Charlotte USDA Loans
CHARLOTTE-CONCORD-GASTONIA, NC-SC
USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.
Charlotte's 128 lenders originated 910 USDA loans during 2021. The total origination value was $202,810,000, with an average USDA loan value of $222,868.
Charlotte USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Charlotte
averaged
5.28%
for the week of 2022-08-05, compared to the national average (all USDA variants) of
5.294% for the same period.
The average rate for the prior week (2022-07-29) was
5.61% and
one month ago for the week of 2022-07-01, the
average rate was 5.34%.
The average rate one year ago was 3.02%.
For refis of the same type during the week of 2022-08-05, the average rate
was 5.19%.
Charlotte USDA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Charlotte level.
The top Charlotte USDA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with
148 USDA loans originated. Their average total fees are
$5,777, which is $1,589
lower than the next largest lender,
FAIRWAY INDEPENDENT MORTGAGE CORPORATION.
The lowest fee Charlotte USDA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. ($2,933), INTERLINC MORTGAGE SERVICES, LLC ($3,820), HOMESTAR FINANCIAL CORPORATION ($4,466), Alcova Mortgage LLC ($4,741) and SOUTHERN TRUST MORTGAGE, LLC ($4,778).
The lowest rate Charlotte USDA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. (2.64%), American Security Mortgage Corp. (2.74%), Truist Bank (2.78%), MOVEMENT MORTGAGE, LLC (2.78%) and SOUTHERN TRUST MORTGAGE, LLC (2.92%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Charlotte (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
|---|---|---|---|---|
| 2018-01-01 | $334,995 (9.1%) | $435,018 (8.4%) | 1.23 | 7,086 |
| 2018-02-01 | $335,000 (5.6%) | $439,756 (6.2%) | 1.21 | 7,101 |
| 2018-03-01 | $345,000 (5.0%) | $449,677 (4.9%) | 1.19 | 7,375 |
| 2018-04-01 | $350,000 (3.3%) | $460,762 (4.7%) | 1.17 | 7,670 |
| 2018-05-01 | $354,500 (2.8%) | $467,397 (3.6%) | 1.18 | 8,117 |
| 2018-06-01 | $353,900 (2.1%) | $464,835 (2.6%) | 1.18 | 8,565 |
| 2018-07-01 | $347,000 (1.5%) | $453,158 (1.0%) | 1.16 | 8,959 |
| 2018-08-01 | $340,000 (0.6%) | $445,389 (1.8%) | 1.14 | 9,185 |
| 2018-09-01 | $339,759 (1.4%) | $444,463 (1.8%) | 1.14 | 9,057 |
| 2018-10-01 | $332,962 (-0.9%) | $435,477 (-0.5%) | 1.11 | 9,253 |
| 2018-11-01 | $329,900 (0.0%) | $431,793 (-0.2%) | 1.11 | 9,061 |
| 2018-12-01 | $325,000 (-1.5%) | $428,175 (-0.4%) | 1.11 | 8,540 |
| 2019-01-01 | $325,000 (-3.0%) | $429,457 (-1.3%) | 1.12 | 8,029 |
| 2019-02-01 | $329,900 (-1.5%) | $439,863 (0.0%) | 1.11 | 7,999 |
| 2019-03-01 | $341,386 (-1.1%) | $465,785 (3.6%) | 1.11 | 8,053 |
