Here are some key numbers to know if you’re planning to buy or sell a home.
I have a quick update for you on the Charlotte real estate market as we head toward the end of summer. We’ll take a closer look at the latest numbers, inventory levels, and what’s going on with monthly mortgage payments as prices increase.
In the chart at 0:19 in the video above, we didn’t quite see the 40% increase in inventory that we usually see between March and April. We did see a spike in May, which are the most recent inventory numbers to come out. That’s good news for buyers because more inventory means less competition for you.
The average mortgage rate right now is 3.17%. By the end of the second quarter of 2022, we may see an average of 3.57% according to industry experts, which will still be a great number to lock in if you’re in the market to buy.
As far as monthly payments are concerned, homebuyers were paying an average of $1,184 per month on their mortgage payments in May. This figure is slightly up from right around $1,000 in May 2020. If we wind the clock back to 2008, that average payment was closer to $1,500. We’re still well over $300 below the average payment from that time.
This is still a crazy-hot market if you’re looking to sell. There is also more inventory coming your way if you’re a buyer.
If you have any questions about the market or real estate in general, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.