Appreciation in Charlotte
BIG Questions from Charlotte Home Buyers and Sellers
Home Buyer and Sellers ask these questions often- big questions, and in the old days they would take a ton of research to answer with authority. Sometimes they still will, but I do have some cool new data tools.
“Is “X” subdivision going to appreciate more than “Y” ?” “Is it better to live closer to town or further out?”
Sellers ask, “What is my home worth?” and then point to one sale in their neighborhood, or a Zestimate . Or, “Have Charlotte homes returned to their pre-recession prices?”
Use the form to recieve your FREE home valuation from your local Charlotte real estate experts
Thanks to some new data tools, I can show you the ballpark answers, the short answers very easily, and let you see for yourself. I’m using the median price per square foot, so to get your neighborhood average, scroll over the time, get the average for your ‘hood, and multiply by the number of square feet. For example Ballantyne Country Clubs’ average is $122/sf in August, so for a 6000 sf house, multiply $122 x 6000 and the median price of that home was $732,000.
Let’s first look at four luxury home neighborhoods, distinctive properties above $1,000,000, and I’ll compare 2 intown neighborhoods, to 2 suburban country club neighborhoods. All four are very nice and have loads of happy homeowners, but there is always a real estate question, and bigger with more expensive homes. Remember, these are median averages, your value will vary based on condition, features and local competition. Call a Realtor (Terry?) for a more precise estimate of value, or try this online tool.
Longview did not have enough sales prior to 2010 to be statistically relevant, but their sale prices were quite a bit higher in 2009 too. They have showed the strongest recovery “King of the Hill” in Union County.
Other observations, the close in communities have recovered the most, and some have returned to their late 2008 prices.
Remember these are Median Prices, Averages! Your value will be based on your home’s condition, features and local competition. Go here for your free valuation. Just an example, Ballantyne sales ranged from $120-$205 per sf, that’s a big range. The above data is a historical average. Make sense?
What about homes priced between $350-$500. Will the same answers hold true? This time I’ll compare by zip codes, (luxury neighborhods wouldn’t have enough if any data at 350-500) keeping in the same general suburban locations of the luxury homes above. 28277 is the Ballantyne area, 28173 is the Waxhaw area. 28207 is Myers Park, and 28209 is the next zip over and includes part of Myers Park and Sedgefield. Lets see how they did.
One thing is shocking clear- you still get a LOT more for the money in the further out suburbs.
A 3000 sf home is popular Waxhaw subdivision Hunter Oaks would average (@$106/ft) $318,000. In Myers Park, zip 28207? 3000 X $205 = $615,000 the median price. .
Interestingly, Ballantyne (28277) has recovered to its 2008 prices, and Waxhaw, (28173) is not quite there yet.
Stay tuned, we are likely to use these graphs more often. They already appear in our community pages for average home prices, and are live, so they remain up to date data (Woohoo!)- see them in Myers Park, Ballantyne, Dilworth, Lake Norman, Southpark and Union County.
But most interestingly, we can use these same tools in a variety of new ways, bringing you, those of you who like the numbers, more!
As always, if you or a friend needs a home, or needs to sell a home, don’t hesitate to call me (Terry McDonald) direct at 704-390-6221
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