CHARLOTTE, N.C. — A housing shortage is pushing up prices here in the Queen City.

According to Zillow, home prices increased 11.8% year to year in February. The online-real estate marketplace company says the average home value in Charlotte is a little over $273,000. It's just above the typical U.S. home value of $272,000.

Zillow says home values are increasing at lightning-fast speed and they're seeing the fastest monthly appreciation in Zillow records dating back to 1996. They say demand has been surging because of low interest rates and high demand in a low inventory market.