Charlotte USDA Loan Rates, Closing Costs & Stats
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 91 lenders originated 342 USDA loans during 2022. The total origination value was $79,290,000, with an average USDA loan value of $231,842.
Charlotte USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Charlotte
averaged
5.89%
for the week of 2023-05-26, compared to the national average (all USDA variants) of
6.63% for the same period.
Charlotte's average USDA mortgage closing costs are $5,580.
The average rate for the prior week (2023-05-19) was
5.94% and
one month ago for the week of 2023-04-21, the
average rate was 5.84%.
The average rate one year ago was 4.76%.
For refis of the same type during the week of 2023-05-26, the average rate
was 4.98%.
Charlotte USDA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs 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
41 USDA loans originated. Their average total fees are
$7,959, which is $797
higher than the next largest lender,
FAIRWAY INDEPENDENT MORTGAGE CORPORATION.
The lowest fee Charlotte USDA lenders (with over 10 loans originated) are
American Security Mortgage Corp. ($6,391), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,162), CROSSCOUNTRY MORTGAGE, LLC ($7,625), MOVEMENT MORTGAGE, LLC ($7,959) and SeaTrust Mortgage Company ($8,183).
The lowest rate Charlotte USDA lenders (with over 10 loans originated) are
FAIRWAY INDEPENDENT MORTGAGE CORPORATION (4.53%), CARDINAL FINANCIAL (4.57%), MOVEMENT MORTGAGE, LLC (4.63%), CROSSCOUNTRY MORTGAGE, LLC (4.77%) and SeaTrust Mortgage Company (4.81%).
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 | $337,402 (8.9%) | $436,702 (7.7%) | 1.25 | 6,863 |
| 2018-02-01 | $338,496 (6.5%) | $442,512 (6.0%) | 1.23 | 6,895 |
| 2018-03-01 | $349,000 (5.8%) | $452,013 (4.6%) | 1.22 | 7,194 |
| 2018-04-01 | $352,725 (3.8%) | $462,981 (4.3%) | 1.20 | 7,507 |
| 2018-05-01 | $354,581 (2.1%) | $468,150 (3.3%) | 1.18 | 7,951 |
| 2018-06-01 | $352,490 (1.2%) | $464,150 (1.7%) | 1.18 | 8,421 |
| 2018-07-01 | $347,000 (0.6%) | $453,300 (0.7%) | 1.16 | 8,766 |
| 2018-08-01 | $339,997 (0.2%) | $445,653 (1.1%) | 1.14 | 8,906 |
| 2018-09-01 | $339,900 (0.7%) | $443,305 (1.2%) | 1.14 | 8,965 |
| 2018-10-01 | $333,600 (-1.3%) | $435,917 (-0.7%) | 1.13 | 9,032 |
| 2018-11-01 | $329,950 (-0.9%) | $432,475 (-0.3%) | 1.12 | 8,853 |
| 2018-12-01 | $325,000 (-2.0%) | $428,455 (-0.6%) | 1.12 | 8,316 |
| 2019-01-01 | $325,000 (-3.7%) | $428,858 (-1.8%) | 1.12 | 7,890 |
| 2019-02-01 | $329,862 (-2.6%) | $439,617 (-0.7%) | 1.11 | 7,891 |
| 2019-03-01 | $340,000 (-2.6%) | $458,429 (1.4%) | 1.13 | 7,943 |
| 2019-04-01 | $349,950 (-0.8%) | $473,629 (2.3%) | 1.11 | 8,101 |
| 2019-05-01 | $355,750 (0.3%) | $478,323 (2.2%) | 1.11 | 8,342 |
| 2019-06-01 | $358,250 (1.6%) | $477,698 (2.9%) | 1.12 | 8,496 |
| 2019-07-01 | $349,938 (0.9%) | $457,648 (1.0%) | 1.10 | 8,510 |
| 2019-08-01 | $349,999 (2.9%) | $463,454 (4.0%) | 1.10 | 8,488 |
