It’s no secret that Charlotte is in the midst of a full-fledged seller’s market. Everywhere you turn it seems developers are breaking ground on brand-new homes and neighborhoods – many of which sell faster than they can even hit the MLS. But what does the data say?
Here are five statistics to know about new construction home buying in today’s market.
- 1) New home starts are up.
That may seem obvious, but by how much? Nationally, home starts in April 2016 were up almost 11% over March. That means builders are diving in more quickly, particularly in hot real estate markets, to capture demand while it’s there.- 2) Charlotte’s mid-range home starts are sky-high.
In the Charlotte market specifically, new home starts in the $250-$350k range were up by nearly 32% in the first part of 2016 over the same period in 2016. Some experts say this price range as well as that encompassing the lower-end market below have the most opportunity for growth in the Charlotte area.- 3) The townhome market in CLT is white-hot.
Developers are beginning to cater more to the demand for maintenance-free living, especially here in Charlotte. Multi-family living has lost its stigma in the luxury market which shows in the data: Annual starts in 2016 are up nearly 50% year-over-year for townhomes in this market.- 4) Prices are easing.
Home prices are still on the rise, nearly at their 2012 height again, but they’re starting to cool off and settle into a 4-5% gain range which should help more buyers enter the market. Particularly hot markets like Charlotte are seeing this in action; new construction in the city has held price gains recently to a manageable 4.3%.- 5) Luxury new home closings are up.
Look closely: closings among $1,000,000+ new homes in Charlotte represent a slight bump in the overall new home market, and they’re up for 2015. The number as a proportion of all new homes for sale is relatively low, but many developers in CLT are living by the mantra of “go big or go home.”
So, what does all this data mean for new home builders in Charlotte? It means competition is fierce and getting fiercer, so it’s important to set your home(s) apart as the market prepares to be inundated by brand new houses. Staging and residential design through an experienced Charlotte staging firm are an easy, economical way to do so. In the planning stages, it means that lower-end and higher-end homes are where the market seems to have the most demand right now. Both types benefit from professional design in different ways.
New homes in Charlotte don’t just sell themselves. Call Creative Model Designs today to find out how an accredited staging professional can help reduce your time on the market and raise your selling price!