Inventory crunch keeps Charlotte home prices on the rise

Inventory crunch keeps Charlotte home prices on the rise
Pat Riley, president and CEO of Allen Tate (Charlotte Business Journal)

CHARLOTTE, N.C. — “Challenging” and “interesting” are among the words Allen Tate Cos. President and CEO Pat Riley uses to describe Charlotte’s housing market.

Builders are churning out fewer homes and baby boomers aren’t moving. The result: a persistent inventory shortage that is exacerbated by the region’s booming population growth.

Content Continues Below

With demand outweighing supply, price appreciation here is leading the nation in annual gains, according to several rankings.

Riley said Allen Tate’s sales volume year to date is up about 3% while its number of sales is down 2.3%. That marks the third year in a row the real estate firm is selling fewer units but at a higher volume, he said.

Charlotte ranked high on hottest housing market list

“The only thing that’s keeping it from being a hot, hot market is we don’t have listings,” Riley said. “If we have listings, how many are salable?”

Read more here about how the local market has fared in 2019 and what real estate pros are expecting in 2020.