Lower interest rates, continued growth keeps Charlotte's real estate market hot in 2024

by Jane Monreal

CHARLOTTE, N.C. — With interest rates backing off in the last few months, David Hoffman from Hoffman Realty said more people will be interested in buying a home in the Queen City.

"The buyers are still here," Hoffman said. "The number of people moving here continues to grow. It's still a very popular market. Interest rates have started to come down."

Hoffman said interest rates went from about 7.5% to around 6.75% which has helped prospective buyers get off the fence.

That also means demand could pick up sooner rather than later.

"There's a lot of buyers that would have waited until March or April," Hoffman said. "They're starting to pull the trigger now, if the home is flawless if the home is priced right."

Hoffman added that If a home is not flawless, opportunities can still be had with a little sweat equity. Homebuyers can save some cash if they don't mind making some upgrades to a property.

"What we're gonna have in 2024 is two different things," Hoffman said. "You're gonna have the homes that are in great shape and selling fast, and sometimes even in bidding wars. And the homes that need work are just going to keep going down, down down. That opens the buyer pool up some, but they're still not going to pay a premium if it needs work."

On the seller's side, Hoffman recommends that sellers not put their homes on the market unless the home is already turnkey.

"I'm going to encourage sellers regardless if they're ready now or if they want to wait, I would encourage them to watch their neighbors," Hoffman said. "If their neighbor goes on the market, to hold off. Less competition will make the home sell faster."