Why Charlotte’s Indoor Market looks like a million dollars – WSOC TV

CHARLOTTE, NC – Frenzied demand for housing in the Charlotte area is redefining the million dollar market here. More than 200 homes sold with a price of at least $ 1 million in June, more than double the number seen last year and in 2019, according to Canopy Realtor Association.

“A million dollars is what $ 500,000 was three years ago,” says Libby goniea, an agent of Helen Adams Realty. Top homebuyers who previously budgeted $ 500,000 for a home are now looking for $ 1 million homes, pushed up the price scale by high demand, low inventories and low interest rates.

“I feel like Charlotte has become a town of big boys,” says Gonyea. “A million doesn’t get you a ton anymore, and unfortunately that’s a relatively affordable price range, especially near the city.”

In an area where the average selling price is $ 406,176, million-dollar homes still only make up a small portion of total inventory. In 2020, only 1.13% of the 13,625 homes sold in the Charlotte area were over $ 1 million. Less than 1% – 0.76% – sold for over $ 1 million in 2019 and 0.57% in 2018, analyst says Carl Van Horn with companies researching market opportunities.

Read the full story here.

(Watch Below: 9 Surveys: What Drives Charlotte’s Competitive Housing Market)

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