21 Jan Mortgage and Real Estate News Roundup for January
Up-and-coming, yet affordable new neighborhoods actually exist in the Charlotte area. Nearby, in York County, regional real estate trends are not lining up with what’s going on at Lake Wylie, Fort Mill and Rock Hill. Meanwhile, the luxury real estate market in the Cape Fear region did not meet 2018 projections. Here is more on the mortgage news stories we are watching:
Where are the hot and affordable neighborhoods in Charlotte?
Redfin, a real estate brokerage, shared its analysis on which new up-and-coming neighborhoods in the Charlotte area are the most affordable. Number one, according to Redfin, is the Sunset Road neighborhood in northwest Charlotte. Sunset Road has a median home sales price of $201,500, and the average sale-to-list ratio is 97.4%. The median number of days on the market for homes in this neighborhood is 37. Other neighborhoods on the Redfin list include Thomasboro-Hoskins in northwest Charlotte and North Sharon Amity in east Charlotte. The median home sales price for Thomasboro-Hoskins is $116,000, and 69 is the median number of days on the market. The median home sales price in the North Sharon Amity neighborhood is $160,750, with 39 being the median number of days on the market. Redfin’s methodology included year-over-year data in listing views along with Redfin agents’ real-time observations and communities where Redfin agents are seeing a growth in popularity.
Trends in the Home Sales Market for York County
With analysis wrapping up on the 2018 residential real estate market, it’s time to review last year’s actual numbers and look at trends for 2019. Based on recently released information and dates from the Charlotte Regional Realtor Association, the Charlotte region — which includes York County — saw home sales drop from where they were in 2017 and continue to experience low inventory. In addition, home sales prices were higher in 2018, year-over-year. This year, experts expect to see a more balanced housing market in the Queen City while nearby counties will again see higher home sales as a result of better pricing and inventory. York County, Rock Hill, Fort Mill and Lake Wylie all have seen a gradual but steady gain in new listings and closed sales, which differs from Mecklenburg County and the Charlotte area. Specifically, Lake Wylie saw sales nearly double from 2013 to 2018, while sales rose 55% in Rock Hill and 34% in Fort Mill during the same time period.
The High-end Real Estate Market Did Not End on a High Note in the Cape Fear Region
The high-end residential real estate market in the Cape Fear region experienced an amazing summer of sales in 2018, making those in the home sales industry hope the entire year would follow suit. Unfortunately, luxury home sales came to a halt with Hurricane Florence in September, and although home sales eventually bounced back, much of the energy fizzled. By the end of the year, high-end homes sales did not come anywhere close to meeting prerecession marks. N.C. Regional Multiple Listing Service has 134 homes listed at or over $1 million in New Hanover (90), Brunswick (36) and Pender (8) counties, totaling a volume of more than $223 million. One hundred fifty-one luxury homes sold in 2017.
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Marks, John. “Buying or selling a home in York County? Here’s what to expect.” Web blog post. The Herald. 18 January 2019. Web 18 January 2019.
Martin, Jenna. “CBJ Morning Buzz: Charlotte’s hottest ‘affordable’ neighborhoods; Local plant expanding; LendingTree closes $105M acquisition.” Web blog post. Charlotte Business Journal. 18 January 2019. Web 18 January 2019.
Nunn, Cece. “Report: Luxury Home Market Lacked Anticipated Luster In 2018.” Web blog post. WilmingtonBiz. 14 January 2019. Web 14 January 201