Let’s discuss the 2023 real estate market. As we approach the end of the year, it’s time for another recap. (See our 2022 Real Estate Recap.) In today’s post, we’ll highlight the highs and lows of the market.

Interest rates have been a major issue. They rose to over 8% at times, a significant increase from the historically low rates during COVID. This rise spooked buyers and discouraged sellers, leading to a market slowdown. Many sellers, locked into low rates from years ago, are hesitant to sell due to higher current rates, reducing inventory.

Market confusion. Is it a buyer’s or seller’s market? The answer varies greatly depending on the specific market, be it by price point, location, or zip code. This has led to uncertainty among both buyers and sellers.

The continued lack of inventory. Sellers are not selling unless necessary, and buyers are selective due to high interest rates, resulting in a peculiar market dynamic.

Despite these challenges, there are positives. Let’s get into the year’s highs.

Remarkably, Charlotte remains a top destination. The year brought restaurants, breweries, and shops to the city.

Housing prices in Charlotte continued to rise. Even with increasing interest rates, the market trended upward, showcasing the strength of the market. Multiple offer situations persisted, indicating robust demand.

The local real estate market continued to flourish. The best real estate agents in Charlotte are adapting, finding creative solutions for buyers and sellers. They focus on ensuring transactions make sense for their clients.

2023 has been an intriguing year for real estate, and I’m eager to see what 2024 brings. Be sure to subscribe to my videos for more Charlotte real estate market updates this year.

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