Having officially entered the fall market, we haven’t seen quite the uptick in activity that we typically do this time of year. And while I firmly believe that our market is still healthy, we are experiencing a pause from the spring momentum that carried us into summer.
The spring market was so intense and the price growth was incredibly strong (upwards of 15% in some areas of Charlotte!) that the momentum and trajectory of the market could only be sustained for so long. As the Fed attempts to get inflation under control, we are finally feeling the results of its actions. Both buyers and sellers are downshifting the home purchase process to a less aggressive, more “normal” pace. Honestly, something that we needed to happen.
My experience over the last decade plus tells me the real estate market will remain sluggish through the end of this year. It’s not uncommon for many of my clients to put their home selling/buying process on hold towards the end of the year, especially over the holidays, in any year.
The experts predict interest rates may come back down at the beginning of the year, which should give us a good jump start into the spring market. I feel very confident that Charlotte’s housing market will stay healthy in 2023. While we certainly won’t see the price growth we did in the last year, I do believe Charlotte home values will continue to grow at a stable pace.
If you have any questions specific to your home or neighborhood, don’t hesitate to reach out. My team and I are here to help.
Charlotte Skyline Photo by The 5 and 2 Project.