How Much Longer Will Myers Park Home Prices Increase?
Since the low point in 2012, Myers Park home prices increased steadily for 6 ½ years. Average Myers Park sales price increased 60%, from $675k in 2012 to $1.08M today. This compares favorably with the Charlotte Metro home prices, which increased only 46%. Nationally, we see 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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MYERS PARK MONTHLYSALES DECREASE 50% – Has the Real Estate Market Turned?
In the last 30 days, 7 Myers Park homes sold: a 50% reduction from last month (16) and a year ago (17). Is this decline an anomaly, only in Myers Park or is it throughout Charlotte and in all price points? Charlotte Metro home sales decreased 15%, yet $1M+ properties increased 20%. Pricing segment comparison in the 2nd chart.
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!