Despite high mortgage interest rates, Charlotte is still a seller’s market

CHARLOTTE — Inflation continues to overwhelm many families in the Carolinas, keeping the cost high for things like borrowing money to buy a home, and while you might think that would mean a drop in home prices, realtors in the Charlotte area say they’re seeing the exact opposite.

In Charlotte’s hot housing market, prices haven’t really gone down. Channel 9′s Evan Donovan spoke with realtors who say it’s not like the COVID-19 pandemic, but they’re having to get creative with their buyers.

“She sent me tons of properties, locations, we went to visit them but then I just said let’s build a home,” said Ebony Covington.

She got in the market to buy a home in January, but even with the help of her realtor, she couldn’t find the right fit in an existing home.

“We went to the design center, I was able to pick out exactly what I wanted in my home, inside and outside. It was a celebration every step of the way, and I probably asked a million questions,” Covington told Donovan.

But realtor Bre Gaither says it’s still a seller’s market. The Charlotte are has less than two months of inventory, but a balanced market is around six months of inventory. Gaither says the market is almost as hot as it was during the pandemic.

“We are still seeing multiple offers, we are still seeing bidding wars,” Gaither said. “Homes are being on the market and off the market in less than 24 hours. It’s not as crazy as the $50-60,000 over asking, but I’ve seen $15 to 20 thousand, for sure.”

A report from Rocket Mortgage in March showed the average home price in Charlotte is up nearly $15,000 over last year. In surrounding areas like Matthews, Pineville, and Huntersville, it’s even higher.

Covington says she’s happy to finally own a home that’s exactly how she wanted it.

“The outside is going to be blue. Since [we’re the] first house on the cul-de-sac, we get to choose and no one else can have that home color,” Covington said.

Moving into a new home in 2024 costs a lot more than in the past. According to data from Redfin, the average monthly housing payment just hit an all-time high of more than $2,700. The average 30-year fixed mortgage rate as of Thursday is about 6.8%, more than double the rate before the pandemic.

(WATCH: City of Charlotte unveils potential affordable housing developments)

Evan Donovan

Evan Donovan, wsoctv.com

Evan is an anchor and reporter for Channel 9.