Unless you’ve been living under a rock for the past 5 years, you know that the entire country has gone through a real estate downturn. Across the country, the “market peak” varied from 2005-2008 or so, and in some areas (i.e. Las Vegas, Phoenix, areas of Florida, etc), values in 2013 are still up to 40-50% lower than they were at the peak.
For the metro Charlotte area, on average, current values are around 13% lower than they were in 2007 (which, in general, was the market peak for the region). Overall, not too bad. But surprisingly, some areas are doing quite well.
Here is a chart of the value change of every neighborhood with at least 1 home sold per month. Yes, some are still struggling, but many are at or near where they were back in 2007, which is pretty remarkable given the severity of the downturn.
Neighborhoods such as The Peninsula, Cedarfield, Midwood, and Birkdale have actually surpassed their 2007 values. Others, such as Baxter Village, Chantilly, and Piper Glen are within about 5% of the peak.
Given how low inventory is right now (under 6 months in many popular areas), now is a great time to encourage homeowners in hot areas to put their homes on the market. Use our market stats plugin or the graphs available in neighborhood analyzer to create content for your blog and/or postcard campaigns. It’s been a long, long wait, but in some areas it’s actually a seller’s market!