Local buyers, real estate agents scramble as housing inventory dwindles

CHARLOTTE, N.C. — Charlotte’s housing market is nearly out of stock.

New listing activity remains weak in the Charlotte region even as the spring market heats up. Inventory is down 64.2% from February of 2020, before the pandemic hit, and properties are selling nearly as fast as they are listed.

For real estate agents who do not make the products they sell, finding inventory is paramount to staying in business. “There are buyers’ markets and sellers’ markets that ebb and flow but this is a crazy intense marketplace, and it’s fairly new to all of us,” says Lauren Campbell, an Allen Tate agent for 25 years.

According to Canopy MLS, 2,958 homes were in inventory, which equates to 0.6 months of supply of homes for sale. That is roughly an 18-day supply, meaning if homes continue selling at the current pace, the market would run out of listings in 18 days if no new homes were put up for sale. In February 2020, there was a 1.9-month supply.

Several professionals in the field talked with the Charlotte Business Journal about how they — and, by extension, the clients they represent — are navigating this unprecedented market. Read the full story here