According to the Charlotte Business Journal, the current housing climate of strong demand and limited supply reaped monetary benefits to some Charlotte-area home sellers last year.
A new report from Zillow shows that 27% of sales in the metro Charlotte area earned sellers higher than their asking price in 2017. That’s up from 9.4% in 2012.
Buyers paid a median of 2.7% above the listing price, amounting to about $5,000, according to the report.
On a national level, just more than 24% of buyers paid more than the asking price for a home last year, which netted those sellers an extra $7,000, says Zillow.
Sellers in San Jose, Calif., netted the highest amount above the listing price: $62,000. Meanwhile, the Seattle housing market had the biggest five-year jump of sales coming in higher than the asking price: from 20.3% to 52.4%.
“Low interest rates and strong labor markets with high-paying jobs have allowed home buyers in some of the country’s priciest housing markets to bid well over asking price,” Zillow’s senior economist, Aaron Terrazas, said in the report. “In the booming tech capitals of the California Bay Area and Pacific Northwest, paying above list price is now the norm.
“In the face of historically tight inventory, buyers have had to be more aggressive in their offers. We don’t expect this inventory crunch to ease meaningfully in 2018, meaning buyers will be facing many of the same struggles this year.”
The Charlotte region saw a rise in home sales — and prices — last year, according to Carolina Multiple Listing Services figures. The local housing market ended 2017 with just a 2-month supply of homes for sale.