| 2019-04-01 | $349,950 (0.0%) | $479,677 (4.1%) | 1.10 | 8,207 |
| 2019-05-01 | $357,058 (0.7%) | $480,080 (2.7%) | 1.10 | 8,408 |
| 2019-06-01 | $359,000 (1.4%) | $478,240 (2.9%) | 1.11 | 8,597 |
| 2019-07-01 | $349,950 (0.9%) | $459,323 (1.4%) | 1.09 | 8,582 |
| 2019-08-01 | $345,531 (1.6%) | $451,051 (1.3%) | 1.09 | 8,422 |
| 2019-09-01 | $339,900 (0.0%) | $464,941 (4.6%) | 1.08 | 8,233 |
| 2019-10-01 | $335,900 (0.9%) | $460,338 (5.7%) | 1.07 | 8,452 |
| 2019-11-01 | $335,000 (1.6%) | $439,094 (1.7%) | 1.08 | 7,897 |
| 2019-12-01 | $339,700 (4.5%) | $442,484 (3.3%) | 1.13 | 7,041 |
| 2020-01-01 | $339,200 (4.4%) | $447,774 (4.3%) | 1.13 | 6,371 |
| 2020-02-01 | $345,000 (4.6%) | $465,061 (5.7%) | 1.11 | 5,729 |
| 2020-03-01 | $352,930 (3.4%) | $482,844 (3.7%) | 1.10 | 5,924 |
| 2020-04-01 | $345,000 (-1.4%) | $462,585 (-3.6%) | 1.07 | 6,526 |
| 2020-05-01 | $355,000 (-0.6%) | $484,585 (0.9%) | 1.08 | 6,234 |
| 2020-06-01 | $369,955 (3.1%) | $512,270 (7.1%) | 1.08 | 5,263 |
| 2020-07-01 | $373,500 (6.7%) | $517,040 (12.6%) | 1.07 | 4,748 |
| 2020-08-01 | $375,000 (8.5%) | $520,259 (15.3%) | 1.07 | 4,517 |
| 2020-09-01 | $377,413 (11.0%) | $525,716 (13.1%) | 1.08 | 4,404 |
| 2020-10-01 | $374,653 (11.5%) | $522,120 (13.4%) | 1.07 | 4,313 |
| 2020-11-01 | $375,000 (11.9%) | $524,101 (19.4%) | 1.07 | 4,011 |
| 2020-12-01 | $374,320 (10.2%) | $516,003 (16.6%) | 1.10 | 3,487 |
| 2021-01-01 | $368,500 (8.6%) | $512,534 (14.5%) | 1.08 | 3,086 |
| 2021-02-01 | $364,315 (5.6%) | $514,795 (10.7%) | 1.05 | 2,582 |
| 2021-03-01 | $377,450 (7.0%) | $546,204 (13.1%) | 1.06 | 2,220 |
| 2021-04-01 | $389,000 (12.8%) | $558,932 (20.8%) | 1.05 | 2,147 |
| 2021-05-01 | $390,000 (9.9%) | $552,769 (14.1%) | 1.03 | 2,310 |
| 2021-06-01 | $389,693 (5.3%) | $546,560 (6.7%) | 1.01 | 2,642 |
| 2021-07-01 | $389,950 (4.4%) | $532,239 (2.9%) | 1.01 | 2,922 |
| 2021-08-01 | $385,450 (2.8%) | $516,459 (-0.7%) | 1.01 | 3,181 |
| 2021-09-01 | $390,923 (3.6%) | $525,209 (-0.1%) | 1.03 | 3,189 |
| 2021-10-01 | $399,900 (6.7%) | $528,042 (1.1%) | 1.05 | 3,108 |
| 2021-11-01 | $399,500 (6.5%) | $526,241 (0.4%) | 1.05 | 2,987 |
| 2021-12-01 | $395,000 (5.5%) | $525,691 (1.9%) | 1.05 | 2,542 |
| 2022-01-01 | $399,950 (8.5%) | $537,013 (4.8%) | 1.07 | 2,036 |
| 2022-02-01 | $399,089 (9.5%) | $550,494 (6.9%) | 1.02 | 1,728 |
| 2022-03-01 | $409,500 (8.5%) | $562,198 (2.9%) | 1.01 | 1,803 |
| 2022-04-01 | $419,000 (7.7%) | $584,282 (4.5%) | 0.99 | 2,054 |
| 2022-05-01 | $434,894 (11.5%) | $598,284 (8.2%) | 0.97 | 2,797 |
| 2022-06-01 | $445,000 (14.2%) | $596,831 (9.2%) | 0.99 | 3,612 |
Charlotte's median listing price comes in at 99% of the national average.
