Charlotte Real Estate|Home Prices Rise In South Charlotte in First Quarter
April 29th, 2008 Categories: Buy A Charlotte Home, South Charlotte
1st Quarter South Charlotte Home Prices Rise, Demand Remains Strong, Unit Sales and Appreciation by Subdivision
Frequent readers notice I enjoy writing about a number of south Charlotte Communites- subdivisions with character, charm and attraction. In the chart below you’ll see the All South Charlotte Results- with home prices up over 4% this first quarter, even as sales dipped 29%- and stretching from Myers Park (closest) to Ballantyne, then, because averages can hide so much, I’ve broken it down by subdivision, starting with the closest to Charlotte, moving South to the subdivisions just beyond Rt 485 (our “beltway”) Ballantyne Country Club and Cady Lake. Compare your favorite to the All South Charlotte numbers to see how you stack up. If your subdivsion isn’t listed, I’ll be posting more next week when I get my Google map features figured out… or send me a shout and I’ll check it for you.
| 2008 | 2007 | % change +/- | |
| South Charlotte- All-# units sold | 454 | 642 | -29.28 |
| Sold Cost Per/SF - Avg$/sf | $171 | $164 | 4.27% |
| Myers Park- # units sold | 30 | 36 | -16.67 |
| Sold Cost/sf in $/sf | $291 | $265 | 9.81 |
| Dilworth - # units | 22 | 26 | -15.38 |
| Sold Cost/sf | $262 | $235 | 11.49 |
| Eastover -# units | 8 | 12 | -33.33 |
| Sold Cost/sf | $281 | $321 | -12.46 |
| Foxcroft- # units | 6 | 6 | 0 |
| Sold Cost/sf | $286 | $314 | -8.92 |
| Stonehaven -# units | 7 | 14 | -50 |
| Sold Cost/sf | $125 | $105 | 19.05 |
| Beverly Crest -# units | 7 | 7 | 0 |
| Sold Cost/sf | $141 | $139 | 1.44 |
| Providence Plantation | 10 | 17 | -41.18 |
| Sold Cost/sf | $143 | $138 | 3.62 |
| Berkeley -# units | 4 | 6 | -33.33 |
| Sold Cost/sf | $132 | $132 | 0 |
| Cady Lake - # units | 1 | 4 | -75 |
| Sold Cost/sf | $125 | $117 | 6.84 |
| Ballantyne Country Club | 10 | 12 | -16.67 |
| Sold Cost/sf | $205 | $184 | 11.41 |
The figures above are taken from data provided by the Carolina MLS. As such, no private sales are included, and this representation, while informative in a comparison of one neighborhood to another, has no bearing on the expected price of a specific house. Within a given neighborhood, there is a wide variance of “sold cost per foot”, so the price or value of an individual house is determined by its features, typically being above or below the “average” represented above.
A few thoughts- with demand down 28%, why do I say demand remains strong? Because thankfully, it has had alm
ost No affect on prices, and the slowdown, really isn’t that slow, since it the 29% ( a large number) is off of record setting (very large numbers) years in 2006 and 2007, so a 29% drop just takes us to above 2004 home sales levels… not too bad, and most importantly, all who really need to sell have found buyers, and reasonable prices overall.
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Great information. I would love to see the data on Lake Wylie (both NC and SC), Tega Cay, Riverpointe, Palisades, etc.