Buyers Rush to Close on Home Purchases at Year-End, boosting sales in December
January 16, 2025
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. — Residential sales trends for the 16-County Charlotte region at yearend showed a housing market nearly on par with 2023, with a total of 41,886 closed sales last year, according to data from Canopy MLS. A closer look at the data showed there were 284 more homes sold this past year than in 2023, an increase of 0.7 percent year-over-year, helping to end the year on a positive note.
Closed sales transactions during December increased 13.1 percent compared to December 2023, with 3,185 homes sold compared to 2,816 sold in December 2023. December’s increased sales were likely due to buyers motivated by rates that declined to a low for the year of 6.08 percent in late September, driving closings and contract activity in the fourth quarter of 2024. Sales in this report reflect existing home sales data for single-family, condo, and townhome property types only.
Pending sales increased 1.5 percent from last year, finishing 2024 with 42,235 homes under contract. At the same time, contract activity during the month of December rose 11.8 percent year-over-year with 2,631 homes in pending status, compared to a little more than 2,300 pendings in December 2023. Contract activity or buyer demand was steady throughout most of 2023, but rose significantly, each time rates declined into the 6 percent range, showing buyers continued interest in purchasing homes in the region.
Yearend showing data revealed 1.3 percent fewer showings across the market last year compared to showing activity in 2023. However, the typical home received 13 showings before pending, down 7.1 percent compared to 2023. The top cities/towns in the Charlotte MSA by number of showings per listing were: Waxhaw, Kannapolis, Concord, Matthews, Fort Mill, Rock Hill, and the City of Charlotte.
New listing activity marked nearly twelve consecutive months of year-over-year change in 2024, ending the year with 54,833 new listings, an increase of 12 percent over 2023, helping to boost both inventory and supply. There was a modest 1.5 percent increase in new listings in December 2024, as sellers added 2,651 homes to inventory during the month.
The region’s inventory at report time (Jan. 6, 2025), increased 24.7 percent year-over-year to 8,100 homes for sale while months of supply rose 21.1 percent year-over-year to end the year with 2.3 months of supply. Though inventory and supply rose throughout most of 2024, sales activity during the fourth quarter 2024 pushed both metrics lower in December, and still signal a market that highly favors sellers. The region’s inventory though growing is still far below pre-pandemic levels. “Rate-lock”, which points to homeowners who have a much lower mortgage rate than they could get on a new loan, continues to keep a number of homeowners from listing their homes for sale.
“Last year, homebuyers began to reset their expectations, coming to terms with what seems to be a new normal for rates, “said Charisma Southerland, 2025 president of Canopy Realtor® Association/Canopy MLS and Realtor®/broker with Allen Tate Company. “Over the past year, rates have been above 7 percent and close to 8 percent at times, so a rate in the 6 percent range is becoming more appealing to buyers.”
A look at Prices
Yearend figures show prices held steady throughout the year. The 2024 median sales price, the best measure of price over time, increased 3.5 percent compared to 2023, to end the year at $392,000, while the average sales price, increased 6.8 percent over last year, to end the year at $493,487. When separating out property types, Canopy MLS data showed Single-family home prices were up only 3 percent year-over-year which is considered a healthy rate of growth, signifying a stable and sustainable increase, while Condo-Townhome prices were up only 1.4 percent compared to last year. The original list price to sales price measure for all of 2024 was 96.7 percent, a reduction of 0.5 percent, but still evidence of a strong sellers market ahead in 2025. Breaking out the data by property types showed that single-family homes in 2024 received 96.5 percent of asking price, while Condo-Townhome properties received 97.8 percent of asking price.
In December, the median sales price ($385,000) and the average sales price ($476,952) increased 4.1 percent and 4.2 percent year-over-year respectively, while the average list price rose 4.2 percent to $471,179. The original list price to sales price measure during the month showed sellers received 95.1 percent of asking price for their homes in December.
In 2024, a look at closed sales by price range across the region showed homes priced $500K and above, made up the majority of sales (12,722), with 14 percent more sales when compared to sales of that price range in 2023. Homes priced from $300K to $400K made up the second-highest amount of sales (11,042), which is nearly even with sales in this price range in 2023. There were nearly, 8,000 homes sold in the price range of $200K to $300K, while homes priced $400K to $500K totaled nearly 7,100 last year.
Looking at the breakdown of sales by property types indicated that the region had 34,690 single-family homes sold in 2024, which is up slightly (0.3%) year-over-year; 5,437 townhomes sold, which is an increase of 4.6 percent compared to townhome sales in 2023, and 1,759 condo sales in 2024, which is down 3 percent compared to sales in 2023.
