The State of Housing In Charlotte 2020
CKCRE 2020
Owner-Occupied Market Single-Family
House Price during COVID
House Price 2001-2020
House Price •
From Sept 2020-Sept 2021: 16.3%
•
Average growth rate 2010-2020: 6%
Days on the Market during COVID
Days on the Market 2001-2020
Sold above Listing Price during COVID
Sold above Listing Price 2001-2020
Sold above listing price •
June 2021: 60%
•
Never above 30% before 2020
Price Distribution 2021
Price Distribution: 2021 •
4.39% under $150,000 (6.53% in 2020)
•
35% under $300,000 (49% in 2020)
Dynamics along the Distribution
14
Growth Rates along the Distribution 2001-2010
2010-2020
10th Percentile
-5.04%
12.32%
25th Percentile
-1.11%
8.37%
Median
1.30%
6.39%
75th Percentile
3.11%
4.31%
90th Percentile
3.74%
3.%
Affordability along the Distribution Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
10th Percentile Price $32,244 $34,146 $34,198 $30,987 $25,545 $23,855 $22,550 $23,369 $27,351 $29,652 $32,288 $34,708 $39,644 $45,138 $46,778 $50,617
25th Percentile Price $42,300 $45,264 $46,253 $43,448 $38,205 $35,992 $34,299 $34,838 $39,521 $41,923 $43,508 $45,605 $50,781 $57,351 $59,205 $62,860
Median Price $55,110 $59,529 $62,327 $59,094 $51,888 $51,241 $50,166 $49,680 $54,415 $57,499 $59,743 $62,230 $68,996 $75,917 $75,668 $79,014
Owner-Occupied Market Multi-Family
Prices
18
Days on the Market
19
Sold above Listing Prices
20
Homeowners during the Pandemic Based on Census Household Pulse Survey
Behind on Mortgage Payments
22
Behind on Mortgage by Income Levels
23
Rental Market Multi-Family
Number of Units
25
Rent
26
Rent by Quality
27
Rental Market Single-Family
Rent during COVID
29
Median Rent during COVID •
Jan 2020: $1,500
•
Sept 2021: $1,900
•
26.7% increase
30
Rent 2003-202
31
Rent by Size
32
Days on the Market during COVID
33
Days on the Market 2003-2020
34
Renters during the Pandemic Based on Census Household Pulse Survey
Behind on Rental Payments
36
Behind on Rental Payments by Income
37
Facing Evictions
38
Facing Evictions by Income
39
Summary •
House prices and rents increase at extremely higher rates during COVID
•
Supply is extremely tight
•
Housing affordability at risk
•
Homeowners and renters suffering during COVID
40