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Charlotte NC| 3rd Quarter Appreciation-Depreciation: Results by Zip Code

October 14th, 2008 Listed Under: Everything Else

charlotte nc at nightCharlotte is #1 in the 20 major US markets according to Case-Shiller…but Averages DO NOT Tell the Whole Story

Charlotte NC This is the most comprehensive report I’ve written on Charlotte appreciation and depreciation. I start with the Charlotte area wide residential SOLDs and compare them to 14 zip codes and 2 general areas mostly to the south of Charlotte and to the North, including more distant locations like the West Lake Norman area and Rock Hill. You will see- averages do not tell the whole story! Not even half…

Like allHouses and stats statistics, there are lots of “lies” in averages, (you remember the joke, there are “lies, damned lies and Statistics?) so the details by Charlotte area zip code- in our case 13 North Carolina zip codes, one South Carolina zip code, and 2 general areas, prove our point. Within our market area there are clear winners and losers, and a few areas that have come through unscathed. Once again, it proves the that median home price increase and decreases tell you almost nothing, as I compare the MLS reported Median to the actual median cost per square foot sold- a measure that adjusts for changing home sizes. I used 2 general area searches where zip codes didn’t reflect the market I was most interested in. These stats don’t include Condos, a subject for another post.

Because I wasn’t able to do the entire area, there are many areas of Charlotte that are missing- if you are considering a purchase in any of these areas not shown, call me, and I’ll do the research for your specific area. Terry

Cost CPSF 3 Year % Median 3 Year %


# of % Inc median Median Per %Inc/
Inc/Dec Price Inc/Dec

year sales Dec Sq FT Price Sq Foot Dec DOM # Sales CPSF
All Charlotte 08 6339 -32 2142 235000 110 -6 98 39.58 -1.67 -1.81

07 9344 -11 2154 252000 117 5 80

06 10491 2139 239000 112
78
South Charlotte
28203 8 17 -48 2267 565000 249 -1 85 59.52 44.13 2.05
Dilworth 7 33 -21 2289 577000 252 3 67



6 42 1607 392000 244
70







28207 8 19 -49 3807 1133000 298 -8 113 55.81 -3.66 -4.49
Myers Park 7 37 -14 3684 1199000 325 4 85



6 43 3772 1176000 312
100







28209 8 36 -50 2007 437000 218 -9 86 52.63 16.53 8.46
Myers Park 7 72 -5 2059 492000 239 19 51



6 76 1869 375000 201
41







28210 8 81 -40 2274 335000 147 -5 68 49.06 9.48 4.26
Southpark 7 135 -15 2316 360000 155 10 49



6 159 2170 306000 141
50







28211 8 65 -41 2729 555000 203 1 99 55.48 14.2 7.98
Southpark 7 111 -24 2732 548000 201 7 47



6 146 2590 486000 188
59







28226 8 101 -37 2578 405000 157 -3 70 47.67 14.41 17.74
Carmel-Rea Rd 7 160 -17 2808 453000 161 21 49



6 193 2653 354000 133
62







28105 8 112 -45 2390 260000 109 1 73 49.55 8.33 2.83
Matthews 7 202 -9 2352 255000 108 2 57



6 222 2272 240000 106
55







28270 8 106 -32 2686 343000 128 1 85 38.01 0 2.98
Arboretum area 7 157 -8 2840 361000 127 2 49


Providence/rt51 6 171 2763 343000 124
47







28277 8 206 -41 2864 367000 128 -6 90 47.85 -9.83 -3.76
Ballantyne 7 351 -11 2919 397000 136 2 54


Raintree, PCC 6 395 3064 407000 133
48







28278 8 108 -30 2706 304000 112 2 110 24.48 -8.43 -18.25
Southwest 7 154 8 2537 278000 110 -20 90



6 143 2430 332000 137
92







Union County 08 518 -36 2893 353000 122 -5 110 44.12 9.97 -0.18
North& West 07 809 -13 2798 361000 129 6 88



