Charlotte NC Real Estate - Charlotte NC Homes For Sale | Zillow (2024)

FAQs

Are home prices dropping in Charlotte, NC? ›

The prices are changing in different parts of Charlotte. Some areas that used to cost a lot in 2021 and 2022 are now getting cheaper. But in other parts, the prices are going up. Around June 2023, houses in Charlotte were expensive, about $425,000 on average.

Homebuyers in Charlotte need to make $111,051 to afford a mortgage, which is nearly double what it was four years ago: Income needed to afford a mortgage in 2024: $111,051. Change in needed income since 2020: $55,239.

Median Sale Price and Home Value Trends

Median Home Values have seen a steady increase in Charlotte, indicating a healthy appreciation rate. For instance, as per a May 2023 report by Canopy, the median home price in the region was $385,000, a year-over-year change reflecting market stability.

The median salary in Charlotte, NC is $52,613, with 80% of salaries falling between $26,100 and $126,636.

The average Charlotte, NC home value is $402,906, up 5.5% over the past year and goes to pending in around 9 days.

Rising interest rates and house prices have made housing quickly unaffordable in the Charlotte region. House price growth slowed significantly from the peak during COVID-19; yet the market started to rise again in 2023. The disruption of housing supply due to COVID-19 continues.

Request a Free Loan Consultation

With a $70,000 annual salary and using a 50% DTI, your home buying budget could potentially afford a house priced between $180,000 to $280,000, depending on your financial situation, credit score, and current market conditions.

If you follow the 2.5 times your income rule, you divide the cost of the home by 2.5 to determine how much money you need to earn annually to afford it. Based on this rule, you would need to earn $100,000 per year to comfortably purchase a $250,000 home.

Recent data from Smart Asset studied the amount it would take to “live comfortably” across 99 major cities across the United States. In Charlotte, a single adult would need a $101,338 salary — or an hourly wage of $48.72 — to be comfortable here.

According to the real estate website, Trulia, it is more cost-effective to buy a house in Charlotte than it is to rent in Charlotte by a factor of nearly 40%.

What month is the cheapest to buy a house? ›

If getting the lowest price possible is your main priority, consider searching for a home in November or December. There won't be as many houses to choose from compared to the spring and summer months, but you'll face less competition and a higher likelihood of purchasing a home below the asking price.

What Are the Benefits of Retiring in Charlotte, North Carolina? Charlotte, NC, is a great place for retirees to live. Lower taxes, pleasant weather, and simple transit are advantages of retiring in Charlotte, NC. There are many activities and things to do here, and the cost of living is low.

The NC middle class

Here's how much you would need to earn to be considered middle class in North Carolina, according to GOBankingRates: 2022 middle-class income range: $44,124 to $132,372.

How much does an Upper Class make in Charlotte, North Carolina? As of Jun 24, 2024, the average annual pay for the Upper Class jobs category in Charlotte is $53,503 a year. Just in case you need a simple salary calculator, that works out to be approximately $25.72 an hour.

Sale-to-list price ratio: 102.52% Homes in Charlotte, NC sold for 2.52% above asking price on average in May 2024. Charlotte, NC is a buyer's market in May 2024, which means that the supply of homes is greater than the demand for homes.

Researchers from Florida Atlantic University released a list of the top 100 most overpriced and under-priced cities in the U.S. Of the most expensive metros, five in North Carolina ranked among the top overpriced areas: Charlotte, Durham, Winston-Salem, Greensboro and Raleigh.

Charlotte is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Here is a snapshot of what researchers found in North Carolina: The Charlotte metropolitan area has 70,498 extremely low-income households, and a gap of 45,765 available and affordable units. The Raleigh metropolitan area has 37,297 extremely low-income households, and a gap of 23,357 available and affordable units.