| 2019-09-01 | $349,995 (3.0%) | $476,498 (7.5%) | 1.10 | 7,481 |
| 2019-10-01 | $336,000 (0.7%) | $449,932 (3.2%) | 1.08 | 8,311 |
| 2019-11-01 | $334,750 (1.5%) | $435,472 (0.7%) | 1.10 | 7,819 |
| 2019-12-01 | $335,950 (3.4%) | $436,906 (2.0%) | 1.12 | 7,001 |
| 2020-01-01 | $336,685 (3.6%) | $443,376 (3.4%) | 1.13 | 6,365 |
| 2020-02-01 | $340,950 (3.4%) | $460,403 (4.7%) | 1.12 | 5,751 |
| 2020-03-01 | $349,950 (2.9%) | $477,904 (4.3%) | 1.10 | 5,974 |
| 2020-04-01 | $340,320 (-2.8%) | $459,641 (-3.0%) | 1.07 | 6,501 |
| 2020-05-01 | $352,578 (-0.9%) | $484,575 (1.3%) | 1.07 | 6,267 |
| 2020-06-01 | $367,327 (2.5%) | $509,056 (6.6%) | 1.08 | 5,336 |
| 2020-07-01 | $369,450 (5.6%) | $513,038 (12.1%) | 1.07 | 4,736 |
| 2020-08-01 | $369,900 (5.7%) | $515,844 (11.3%) | 1.06 | 4,559 |
| 2020-09-01 | $373,795 (6.8%) | $520,579 (9.3%) | 1.07 | 4,441 |
| 2020-10-01 | $368,950 (9.8%) | $516,057 (14.7%) | 1.06 | 4,335 |
| 2020-11-01 | $374,950 (12.0%) | $519,927 (19.4%) | 1.10 | 4,044 |
| 2020-12-01 | $372,123 (10.8%) | $513,433 (17.5%) | 1.11 | 3,533 |
| 2021-01-01 | $367,520 (9.2%) | $509,906 (15.0%) | 1.10 | 3,036 |
| 2021-02-01 | $362,450 (6.3%) | $511,301 (11.1%) | 1.05 | 2,641 |
| 2021-03-01 | $374,676 (7.1%) | $545,186 (14.1%) | 1.06 | 2,331 |
| 2021-04-01 | $385,000 (13.1%) | $553,507 (20.4%) | 1.04 | 2,319 |
| 2021-05-01 | $389,000 (10.3%) | $550,153 (13.5%) | 1.03 | 2,462 |
| 2021-06-01 | $388,790 (5.8%) | $541,566 (6.4%) | 1.02 | 2,788 |
| 2021-07-01 | $385,983 (4.5%) | $527,577 (2.8%) | 1.02 | 3,072 |
| 2021-08-01 | $387,000 (4.6%) | $516,326 (0.1%) | 1.03 | 3,258 |
| 2021-09-01 | $388,425 (3.9%) | $522,995 (0.5%) | 1.04 | 3,293 |
| 2021-10-01 | $398,000 (7.9%) | $524,337 (1.6%) | 1.06 | 3,245 |
| 2021-11-01 | $399,000 (6.4%) | $520,370 (0.1%) | 1.07 | 3,063 |
| 2021-12-01 | $389,945 (4.8%) | $517,287 (0.8%) | 1.06 | 2,593 |
| 2022-01-01 | $395,000 (7.5%) | $525,389 (3.0%) | 1.07 | 2,145 |
| 2022-02-01 | $389,950 (7.6%) | $544,796 (6.6%) | 1.01 | 1,846 |
| 2022-03-01 | $399,997 (6.8%) | $555,139 (1.8%) | 1.00 | 1,947 |
| 2022-04-01 | $412,945 (7.3%) | $579,860 (4.8%) | 0.98 | 2,165 |
| 2022-05-01 | $429,975 (10.5%) | $593,878 (8.0%) | 0.98 | 2,935 |
| 2022-06-01 | $441,008 (13.4%) | $594,107 (9.7%) | 0.98 | 3,705 |
| 2022-07-01 | $429,900 (11.4%) | $575,699 (9.1%) | 0.97 | 5,038 |
| 2022-08-01 | $425,000 (9.8%) | $565,246 (9.5%) | 0.98 | 5,409 |
| 2022-09-01 | $419,950 (8.1%) | $565,558 (8.1%) | 0.98 | 5,464 |
| 2022-10-01 | $411,933 (3.5%) | $550,440 (5.0%) | 0.97 | 5,736 |
| 2022-11-01 | $400,000 (0.3%) | $538,850 (3.6%) | 0.96 | 5,972 |
| 2022-12-01 | $395,000 (1.3%) | $527,085 (1.9%) | 0.98 | 5,459 |
| 2023-01-01 | $394,900 (0.0%) | $528,246 (0.5%) | 0.98 | 4,929 |
| 2023-02-01 | $397,425 (1.9%) | $541,566 (-0.6%) | 0.96 | 4,367 |
| 2023-03-01 | $400,808 (0.2%) | $556,746 (0.3%) | 0.94 | 4,089 |
| 2023-04-01 | $425,000 (2.9%) | $590,902 (1.9%) | 0.99 | 4,012 |
Charlotte's median listing price comes in at 99% of the national average.
