I just got some data from the National Association of Realtors showing how home prices have performed in 2009, versus 2008 and 2007. Needless to say, in most cases they are down. There are some metropolitan areas that posted an actual increase versus 2008, indicating a turnaround in those markets. But looking at 2007, we still have some ground to make up. According to an article cited from the Wall Street Journal, the median price of a home in the total US market declined 25.8% in 2009 when compared to 2007, and 13.5% compared to 2008.
I took a look at several North Carolina metro markets, and compared them to the South in general and the total US. In all NC markets observed home prices are down, but every one of them outperformed the US, as well as the South as a whole. The Charlotte real estate market, including the Lake Norman region, posted an 8% decline versus 2007, but only a 4.6% decline versus 2008. That means that while there are still good deals to be had in the Charlotte area, homeowners have not been hit here as hard as a lot of the US.
Another notable metric in the chart below: Charlotte median home prices are higher than the nation’s and the South’s in general. Still a great buy for a home, the median price here is well under $200,000. Does that make you want to look around? Come on, I’ll be glad to help with that. This is a great place to live.
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