CHARLOTTE, N.C. -- The start of 2020 has been a tough year for businesses and the stock market. But unlike the 2007-2008 recession, housing prices in the Charlotte region have remained strong.
Real estate agent Brett Dunleavy with Wilkinson ERA says the housing market in Charlotte is still the same as usual, despite the pandemic. He showed us a home just outside of Ballantyne that was listed on July 10, and went under contract two days later.
“I think on this one, we had at least four solid offers and quite a few more said ‘we are interested,’” Dunleavy says.
Dunleavy says this is a common story across many parts of Charlotte. He pulled a map to show the number of homes under contract in the Ballantyne area.
“The green shows us what is available and all the oranges, which you can see is quite a lot, are already under contract,” Dunleavy says.
The low supply of homes in Charlotte and high demand are keeping prices high. Dunleavy says Charlotte is also doing well because of the cost of living versus income.
“Our median home price is still in the very low $300,000, whereas you look at the northeast, and the median home price is in the $500,000 and $600,000 on the same income," Dunleavy says.
Homeowner Amy Marbury bought her home in April. She says even during the height of COVID-19, the competition was fierce.
“We actually lost out on a couple of homes,” Marbury says. “We put a bid in one that we loved and we lost that one. Then, we put in another bid and we lost out on that so we were getting a little discouraged.”
Marbury says her third time around she won the battle and closed on a home.
COVID-19 has changed what people are looking for in a home. Dunleavy says people are now seeking bigger homes or ones with office space.
“The needs of the buyer have changed to where they want a good, solid home office, where the door can be shut and I can be on the phone away from the kids,” Dunleavy says.
It's one of the reasons he thinks suburban neighborhoods will continue to thrive.