THE END AND BEGINNING: WEEKLY UPDATE 12/27/24 - Charlotte, NC

This time of the year reminds us there’s no better gift than giving.  That feeling we get when we can give something that offers excitement, appreciation, or joy to others.  

For those of us fortunate enough to live in Greater Charlotte; the area offers us many gifts.  We get all 4 seasons, a lot of sunshine and mild winters, close access to mountains and the beach, top international airport, great job market, reasonable cost of living, many local attractions, and here are the 3 things you need to know this week.

The Price is Wrong: Home buyers expect to pay $27,000 less than sellers want in 2025. 

According to a recent survey by Clever Real Estate, there's a $27,000 gap between what buyers think they’ll pay and what sellers expect to get. Buyers are budgeting an average of $386,507, while sellers are eyeing $413,976. Sellers are entering 2025 feeling pretty good; nearly three-quarters (74%) of sellers believe their property will sell at or above the asking price. This confidence can lead sellers to set prices higher than buyers are willing to pay, leading to prolonged negotiations or missed opportunities. Buyers, on the other hand, are grappling with rising mortgage rates and affordability challenges. Nearly two-thirds of buyers (68%) worry that escalating home prices will be too much for their thinly stretched budgets. The majority of buyers and sellers (87%) expect strong demand in 2025, but smaller price increases than in years past. 

Link to Survey Results

They Grow Up Fast: An estimated population of 11,046,024, North Carolina added almost 165,000 people  from July 2023 - July 2024. 

Per the U.S. Census Bureau; in 2024 North Carolina's population grew by 1.5%, the eighth-fastest rate among states. Our neighbors in South Carolina experienced an even greater population increase of 1.7% YoY growth, ranking fifth highest in the nation. For context, the nation as a whole grew by 1% between 2023 and 2024 (surpassing 340 million people). North Carolina’s population has grown nearly 6% in four years, and South Carolina’s population has grown 7% over that same span. Many experts anticipated the Carolina’s to be top 10 growth states in the country as we began 2024, and that has proven to be an accurate forecast. 

Plus One: American home owners have more extra bedrooms than ever before. 

By 2023 the U.S. reached 31.9 million extra bedrooms, up from just 7 million in 1980.  An extra bedroom is defined as more bedrooms than people in the household, plus one (most often used as an office). The increase is primarily due to two factors.  First, there are smaller households as the average household is 2.5 people, down from 3.1 per household in 1970. Second, there are more bedrooms per home.  Since 1970 the average bedrooms per home has increased from 2.5 to 2.8. Meanwhile households with extra bedrooms are most common in the Mountain West and South regions. 

Wishing you all a safe, blessed, and Happy New Year and remember…We’re never as great as our best day - We’re never as bad as our worst day; Be Confident - Stay Humble!