Is The Housing Market Cooling Off In North Carolina?

CHARLOTTE, NC. — Mickey Gold is in the trenches of North Carolina Real Estate. He’s a broker with Coldwell Banker Realty in Charlotte and says the market is not slowing down despite what national data says.

“The truth is, our inventory is still moving pretty quick. If you think about it, the average days on the market is 13 days. That’s awful quick to move,” Gold says.

Sales of new single-family homes fell to an annualized rate of 676,000 in June,  6.6% below May’s rate, and 19.4% below the June 2020 level, according to data released by the U.S. Census Bureau. Homebuyers in June also had to deal with higher mortgage rates, which went up about a quarter of a percentage point.

According to the North Carolina Realtors Association, July was the first time in a while the state has seen a slight decline in home sales, but the average home sale price continues to increase dramatically, up about 17% compared to last year. All in all–North Carolina is still a red hot seller’s market, says Kelly Marks, President of North Carolina Realtors.

“North Carolina as far as the economy, it’s tax, it ranks at the top of the list for corporations to move to, quality of life issue has certainly been there. I just don’t see it abruptly changing. I think it’s going to remain competitive,” says Marks.

Marks says North Carolina has a shortage of homes for the foreseeable future, as the total net in-migration accelerates. Which could create an issue for the middle-class, Gold says.

“You are getting so many corporations opening up here, which is bringing and lots of Northerners and people from Ohio, Michigan, and Southern California, and they’re coming in with cash in their pockets ready to buy. That’s going to bring the price up,” Gold says.