06 927 2626 321000 122
75












29732 8 140 -13 2106 218000 104 3 82 19.08 5.31 8.33
Rock Hill 7 160 -8 2028 204000 101 5 89



6 173 2149 207000 96
85


North Charlotte



28078 8 218 -38 2499 279000 112 -3 88 42.18 -1.41 0
Huntersville 7 352 -7 2473 284000 115 3 63



6 377 2518 283000 112
56







28031 8 93 -35 2814 478000 170 6 109 44.64 2.36 1.34
Cornelius 7 142 -15 2631 421000 160 -5 83



6 168 2786 467000 168
56







28117 8 119 -34 3023 493000 163 -2 168 52.78 -5.37 -4.12
Mooresville 7 181 -28 3044 509000 167 -2 118



6 252 3072 521000 170
97







28036 8 61 9 3078 491000 160 -7 101 23.75 3.37 4.58
Davidson 7 56 -30 3115 535000 172 12 96



6 80 3106 475000 153
102







West Lake 8 102 -36 2845 482000 169 1 141 44.26 -6.41 1.2
Norman 7 160 -13 2636 441000 167 0 88


6 183 3080 515000 167
101


A Few Conclusions…

Charlotte Home Sales

Charlotte Solds in 2008 are off area-wide 40% of 2006 numbers, 32% off 2007, reflecting the slow down that hit the nation in 2006 didn’t really arrive hear until last year, with only a few Zip exceptions. Fully 1/3 fell over 50%, with one zip code- Dilworth, falling nearly 60% in number of home sales. (Despite this decrease home prices rose in Dilworth for the 3 year period!)

The least drop in home sales came in two zip codes, Rock Hill SC and its North Carolina neighbor 28278 in southwest Charlotte, falling 19 and 24% respectively.

Charlotte Home Prices

They are literally and figuratively all over the map, with the highest 3 year appreciation of over + 17% in a zip code (28226) to a -18% over 3 years in zip code 28278. The average Sold Cost Per Square Foot city-wide was -1.81– see averages DO hide a lot! Also, check out hte differences between the Median Price (the number the MLS reports) and the Sold CPSF, and look at the wide variance. For example Union County, the MLS would report that the Median home prices went up 10% over 3 years- but the actual Sold CPSF went down marginally. Another great one was Dilworth where Median prices are up 44%, Sold CPSF? Just a 2 % rise, why so vast a difference? This reflects the dominance of sellers of smaller pre-renovation homes in 2006, and todays preponderances of sales of larger renovated homes–but the average Sold CPSF only rose 2.05%

Days-On-Market- the least reliable MLS stat still shows that with one or two exception, homes are taking between 50% and 100% longer to sell in 2008 than in 2006. Days On market- click to see why DOM is the least Reliable Stat?

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It is a strong buyers market here in the greater Charlotte area, Lake Wylie, Lake Norman, the whole area for new homes and re-sales.

Moving to Charlotte?

Have Questions? I am a Charlotte broker specializing in relocations, 2nd homes–buying and selling real estate of all kinds- and will represent only you. We work with Buyers and Sellers every day. You can quickly compare area prices with the map-based Charlotte home search below. Another good place to start is my fact-filled and well received Introduction to Charlotte Video (nearly 8000 You Tube views, 22 reviews) and don’t miss the FAQ videos in the right column (just under the Introduction to Charlotte Video Screen)

If it’s between the hours of 8 AM to 8 PM, EDT, please don’ t hesitate to call me direct at 704-351-1519. Terry

Related Links

Where to Look for Luxury Homes in Charlotte- Video

Hows the Charlotte Market- Video

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Charlotte Homes For Sale      About Charlotte NC     Charlotte Luxury Homes For Sale 

Charlotte Buyer Agents work only for you. 704-351-1519

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Terry McDonald
I'm the owner/team leader of The McDonald Group at Wilkinson and Associates ERA Powered real estate brokers here in Charlotte NC. A transplanted Washinghtonian, my family and I came from the NYC area in 1993.
Terry McDonald
Terry McDonald

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