Charlotte's average listing price for 2023-04-01 was $590,902, a difference of $11,042 (1.9%) versus the prior year and $34,156 versus the prior month.
For the 2023-04-01 period, Charlotte had 4,012 MLS listings, a difference of -77 listings (-2%) versus the prior month and 1,847 listings (85%) 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 | 84 days | 2,573 sqft |
| 2018-02-01 | 73 days | 2,556 sqft |
| 2018-03-01 | 50 days | 2,621 sqft |
| 2018-04-01 | 48 days | 2,639 sqft |
| 2018-05-01 | 47 days | 2,650 sqft |
| 2018-06-01 | 49 days | 2,650 sqft |
| 2018-07-01 | 52 days | 2,601 sqft |
| 2018-08-01 | 53 days | 2,560 sqft |
| 2018-09-01 | 58 days | 2,540 sqft |
| 2018-10-01 | 61 days | 2,499 sqft |
| 2018-11-01 | 63 days | 2,467 sqft |
| 2018-12-01 | 68 days | 2,432 sqft |
| 2019-01-01 | 74 days | 2,416 sqft |
| 2019-02-01 | 67 days | 2,423 sqft |
| 2019-03-01 | 53 days | 2,465 sqft |
| 2019-04-01 | 50 days | 2,519 sqft |
| 2019-05-01 | 49 days | 2,557 sqft |
| 2019-06-01 | 50 days | 2,546 sqft |
| 2019-07-01 | 51 days | 2,481 sqft |
| 2019-08-01 | 61 days | 2,495 sqft |
| 2019-09-01 | 65 days | 2,507 sqft |
| 2019-10-01 | 57 days | 2,386 sqft |
| 2019-11-01 | 58 days | 2,362 sqft |
| 2019-12-01 | 67 days | 2,359 sqft |
| 2020-01-01 | 73 days | 2,334 sqft |
| 2020-02-01 | 61 days | 2,356 sqft |
| 2020-03-01 | 41 days | 2,388 sqft |
| 2020-04-01 | 43 days | 2,328 sqft |
| 2020-05-01 | 55 days | 2,410 sqft |
| 2020-06-01 | 50 days | 2,437 sqft |
| 2020-07-01 | 44 days | 2,425 sqft |
| 2020-08-01 | 38 days | 2,385 sqft |
| 2020-09-01 | 36 days | 2,356 sqft |
| 2020-10-01 | 37 days | 2,278 sqft |
| 2020-11-01 | 44 days | 2,236 sqft |
| 2020-12-01 | 49 days | 2,195 sqft |
| 2021-01-01 | 51 days | 2,192 sqft |
| 2021-02-01 | 31 days | 2,059 sqft |
| 2021-03-01 | 30 days | 2,079 sqft |
| 2021-04-01 | 27 days | 2,098 sqft |
| 2021-05-01 | 23 days | 2,111 sqft |
| 2021-06-01 | 23 days | 2,090 sqft |
| 2021-07-01 | 25 days | 2,058 sqft |
| 2021-08-01 | 26 days | 2,049 sqft |
| 2021-09-01 | 29 days | 2,066 sqft |
| 2021-10-01 | 31 days | 2,058 sqft |
| 2021-11-01 | 33 days | 2,045 sqft |
| 2021-12-01 | 39 days | 1,992 sqft |
| 2022-01-01 | 40 days | 1,997 sqft |
| 2022-02-01 | 28 days | 1,965 sqft |
| 2022-03-01 | 18 days | 1,982 sqft |
| 2022-04-01 | 18 days | 2,002 sqft |
| 2022-05-01 | 20 days | 2,050 sqft |
| 2022-06-01 | 27 days | 2,107 sqft |
| 2022-07-01 | 30 days | 2,088 sqft |
| 2022-08-01 | 36 days | 2,084 sqft |
| 2022-09-01 | 43 days | 2,085 sqft |
| 2022-10-01 | 44 days | 2,057 sqft |
| 2022-11-01 | 48 days | 2,021 sqft |
| 2022-12-01 | 59 days | 1,964 sqft |
| 2023-01-01 | 68 days | 1,941 sqft |
| 2023-02-01 | 57 days | 1,951 sqft |
| 2023-03-01 | 43 days | 1,970 sqft |
| 2023-04-01 | 40 days | 2,015 sqft |
Charlotte's median square footage for active listings during the 2023-04-01 period was 2,015 sqft. One year prior, the average listing was 2,002 sqft.