How Much Longer Will Foxcroft Home Prices Increase?
Since the low point in 2012, Foxcroft home prices increased steadily for 6 ½ years. Average Foxcroft sales price increased 73%, from $957k in 2012 to $1.66M today. This compares favorably with the Charlotte Metro home prices, which increased only 46% during this period. Nationally, we are seeing some price softening in the luxury market. Depending on your situation, it may be time to consider selling and locking in gains.
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Any Evidence of Market Turning?
In the last 30 days, 2 Foxcroft properties sold, and both were Under Contract in less than 10 days on the market. Last month, 2 Foxcroft homes sold; and for the same 30 day period in 2017, 0 Foxcroft homes sold. While the last 30 days of Foxcroft sales show no slowing, both Charlotte Metro and the U.S sales slowed from a year ago. Charlotte Metro home sales decreased 15%, yet $1M+ properties increased 20%. Pricing segment comparison below.
Why a reduction under $1M and an increase over $1M? The over $1M segment is less sensitive to interest rate increases and has adequate home inventory. In lower price points, higher interest rates inhibit sales volume and inventory is lower (and in some locations inadequate). So,we seem to be in beginning stages of a market turn, where the $1M+ luxury segment is more resilient than lower price points.
Curious what your home is worth in today’s market or want to know what to do/not do to net the most money? Click Here!