CHARLOTTE, N.C. — Home costs in North Carolina and South Carolina noticed a number of the largest will increase over the previous 12 months, in response to a brand new examine from Santa Monica realtors.
South Carolina home costs rose 19.2% over the previous 12 months, which was the second-highest enhance nationwide. North Carolina, in the meantime, got here in at No. 5 with a 15.7% value enhance during the last 12 months. Florida had the very best enhance in dwelling costs at 19.9%.
Researchers analyzed information from Zillow throughout all 50 states to find out which state had seen the largest rise in housing costs. A property in South Carolina has a mean value of $300,667, with North Carolina properties having a mean value of $329,634.
Excessive housing prices are nothing new in Charlotte, which has been one of many nation's hottest actual property markets for a number of years. The excellent news is the market is beginning to cool just a little, which suggests the bidding wars and all-cash presents will doubtless stay up to now. However excessive costs aren't going anyplace.
"The housing market has certainly been turbulent over the previous few years, with home costs being affected by inflation, the pandemic and lots of extra elements," a Santa Monica realtors spokesperson mentioned. "This examine supplies an interesting perception into which elements of America have seen the very best will increase in addition to the bottom."
Based on UNC Charlotte's 2022 State of Housing in Charlotte report, in 2020, the typical value for a house in Charlotte was $273,500. In September 2022, that common value had risen to $420,000 which is a 53% enhance.
Mortgage charges have been trending down, although, which suggests there can be much less competitors as extra properties hit the market. RE/MAX government Jon Widdifield mentioned the elevated quantity ought to make Charlotte a "extra regular place" for consumers and sellers in 2023.
WCNC Charlotte is all the time asking "the place's the cash?" In the event you need assistance, attain out to WCNC Charlotte by emailing cash@wcnc.com.