Average and median real estate price reports often fail to note that average and median real estate prices in Charlotte NC for any given time-frame are NOT reports of real estate values in Charlotte NC. Average and median real estate price reports for real estate in Charlotte NC are indicators, but they don’t indicate real estate value for any home in Charlotte NC. They indicate real estate ACTIVITY, not real estate value in Charlotte NC.
Has real estate activity in Charlotte NC shifted? Absolutely!!!!!! Right now there are fewer buyers who are able and ready to buy real estate in Charlotte NC. Lower demand has led to increasing challenges and obstacles for home sellers and that’s been pretty universal. But there’s also a very clear distinction by price ranges when it comes to real estate ACTIVITY in Charlotte NC. For an example, check out Real Estate Market Activity in South Charlotte NC by price range.
Recent real estate activity in Charlotte NC has been highly focused on the lower price ranges. That’s what the average and median price reports for real estate in Charlotte NC indicate – the majority of successful real estate activity in Charlotte NC is in the lower end of the price market. Lower average and median real estate prices in Charlotte NC mean real estate activity in Charlotte NC has been greatest at the lower price points.
As price range increases, the real estate market conditions cool to nearly frigid. If the real estate market in Charlotte NC is wounded, the “luxury” home market in Charlotte NC is on life support – extreme oversupply and very little demand.
Real estate VALUES in Charlotte NC originate and shift at the hyper local neighborhood level, not in countywide, multi-county or region-wide reports and average prices can’t nor will they ever determine the realistic market value of any given house in Charlotte NC.
It’s not uncommon for a given home in Charlotte NC to realistically be worth less than it was a year or two ago. It’s also possible for realistic market value of a Charlotte NC home to be about the same or slightly higher than a year or two ago, it just depends on recent nearby (similar) home sales.
Real estate market activity in Charlotte NC is of course an important consideration for those with a need and desire to sell a home in Charlotte NC, it just isn’t the only consideration. Real estate market activity will influence challenges to successfully selling a home in Charlotte NC but it will never actually set realistic market VALUE for real estate in Charlotte NC. In some cases realistic market value for a home is actually worse than year-to-year region-wide real estate averages would predict, shocking, I know.
Next time you see or read a report on average real estate price year-to-year or month-to-month reports….just remember it’s a real estate activity report not a price report. There’s nothing wrong with that, I post local real estate activity reports for neighborhoods and areas in Charlotte NC on here. They’re absolutely useful but I don’t label them pricing reports because they’re not, they’re real estate market activity reports for Charlotte NC. There really is a difference between a price analysis (custom) and real estate market activity analysis (general).
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