Charlotte’s low housing inventory is among the worst in the country

Why it matters: High demand and unusually low inventory is a recipe for rising home prices. And we’ve heard over and over again from realtors that homes, especially those $300,000 or less, often have 20 offers.

• In other words, it’s still a sellers’ market.

By the numbers: Inventory is down 51.2% compared to this time last year.

• There are also 29% fewer listings compared to this time last year.
• The median number of days on the market is 59 — two weeks shorter than last year.
• Median list price is up 11.8% year over year, at $385K.

Of note: At least we’re ahead of Raleigh. Their inventory shrunk even more than Charlotte’s, down 57.2% over the last year. That’s the 3rd largest decline in housing inventory out of the country’s 50 largest metros. Only Austin, Texas and Riverside, California saw steeper declines.

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