wait a little bit.

 

Is it a right time for you to buy or sell? 

We would love to connect with you, discuss your real estate goals and help you determine if now is a good time to buy/sell or if it is better to wait. Feel free to call us, text us, or email us. We would love to be your real estate resource of choice!

 

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704-631-3977

Email:

info@thefinigangroup.com

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Charlotte NC 28277

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Is the Charlotte NC Housing Market Crashing? February NC

Is the Charlotte NC Housing Market Crashing? February NC

by | Feb 9, 2023 | Charlotte NC Housing Market Update

Charlotte NC home prices saw a sharp decline of 8% in January. Is the Charlotte NC housing market crashing? The Charlotte NC housing market is changing rapidly. In January alone the average sales price here in Charlotte NC dropped by 8%. If you’re interested in staying “in the know” about the most up to date information on the Charlotte NC housing market than this video/article’s for you!

Today we will look at the catalysts and trends that are affecting our Charlotte NC housing market, the leading and lagging indicators that can help us identify the current and future state of the housing market. We also discuss what we can expect from the Charlotte housing market in 2023.

 It seems like everyone has their own take on whats going to happen in this housing market.  Everywhere you look, you’ll find headlines preaching fear, uncertainty, and doubt. Our goal is to help you sift through all of the crazy headlines and focus specifically on the greater Charlotte area. Real estate is very local in nature and not all markets will be affected the same.

  1. Housing Market Overview

  2. Mortgage Rate & Effect On Housing Market

  3. Number of New Listings

  4. Number of Pending Listings

  5. Number of Closed Homes

  6. Average Sales Price

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1. Market Overview

The Charlotte NC housing market started out with a ‘Bang’ in January 2023. The amount of pending sales increased rapidly, while the average home price dropped by over 8%. Numerous factors are: The average home price in Charlotte NC has dropped by 14% since the top of the market (In June 2022). However, the amount of pending sales increased by 80% from December 2022 to January 2023. To identify the fluctuation in the housing market, we can take a look at one of the major factors, the mortgage rate. 

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2. Mortgage Rate & Effect On Housing Market

The mortgage rates have proven to be one of the most influential factors affecting our local housing market. We can see that November 10th of 2022 proved to be the peak for mortgage rates in 2022. Since the peak in November, the mortgage rates have steadily fallen to end the year at 6.42%. 

Mortgage Rates in the United States affecting the housing market

In real time, we can see the effects in our local housing markets. Pending sales were very strong towards the end of December and into January. The mortgage rate started at 6.48% in January and steadily fell to over just above 6% at the end of January. 

 

 

When will the Charlotte Housing market crash

The Federal Reserve

The Federal Reserve met again on January 31st & February. At this meeting they raised the federal funds rate by 25 basis points, taking the FED prime rate to a targeted range of 4.5% and 4.75%. This takes the federal funds rate to the highest since October 2007. Currently, the market’s predicting the FED will raise rates one last time in March 2023. After this last rate hike, it’s expected the FED will keep rates where they are until the end of the year. This means, unless worsening inflation data is released, we are getting very close to the end of the FED’s rate hikes.

We know that the Federal Reserve’s #1 goal is to bring inflation under the 2% target. While we have a long way to go to get below 2%, we’re moving in the right direction.  

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Why is this important? 

Home buyer’s don’t buy for price point, they buy for payment. Remember the rule of thumb, for ever 1% change in mortgage rates, affects a buyers purchasing power by 10%.   

 

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3. Number of New Listings

In January, 954 new listings hit the market, which was an 50% increase from the number of new listings in December 2022. We can expect to see more people list their homes as we enter into the new year due to seasonal trends of the market. However, we saw a 19% decrease in the amount of new listings year over year. This shows us that many homeowners are still choosing not to put their homes on the market, which is keeping the Charlotte housing inventory low. The number of new listings coming to the market have continuously decreased throughout 2022 and into 2023. The year over year trends show a huge discrepancy in the amount of homes hitting the market. Most homeowners in the United States have a mortgage rate under 5% (many around 2-3.5%) , which could be persuading them to not make a move. If a homeowner wants to move, they would need to purchase a home at a much higher interest rate.

 

 

Charlotte Housing market

Selling A House Shouldn’t be Stressful

There is a pro-active way to sell your home that gets results

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Our Proven Process

4. Number of Pending Sales

In January, 1107 homes in Charlotte NC accepted an offer. This was a 80% increase from December 2022 and a 9% decrease from the amount of homes that accepted an offer in January 2022.  

Fewer homes listed = Fewer homes accepting offer’s.

