The inventory of homes in the Charlotte area has decreased causing competitive prices in the housing market and generating more traffic to homes in the area. Currently, Charlotte has one of the greatest housing marketings in the country, despite the decrease in homes being listed for sale. Due to this change in the housing market, a sellers market has formed. Not only is there a competitive buying market, but also there has been an increase in rent due to improvements in the Charlotte-metro area. The prices in the Mecklenburg and surrounding areas are rising faster than the national average because Charlotte is currently a sellers market, allowing sellers to control the market. Within the last year, the median sales price has increased by almost 13 percent.
Improvements around the Charlotte area such as the formation of the Light Rail transportation system, the extension of various highways, and creating the "Cultural Loop" in SouthPark has caused an inflation in housing prices. Charlotte has drafted a budget of spending $10 million in SouthPark to build a loop that connects Piedmont Row, Morrison Regional Library and Phillips Place. The tight housing market has affected rental rates in the Charlotte and surrounding areas. Stay tuned for more information about the housing trends in Charlotte and surrounding areas.