Charlotte NC| 3rd Quarter Appreciation-Depreciation: Results by Zip Code
October 14th, 2008 Categories: Real Estate News
Charlotte is #1 in the 20 major US markets according to Case-Shiller…but Averages DO NOT Tell the Whole Story
Charlotte NC This is the most comprehensive report I’ve written on Charlotte appreciation and depreciation. I start with the Charlotte area wide residential SOLDs and compare them to 14 zip codes and 2 general areas mostly to the south of Charlotte and to the North, including more distant locations like the West Lake Norman area and Rock Hill. You will see- averages do not tell the whole story! Not even half…
Like all
statistics, there are lots of “lies” in averages, (you remember the joke, there are “lies, damned lies and Statistics?) so the details by Charlotte area zip code- in our case 13 North Carolina zip codes, one South Carolina zip code, and 2 general areas, prove our point. Within our market area there are clear winners and losers, and a few areas that have come through unscathed. Once again, it proves the that median home price increase and decreases tell you almost nothing, as I compare the MLS reported Median to the actual median cost per square foot sold- a measure that adjusts for changing home sizes. I used 2 general area searches where zip codes didn’t reflect the market I was most interested in. These stats don’t include Condos, a subject for another post.
Because I wasn’t able to do the entire area, there are many areas of Charlotte that are missing- if you are considering a purchase in any of these areas not shown, call me, and I’ll do the research for your specific area. Terry
| Cost | CPSF | 3 Year % | Median | 3 Year % | |||||||
| # of | % Inc | median | Median | Per | %Inc/ | Inc/Dec | Price | Inc/Dec | |||
| year | sales | Dec | Sq FT | Price | Sq Foot | Dec | DOM | # Sales | CPSF | ||
| All Charlotte | 08 | 6339 | -32 | 2142 | 235000 | 110 | -6 | 98 | 39.58 | -1.67 | -1.81 |
| 07 | 9344 | -11 | 2154 | 252000 | 117 | 5 | 80 | ||||
| 06 | 10491 | 2139 | 239000 | 112 | 78 | ||||||
| South Charlotte | |||||||||||
| 28203 | 8 | 17 | -48 | 2267 | 565000 | 249 | -1 | 85 | 59.52 | 44.13 | 2.05 |
| Dilworth | 7 | 33 | -21 | 2289 | 577000 | 252 | 3 | 67 | |||
| 6 | 42 | 1607 | 392000 | 244 | 70 | ||||||
| 28207 | 8 | 19 | -49 | 3807 | 1133000 | 298 | -8 | 113 | 55.81 | -3.66 | -4.49 |
| Myers Park | 7 | 37 | -14 | 3684 | 1199000 | 325 | 4 | 85 | |||
| 6 | 43 | 3772 | 1176000 | 312 | 100 | ||||||
| 28209 | 8 | 36 | -50 | 2007 | 437000 | 218 | -9 | 86 | 52.63 | 16.53 | 8.46 |
| Myers Park | 7 | 72 | -5 | 2059 | 492000 | 239 | 19 | 51 | |||
| 6 | 76 | 1869 | 375000 | 201 | 41 | ||||||
| 28210 | 8 | 81 | -40 | 2274 | 335000 | 147 | -5 | 68 | 49.06 | 9.48 | 4.26 |
| Southpark | 7 | 135 | -15 | 2316 | 360000 | 155 | 10 | 49 | |||
| 6 | 159 | 2170 | 306000 | 141 | 50 | ||||||
| 28211 | 8 | 65 | -41 | 2729 | 555000 | 203 | 1 | 99 | 55.48 | 14.2 | 7.98 |
| Southpark | 7 | 111 | -24 | 2732 | 548000 | 201 | 7 | 47 | |||
| 6 | 146 | 2590 | 486000 | 188 | 59 | ||||||
| 28226 | 8 | 101 | -37 | 2578 | 405000 | 157 | -3 | 70 | 47.67 | 14.41 | 17.74 |
| Carmel-Rea Rd | 7 | 160 | -17 | 2808 | 453000 | 161 | 21 | 49 | |||
| 6 | 193 | 2653 | 354000 | 133 | 62 | ||||||
| 28105 | 8 | 112 | -45 | 2390 | 260000 | 109 | 1 | 73 | 49.55 | 8.33 | 2.83 |
| Matthews | 7 | 202 | -9 | 2352 | 255000 | 108 | 2 | 57 | |||
| 6 | 222 | 2272 | 240000 | 106 | 55 | ||||||
| 28270 | 8 | 106 | -32 | 2686 | 343000 | 128 | 1 | 85 | 38.01 | 0 | 2.98 |
| Arboretum area | 7 | 157 | -8 | 2840 | 361000 | 127 | 2 | 49 | |||
| Providence/rt51 | 6 | 171 | 2763 | 343000 | 124 | 47 | |||||
| 28277 | 8 | 206 | -41 | 2864 | 367000 | 128 | -6 | 90 | 47.85 | -9.83 | -3.76 |
| Ballantyne | 7 | 351 | -11 | 2919 | 397000 | 136 | 2 | 54 | |||
| Raintree, PCC | 6 | 395 | 3064 | 407000 | 133 | 48 | |||||
| 28278 | 8 | 108 | -30 | 2706 | 304000 | 112 | 2 | 110 | 24.48 | -8.43 | -18.25 |
| Southwest | 7 | 154 | 8 | 2537 | 278000 | 110 | -20 | 90 | |||
| 6 | 143 | 2430 | 332000 | 137 | 92 | ||||||
| Union County | 08 | 518 | -36 | 2893 | 353000 | 122 | -5 | 110 | 44.12 | 9.97 | -0.18 |
