Jul 26, 2024 - Real Estate
Charlotte housing supply creeps back up
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Charlotte housing supply is almost back to pre-pandemic levels.
Why it matters: Housing supply has a big impact on affordability.
Zoom in: The Charlotte market still isn't quite balanced, but house hunters have more options now, especially compared to the pandemic-era housing boom when supply hovered between one and two months.
The big picture: The housing market is considered balanced when supply meets the six-month level. Nationally, this hasn't happened since 2012.
- "The market is fundamentally unbalanced," because the U.S. is short an estimated 3.8 million homes, Redfin chief economist Daryl Fairweather tells Axios.
Zoom out: Statewide, the housing supply decreased from 3.3 months to 2.3 months.
What's next: If mortgage rates fall, demand will surge and supply will continue to deplete, per Redfin experts.