Charlotte's average listing price for 2022-06-01 was $596,831, a difference of $50,271 (9.2%) versus the prior year and $-1,453 versus the prior month.
For the 2022-06-01 period, Charlotte had 3,612 MLS listings, a difference of 815 listings (29%) versus the prior month and 970 listings (37%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Charlotte (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 85 days | 2,556 sqft |
| 2018-02-01 | 74 days | 2,546 sqft |
| 2018-03-01 | 52 days | 2,618 sqft |
| 2018-04-01 | 50 days | 2,638 sqft |
| 2018-05-01 | 49 days | 2,653 sqft |
| 2018-06-01 | 50 days | 2,656 sqft |
| 2018-07-01 | 53 days | 2,613 sqft |
| 2018-08-01 | 54 days | 2,572 sqft |
| 2018-09-01 | 58 days | 2,540 sqft |
| 2018-10-01 | 63 days | 2,504 sqft |
| 2018-11-01 | 63 days | 2,470 sqft |
| 2018-12-01 | 70 days | 2,439 sqft |
| 2019-01-01 | 77 days | 2,417 sqft |
| 2019-02-01 | 70 days | 2,427 sqft |
| 2019-03-01 | 56 days | 2,483 sqft |
| 2019-04-01 | 51 days | 2,522 sqft |
| 2019-05-01 | 49 days | 2,563 sqft |
| 2019-06-01 | 50 days | 2,553 sqft |
| 2019-07-01 | 51 days | 2,488 sqft |
| 2019-08-01 | 52 days | 2,451 sqft |
| 2019-09-01 | 56 days | 2,425 sqft |
| 2019-10-01 | 57 days | 2,394 sqft |
| 2019-11-01 | 57 days | 2,382 sqft |
| 2019-12-01 | 67 days | 2,375 sqft |
| 2020-01-01 | 74 days | 2,359 sqft |
| 2020-02-01 | 64 days | 2,368 sqft |
| 2020-03-01 | 43 days | 2,418 sqft |
| 2020-04-01 | 43 days | 2,347 sqft |
| 2020-05-01 | 57 days | 2,413 sqft |
| 2020-06-01 | 53 days | 2,443 sqft |
| 2020-07-01 | 48 days | 2,436 sqft |
| 2020-08-01 | 42 days | 2,406 sqft |
| 2020-09-01 | 38 days | 2,376 sqft |
| 2020-10-01 | 41 days | 2,304 sqft |
| 2020-11-01 | 44 days | 2,246 sqft |
| 2020-12-01 | 51 days | 2,204 sqft |
| 2021-01-01 | 55 days | 2,200 sqft |
| 2021-02-01 | 35 days | 2,078 sqft |
| 2021-03-01 | 34 days | 2,095 sqft |
| 2021-04-01 | 32 days | 2,106 sqft |
| 2021-05-01 | 28 days | 2,134 sqft |
| 2021-06-01 | 27 days | 2,109 sqft |
| 2021-07-01 | 28 days | 2,076 sqft |
| 2021-08-01 | 28 days | 2,053 sqft |
| 2021-09-01 | 31 days | 2,073 sqft |
| 2021-10-01 | 32 days | 2,063 sqft |
| 2021-11-01 | 34 days | 2,049 sqft |
| 2021-12-01 | 40 days | 1,997 sqft |
| 2022-01-01 | 45 days | 2,010 sqft |
| 2022-02-01 | 31 days | 1,981 sqft |
| 2022-03-01 | 20 days | 1,985 sqft |
| 2022-04-01 | 20 days | 2,005 sqft |
| 2022-05-01 | 23 days | 2,056 sqft |
| 2022-06-01 | 29 days | 2,114 sqft |
Charlotte's median square footage for active listings during the 2022-06-01 period was 2,114 sqft. One year prior, the average listing was 2,109 sqft.