| North& West | 07 | 809 | -13 | 2798 | 361000 | 129 | 6 | 88 | |||
| 06 | 927 | 2626 | 321000 | 122 | 75 | ||||||
| 29732 | 8 | 140 | -13 | 2106 | 218000 | 104 | 3 | 82 | 19.08 | 5.31 | 8.33 |
| Rock Hill | 7 | 160 | -8 | 2028 | 204000 | 101 | 5 | 89 | |||
| 6 | 173 | 2149 | 207000 | 96 | 85 | ||||||
| North Charlotte | |||||||||||
| 28078 | 8 | 218 | -38 | 2499 | 279000 | 112 | -3 | 88 | 42.18 | -1.41 | 0 |
| Huntersville | 7 | 352 | -7 | 2473 | 284000 | 115 | 3 | 63 | |||
| 6 | 377 | 2518 | 283000 | 112 | 56 | ||||||
| 28031 | 8 | 93 | -35 | 2814 | 478000 | 170 | 6 | 109 | 44.64 | 2.36 | 1.34 |
| Cornelius | 7 | 142 | -15 | 2631 | 421000 | 160 | -5 | 83 | |||
| 6 | 168 | 2786 | 467000 | 168 | 56 | ||||||
| 28117 | 8 | 119 | -34 | 3023 | 493000 | 163 | -2 | 168 | 52.78 | -5.37 | -4.12 |
| Mooresville | 7 | 181 | -28 | 3044 | 509000 | 167 | -2 | 118 | |||
| 6 | 252 | 3072 | 521000 | 170 | 97 | ||||||
| 28036 | 8 | 61 | 9 | 3078 | 491000 | 160 | -7 | 101 | 23.75 | 3.37 | 4.58 |
| Davidson | 7 | 56 | -30 | 3115 | 535000 | 172 | 12 | 96 | |||
| 6 | 80 | 3106 | 475000 | 153 | 102 | ||||||
| West Lake | 8 | 102 | -36 | 2845 | 482000 | 169 | 1 | 141 | 44.26 | -6.41 | 1.2 |
| Norman | 7 | 160 | -13 | 2636 | 441000 | 167 | 0 | 88 | |||
| 6 | 183 | 3080 | 515000 | 167 | 101 | ||||||
A Few Conclusions…
Charlotte Home Sales
Charlotte Solds in 2008 are off area-wide 40% of 2006 numbers, 32% off 2007, reflecting the slow down that hit the nation in 2006 didn’t really arrive hear until last year, with only a few Zip exceptions. Fully 1/3 fell over 50%, with one zip code- Dilworth, falling nearly 60% in number of home sales. (Despite this decrease home prices rose in Dilworth for the 3 year period!)
The least drop in home sales came in two zip codes, Rock Hill SC and its North Carolina neighbor 28278 in southwest Charlotte, falling 19 and 24% respectively.
Charlotte Home Prices
They are literally and figuratively all over the map, with the highest 3 year appreciation of over + 17% in a zip code (28226) to a -18% over 3 years in zip code 28278. The average Sold Cost Per Square Foot city-wide was -1.81– see averages DO hide a lot! Also, check out hte differences between the Median Price (the number the MLS reports) and the Sold CPSF, and look at the wide variance. For example Union County, the MLS would report that the Median home prices went up 10% over 3 years- but the actual Sold CPSF went down marginally. Another great one was Dilworth where Median prices are up 44%, Sold CPSF? Just a 2 % rise, why so vast a difference? This reflects the dominance of sellers of smaller pre-renovation homes in 2006, and todays preponderances of sales of larger renovated homes–but the average Sold CPSF only rose 2.05%
Days-On-Market- the least reliable MLS stat still shows that with one or two exception, homes are taking between 50% and 100% longer to sell in 2008 than in 2006. Days On market- click to see why DOM is the least Reliable Stat?
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It is a strong buyers market here in the greater Charlotte area, Lake Wylie, Lake Norman, the whole area for new homes and re-sales.
Moving to Charlotte?
Have Questions? I am a Charlotte broker specializing in relocations, 2nd homes–buying and selling real estate of all kinds- and will represent only you. We work with Buyers and Sellers every day. You can quickly compare area prices with the map-based Charlotte home search below. Another good place to start is my fact-filled and well received Introduction to Charlotte Video (nearly 8000 You Tube views, 22 reviews) and don’t miss the FAQ videos in the right column (just under the Introduction to Charlotte Video Screen)
If it’s between the hours of 8 AM to 8 PM, EDT, please don’ t hesitate to call me direct at 704-351-1519. Terry
Related Links
Where to Look for Luxury Homes in Charlotte- Video
Hows the Charlotte Market- Video
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Charlotte Homes For Sale About Charlotte NC Charlotte Luxury Homes For Sale
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