How's the Housing Market? | Charlotte NC Real Estate | July 2022
July 2022 Charlotte Housing Market at a Glance
Higher mortgage rates combined with record-setting home prices are reshaping the real-estate landscape in Charlotte. In this quick market update, Steve Jarrell explains what today’s numbers mean for buyers and sellers and how to navigate the shift successfully.
What’s Driving the Shift?
- Rising Interest Rates – Rates have climbed dramatically since January, shaving thousands off buying power.
- Elevated Home Prices – Median prices remain near all-time highs, compounding the affordability crunch.
- Buyer Fatigue – Some purchasers are pressing pause, reducing competition in several price brackets.
| Scenario | January 2022 | July 2022 |
|---|---|---|
| $400K home | 20% down | $1,437 /mo | $1,867 /mo |
Buyer Tips for the Current Market
- Start With a Fresh Pre-Approval – Rates change weekly; make sure your numbers are up-to-date.
- Focus on Total Payment, Not Just Price – A slightly lower purchase price can be offset by a higher rate.
- Negotiate Strategically – Fewer competing offers may allow for inspections, repairs, or seller credits.
Seller Strategies to Stand Out
- Price Correctly from Day One – Overpricing can lead to extended days on market and eventual price cuts.
- Market Presentation Matters – Professional photos, staging, and accurate data drive buyer traffic.
- Monitor Local Inventory Weekly – Know what comparable homes are listing and selling for to stay competitive.
