Charlotte NC, Home Prices Up in 2007|Charlotte Real Estate Market Report
January 2nd, 2008 Categories: Buy A Charlotte Home
Charlotte Area Single family home prices rose 4.3%
for the year 2007, over the average cost per square foot sold prices from 2006, almost guaranteeing a 1st place finish among the top 20 major markets in the US, as measured by Case-Shiller. Unit sales fell 11% over the same period. These statistics come from the Carolina MLS, though were not prepared by them, and cover the local Charlotte area counties of: Mecklenburg, Union, Iredell, Cabarrus, Gaston, and all of the LakeNorman area, and Lake Wylie area.
In 2007, the average Charlotte home sold for $252,339, with 2,156 square feet, or $117/sf.
In 2006, the average Charlotte home sold for $239,577, with 2,143 square feet, or $112/sf.
Despite the double barreled effect of national housing market declines that began in 4th quarter 2005 and continued through ‘06 and the sub-prime wreck in 2007, Charlotte’s economic fundamentals remain powerful: a strong local economy that creates well-paying jobs, and home prices that most experts consider undervalued when compared to other major US markets, note this Forbes article discussing Charlotte.
4th quarter prices held steady, despite a hefty 28% fall in unit sales.
Condo Prices are up as well, and will be in the next real estate market report.
Are you considering a move to Charlotte? Like to see more Charlotte Homes and Communities?
Want more Charlotte information? Try the categories on the left… Search for Charlotte Real Estate? Fun Things to do, Lower Lake Norman, questions about North Carolina Real Estate, Ask-the-Broker FAQ’s , Active Adult, Over 55 Communities and more…
Then I hope you will visit my Charlotte photo galleries with more than 1500 pictures
divided into 45 galleries, divided by area and fun things to do, have a look at: Uptown Dilworth, SouthPark, Ballantyne Country Club, High Gate and more. (Imaginon children’s library on the left, and the light rail Lynx on right)
Here are couple of recent articles about the strong Charlotte real estate market by Forbes.com and ABC News To learn more about me, and my business in Charlotte, visit TerryMcDonaldRealEsate.com, my easy to use search for houses, condos, land or multifamily~
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[...] 2007 Charlotte Real Estate Market Report [...]
I saw that report earlier today and I immediately thought of you. It must be great to be a real estate agent in one of the few appreciating markets like Charlotte. I hope the trend continues in 2008 for the Charlotte real estate market, and that other markets start moving in a similar direction.