Market Report: NoDa/The Arts District Charlotte, NC. September 2011

NoDa or also known as the Arts District is a suburb of uptown Charlotte. Conveniently located 2 miles from uptown it is home to art galleries and various southern cuisine restaurants. People love living here for the old world charm it still has. An old textile mill area of is a thriving area of Charlotte. Below is the market trends over the past three years for the area from September 1st to August 31st. 3 years ago there were 46 homes that sold for an average sale price of $243,428. They were on the market for an average of 65 days. 2 years ago there were 24 homes that sold for an average sale price of $239,821. They were on the market for an average of 156 days. Last year there were 29 homes that sold for an average sale price of $193,595. They were on the market for an average of 115 days. Currently there are 30 homes actively on the market in the Arts District right now. The average list price is $267,231. In addition there are 6 homes currently under contract right now. They had an average asking price of $247,483. They were on the market for an average of 108 days. Based on the three year trend 33 homes sell on an average year. With 30 homes actively on the market that leaves slightly less than a year supply on the market....A balanced inventory is considered 6 months supply. That would neither favor the buyer or the seller. Currently we are still in a buyer's market in this area of Charlotte. Dave diCecco Realtor/Broker www.davedicecco.com