CHARLOTTE, N.C. (WBTV) - As prime home selling season is underway, a new report by Zillow says it looks like the housing market is starting to even out.
With that in mind, here are three things to know:
The median home value is now stagnant in Charlotte. There was no month-to-month change, which signifies a slow down. The median home value in Charlotte is now about $209,000.
Values have been rising quickly for years now. For the past two months, they’ve been dropping nationally... and that leads to thing two.
Zillow says there’s no need to worry. This is a cycle, and it actually encourages more people to buy - because it makes homes more affordable. It says this is just the prices correcting themselves, and we haven’t seen a real normalcy in decades, so this is a welcome change.
More homes are on the market. There are 938 more homes for sale than there were last year in Charlotte. That’s a 9-percent jump.
But, the Charlotte Regional Realtor Association says we still have a low supply. In a report earlier this month, it said there’s only about a 2.5-month supply of inventory right now.
In order for a market to be balanced, there needs to be a six month supply.