Last Updated on April 10, 2025
Allen Tate Companies Chairman Pat Riley shares real estate insights for the Carolinas
Residential real estate statistics and trends frequently capture media attention. But those stats generally reflect national numbers of home sales, days on market, average sales price and even Realtor headcount.
“What many people fail to realize is that residential real estate is very, very local – here in the Carolinas and even down to individual neighborhoods and communities,” said Allen Tate Companies Chairman Pat Riley in the March/April edition of Carolinas Market Update.
Riley shares the following insights specific to real estate in the Carolinas:
– Homes are taking a little longer to sell, but average days on the market are still lower than the historical 90 days.
– Homes priced below $400K and above $1M (mostly cash buyers) are moving at the fastest pace.
– Appreciation is still averaging around 6% – double the historic appreciation of 3%.
– Realtor count has dropped post-Covid, but the decrease in the Carolinas represents a fraction of national number.
– The Buyer Agency Agreement that went into effect last August has had minimal impact. Sellers have continued their willingness to pay a buyer’s agent for performance.
Today’s average buyer age is 38 and average seller age is 63, and homeowners now move about every 7-10 years. Buyers have challenges finding what they want, while sellers are continuing to age in place and are not upgrading their homes for eventual sale, Riley said. Many homeowners are hesitant to move because it means giving up a low interest rate.
“Home ownership isn’t about instant gratification. It’s an important investment that must be carefully considered, planned for and budgeted,” Riley said. “We are here to provide coaching and counseling, as we have done for the past 68 years, through all kinds of markets. We’ll help you understand your local market – wherever you call home.”
Carolinas Market Update is targeted to consumers in the Charlotte, Triad, Research Triangle, High Country, Highlands/Cashiers, and Asheville/Mountain regions of North Carolina, and the Upstate and Low Country regions of South Carolina. It is produced every other month by the Allen Tate Companies and features information, statistics, trends, and predictions about the real estate market in North and South Carolina.
Allen Tate is the Carolinas’ largest real estate company based on closed sales volume, with more than 70 offices and 1,800 Realtors in the Charlotte, Triad, Triangle, High Country, Highland/Cashiers and Asheville/Mountain regions of North Carolina and the Upstate and Low Country regions of South Carolina. Allen Tate is a partner of Howard Hanna Real Estate, the largest privately held real estate broker in the United States. The full-service real estate company has 480 real estate, mortgage, insurance, title, and escrow service offices and more than 15,000 sales associates and staff across 13 states. For more information, visit www.allentate.com and www.howardhanna.com.
