Charlotte Real Estate Market Report for 2008
January 3rd, 2009 Categories: About Charlotte, Buy A Charlotte Home, Charlotte Homes for Sale
Charlotte Real Estate 2008: Charlotte Home prices hold up well in 2008 when compared to the rest of the country.
Charlotte led the nation in appreciation in 2007 , and will in all likelihood be in the top 3 for 2008, albeit with modest price declines, according to the Case-Shiller report of 20 major US housing markets. Charlotte home prices have held remarkably stable considering the national trends, (76% higher than the 20 city Case-Shiller index) and the major declines (nearly 30%) in houses sold or unit volume here in Charlotte, NC.
2008 will be remembered as the year the stock market crashed and our financial markets turned upside down in September. Careening from the sub-prime debacle of 2007 to the fall of the Wall Street titans in 2008, losing several major commercial banks along the way, including Charlotte headquartered Wachovia, Charlotte real estate suffered in 2008 like everywhere in the country. Substantially fewer sales, somewhat lower prices, and longer Days on market are normal.
 Charlotte Real Estate Market Report 2008
According to the Case Shiller report, Charlotte home prices rose through the spring and early summer, before making very modest drops beginning in August. The September- October 2008 decline of 3.4 was the highest monthly drop, and most of the 4.4% October year to year decline in housing prices.
A look at the Case-Shiller results from around the country, comparing October 2008 to October 2007 (Case-Shiller data is 2 months old) confirms Charlotte’s strong national position. The last column on the right compares the city price decline to the Case-Shiller national composite price decline, and Charlotte is 76.8% better off price wise than the average major American housing market, only Dallas TX has done better, as measured by the Case Shiller ReportÂ
| Â | October | October | Â | 20 City | +/- |
| City | 2008 | 2007 | % Decrease | Composite | 20 City |
| Charlotte NC | 128 | 134 | 4.4 | 19 | 76.8 |
| Atlanta | 119 | 133 | 10.5 | 19 | 44.6 |
| Detroit | 86 | 108 | 20.4 | 19 | -7.2 |
| Las Vegas | 142 | 208 | 31.7 | 19 | -67 |
| New York City | 190 | 205 | 7.3 | 19 | 61.5 |
| Seattle | 170 | 189 | 10.1 | 19 | 47.1 |
| Dallas | 120 | 124 | 3.2 | 19 | 83 |
Averages like Case Shiller are good at looking at large market trends in home prices over time, our MLS data helps break it down to more manageable numbers and helps us see the Charlotte market a bit more clearly.
| Single Family | Â | |||||
| Units | Cost | # Sold | Cost per | # Sold | Cost per | |
| Sold | Per Sf | Under 500 | sf | Over 1M | SF | |
| 2008 | 23999 | $107.72 | 22274 | $93.54 | 302 | $269.55 |
| 2007 | 34063 | $113.67 | 31385 | $98.25 | 477 | $272.82 |
| % +/- | -29.5 | -5.2 | -29 | -4.8 | -36.7 | -1.2 |
In 2008, Charlotte sales volume fell 29.5%, while overall prices fell 5.2% in the 15 county area covered by the Carolina MLS comparing the calendar years 2007 and 2008. Homes sales under $500,000 accounted for 92% of the volume in 2008, same as in 2007, and home prices above $1M lost the least at 1.2%
I mentioned earlier average sold prices hide a lot-Â they do- as some Charlotte neighborhoods had modest price gains, a few had large price declines, and most declined just a bit from their June high. All pricing is local, and before anyone makes an offer on a home, you need to consult your Buyer Agent to find out how the local market around your home of interest is faring- listing prices are not valid indicators anymore than these averages.
Previously, I’ve written why Charlotte home prices have remained so strong, and will continue to be solid, and a key part is that Charlotte homes are still so darned affordable. Reading a friend’s blog from Pasadena California, their average sold home prices fell 12% to $428/sf … Wow.
Charlotte Condo prices did better in 2008 and will be in the next post.
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Awesome article! hopefully we will be coming out of this downturn, I’m anxiously waiting word as to layoffs from Wells Fargo.