Homes sell faster in Charlotte than almost any other city

Why it matters: There are more buyers in Charlotte than there are homes available, so when a house does hit the market, it could get anywhere from 10 to 30 offers in a matter of days. Because of this, home prices have surged, and buyers feel like they can’t be too picky when it comes to choosing a home.

• For our new series, The Chase, one couple told us they could barely schedule showings before sellers were already calling for highest offers. They opted for a new build in Belmont to leave the stress of Charlotte competition behind.

State of play: Across the 53 metros included in RE/MAX’s National Housing Report, the average days on market for March was 38. That’s four days quicker than in February and 16 days quicker than March 2020.

• Homes sold fastest in Salt Lake City, UT (16 days) and Boise, ID and Seattle, WA tied for second-fastest at 17 days.

State play locally: Homes sold in 25 days on average in Charlotte, compared to 47 days in March 2020. Charlotte had the third largest decline in the number of days on the market, down 46.8%.

Data: RE/MAX National Housing Report; Chart: Axios Visuals

Also of note (according to Canopy MLS March 2021 data):

• Average list price, average sales price and median sales price were all up in March 2020 by at least 12%.
• Median sales price was up 12.1% year-over-year, from $272,000 to $305,000.
• Inventory in Charlotte is down 71.4%, with 0.6 month’s supply.
• 100% of homes that sold in March received full asking price.

Bottom line: Charlotte buyers are competing in one of the most fast-paced markets in the country. Low inventory and high demand continue to push homes prices up.