We can expect the number of pending sales to increase, due to seasonal trends. However, there was a HUGE increase in the number of pending sales from December 2022 to January 2023. One strong reason for this could be the mortgage rates. As we stated before, the mortgage rates fell by around 1% since their highs in November 2022, this means that buyers have 10% more in purchasing power. Buyers affordability had a boost, so we saw a boost in the number of pending sales in January 2022. 

One of the best leading indicators for the housing market is the number of new listings compared to number of pending sales. This helps us determine how to project the inventory levels we can expect in the future.

 

 

Buyers Market | Increase In Inventory

If the number of new listings continuously outpace the number of pending sales, then we can expect the amount of homes for sale will increase. This means that there will be more homes avaliable and buyers will have more homes to choose from. If this trend continues, then you can expect for the market to eventually transition to a buyers market. 

Sellers Market | Decrease In Inventory

If the number of pending sales continuously outpace the number of new listings, then we can expect the amount of homes for sale will decrease. This means that there will be less homes avaliable and buyers will have less homes to choose from. If this trend continues, then you can expect for the market to eventually transition to a sellers market.

 

January 2023 New Listings: 954 

January 2023 Pending Sales: 1107

This was the second month in a row that the number of pending sales out numbered the number of new listings. There are two factors that could have caused this trend:

1. Homeowners who would have put their homes on the market, are not.

2. The mortgage rates have slightly declined, increasing buyers purchasing power.

 

5. Number of Closed Homes

In January 647 homes closed in Charlotte, which was a 28% decrease from December 2022 and a 48% decrease from January 2022. 

We have seen the number of closed homes continuously decline throughout 2022. The number of closed homes is a lagging indicator. Since we have seen fewer newer listings and fewer pending homes, we can expect to see the number of closed homes to be lower. 

6. Average Sales Price

In January 2023, the average sales price was $456,000. This was a 8% decrease from December 2022. Remember, sold home data is a lagging indicator. This means closed home data paints a picture of what happened 30-90 days previously in the housing market.  

Most likely, the homes that closed in January 2023, accepted an offer in mid November 2022.  This means those buyers were faced with the highest mortgage rates of 2022. We know that buyers buy for payment, and they had the lowest affordability. This pressure on buyer affordability shows up in the closed home data of January 2023.  

This means we are now down 14% from the peak of the market in June 2022. 

Even though Charlotte has seen an average home price drop of 6% since June, we still see a healthy year over year appreciation of 6%. Charlotte is also outpacing the United States as a whole. The United States is only seeing a year over year appreciation of 1%. 

Even thought the Charlotte, NC housing market has soften, we are still outperforming the United States as a whole. The economic factors + mortgage rates will affect everywhere, however some cities will be affected more than others. 

For home sellers

The market has softened from the peaks we saw in Q1 & Q2, however we are coming off the best time in history to sell a home. You’re still seeing double digit year over year price appreciation. Also, if you bought in 2019, your homes value has increased by 75%. Will you see more competition on the market? Yes! However, homes are still selling, you just need the right agent with the right approach

If you are considering selling your home, make sure you choose the best Realtor. Watch this video to make sure you are asking your potential realtor the RIGHT questions:  10 Questions You Must Ask Your Realtor Before Hiring Them. 

For home buyers

Buyers purchasing power has been decimated this year. Housing affordability nationwide is the worst it has ever been on record due to spiking home prices and interest rates, Bloomberg reports. 

However, if you are in the market to purchase a home, you will find more avaliable homes to choose from. You may find you can negotiate more on the sales price and other terms. You could ask the seller to pay for your closing costs and/or a home warranty.

Strong strategies for buyers:

1. Ask for the seller to pay for your closing costs, and use the closing cost concession to “buy down” your mortgage rate.

2. If you have a home to sell, you can make an offer contingent on your home selling. Home sale contingencies have been almost impossible over the past few years, however, with the market softening more sellers are open to accepting a home sale contingency. 

Should you buy a home right now?

It really depends on what you are looking to accomplish, your goals, and your timeline. If you are wondering if NOW is the right time to purchase, visit Is NOW a Good Time to Buy a House in Charlotte? We explore who should be purchasing a home and who should wait a little bit. 

 

Is it a right time for you to buy or sell? 

It really depends on what you are looking to accomplish, your goals, and your timeline. We would love to connect with you, discuss your real estate goals and help you determine if now is a good time to buy/sell or if it is better to wait. Feel free to call us, text us, or email us. We would love to be your real estate resource of choice! 

 

Contact us through:

📱Call/Text Direct (704)-631-3977

📧Email: info@thefinigangroup.com

 

 

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