Charlotte Housing Prices Decline is Slowing

May 15, 2009 · Print This Article

Yes, it’s true! The average prices of housing in Charlotte, North Carolina continues to fall. However, in April 2009 we saw that the decline in housing prices actually slowed a bit. At The Ramsey Group we believe that this trend will continue until the decline stops in late May.

What is the Future of Housing Prices in Charlotte?

Based on current real estate trends and research in mortgages and the foreclosure markets several predictions can be made. The normal “springtime market” has arrived, albeit a little later than usual. As well, the normally robust springtime market is active but slower than we’ve seen in the past five years. It stands to reason that this market will continue to maintain activity at about the same level for the next three months.

More Foreclosures Coming!

While the buyer activity will likely be sustained the housing prices may see another slight drop in the coming months. Now that the foreclosure moratorium is over we will start to see another glut of bank owned properties hit the market in the next several weeks. This will cause the housing prices to drop further as appraisers must consider them in their appraisals for re-sale property loans. Why must they do this? The number of foreclosures is great enough in most areas that the lenders consider them significant and are starting to require that they be included in pricing comps.