Last Updated on September 1, 2022
How is the housing market in the Carolinas so far this year?
Despite a bump in recent months, interest rates are still historically low. Builders are returning and developers are developing to meet the in-migration of corporate transferees, retirees, second-career parents following their children and huge numbers of people moving to the Carolinas for a job and quality lifestyle.
Inventory – both new and resale – remains low. Our 7,546 listings so far this year are only a 2 percent increase over the same period in 2014, while sales units are up 16.4 percent and sales volume is up 22 percent. Higher-priced homes are picking up the pace.
Because Millennials and Baby Boomers are on the move, the demand for certain homes and neighborhoods is causing greater appreciation than predicted – more than the historic average of 3.5 to 4 percent annually.
But we are not in a “bubble” situation here in the Carolinas, by any means. This is the Year of Normalcy, and truth be told, we are still way off of 2007 numbers. We don’t ever want to go there again.
Lending guidelines are very strict, and only those qualified can own a home. This is very important for the long-term stability of our economy. Since World War II, approximately 62 percent of all homes in America have been owned. We’ve reached highs of 73 percent, but we are now down to 64 percent – a healthy number.
Builders are on the move again, and four living generations are all in play in the real estate market. Any home that is priced right, memorable, decluttered and marketed well will sell. The one difference today is that buyers are not interested in doing the work. They want hardwoods, open space, and outdoor living. Commercial brass is out, and master suite down is in. Convenience to amenities is a huge plus. For these reasons, some homes are selling much faster than others.
Call us today for advice on how to make your home desirable to the buying public – today or three years from now. We can help you be ready, and enjoy the improvements in the meantime.
Pat Riley
President and Chief Operating Officer, Allen Tate Company