“As inventory and supply continue to grow, prices should continue to moderate this year and if rates stabilize, the outlook for buyers and sellers alike is promising and should yield more sales. Buyer’s Agents using tools like Down Payment Resource (DPR), which identifies properties in the MLS that qualify for down payment and closing cost assistance on homes priced up to $760,000 can help homebuyers reach the closing table faster while lowering their bottom line,” said Southerland.
Yearend figures showed homes sold were on the market longer than in previous years, but still sold fairly quickly, with the average number of days a property was on the market from the time it was listed until close (List to Close) at 86 days, compared to 87 days in 2023, while the “Days on Market” metric, which accounts for both “Active” and “Under contract-show” show statuses, indicated homes averaged 39 days on market before selling compared to 36 days in 2023.
Surprisingly, days on market until sale by range showed mid-priced homes in the range of $300K to $400K had the longest average market time at 40 days on market until sale. Homes priced below $300K sold the fastest, averaging 37 days on market until sale, while homes priced $500K and up averaged 39 days on market until sale in 2024.
In December 2024 the average number of days a property was on the market from the time it was listed until close (List to Close) was 95 days compared to 86 days in December 2023, while the “Days on Market” metric, which accounts for both “Active” and “Under-contract-show” statuses, indicates homes averaged 50 days on market before selling, compared to 35 days in December 2023.
The Region’s Condo and Townhome Market
The growing condo and townhome market throughout the region continues to signal more opportunities for buyers. Though condo sales were down 3 percent year-over-year, inventory of this property type rose in December. The inventory of condos priced from $200K to $300K increased 48.2 percent in December; condos priced from $300K to $400K increased 56 percent in December, while condos priced from $400K to $500K increased 273.3 percent in December 2024. Overall condo inventory rose by 57.7 percent when compared to condo inventory in December 2023. The median sales price of a condo in 2024 was $311,000, while the average sales price in 2024 for this property type was $426,429.
Townhome sales rose by nearly 5 percent year-over-year, showing buyers growing interest in this property type. Townhome inventory priced from $200K to $300K increased 52.4 percent, while the inventory of townhomes priced from $300K to $400K increased 34 percent year-over-year. Townhomes priced $400K to $500K had inventory levels increase by 78.3 percent year-over-year. For all price points, townhome inventory for the region rose by 48.6 percent compared to 2023. The median sales price of a townhome in 2024 was $363,618, while the average sales price in 2024 for this property type was $404,183.
Canopy MLS’s annual report showing top areas of condo-townhome market share in 2024 revealed Uptown Charlotte had the greatest share at 97.6 percent, followed by Cornelius with 44 percent market share, Davidson with 35.8 percent share, Mecklenburg County, with 32.2 percent share, and Fort Mill with 28.6 percent market share.
Mecklenburg County home sales, which accounted for nearly 36 percent of the region’s home sales last year, had a total of 15,235 homes sold in 2024, which is nearly on par with home sales in 2023 (-1.0%). Contract activity for the year was also similar to 2023, with 15,238 homes under contract, down less than a percent (-0.8%) compared to 2023. New listing activity showed seller confidence rose throughout the year, as sellers brought 19,234 new listings to market, an increase of 10.5 percent compared to new listing activity in 2023.
Still, inventory and supply across Mecklenburg, which showed 2,300 homes for sale and 1.8 months of supply, are critically low, foreshadowing challenges for buyers later on this spring. With buyer demand remaining steady last year, prices increased compared to 2023. The median sales price ended the year at $445,000, an increase of 4.7 percent over 2023, while the average sales price topped $592,670, an increase of 8.7 percent compared to 2023. The 2024 average list price to sales price measure showed sellers received 97.8 percent of asking prices last year for their homes, while days on market showed homes averaged 34 days on market until sale in 2024 compared to 32 days on market in 2023.
December sales in Mecklenburg County mirrored the region, with closings rising 6.8 percent as 1,142 homes sold during the month; pending contract activity rose 6.3 percent year-over-year to 914 homes under contract and new listing activity up 4.3 percent compared to December 2023, with 876 new listings added to the market. Prices during the month rose due to increased buyer demand. Both the median sales price ($445,000) and the average sales price ($575,660) increased by 8.5 percent and 7 percent year-over-year respectively, while the average list price in December increased 5.1 percent to $568,463. This brought the original list price to sales price measure down 1.9 percent to 95.7 percent during the month, while days on market showed homes averaged 49 days on market until sale compared to 31 days on market in December 2023.
Canopy Realtor® Association provides monthly reports on residential real estate market activity for the Charlotte region based on data from Canopy MLS. The Charlotte region, which this report is based on, includes 12 counties in North Carolina (Alexander, Cabarrus, Catawba, Cleveland, Gaston, Iredell, Lincoln, Mecklenburg, Rowan, Stanly, and Union) and four counties in South Carolina (Chester, Chesterfield, Lancaster and York).
For more residential housing market statistics, visit www.CarolinaHome.com and click on “Market Data.” For an interview with 2024 Association/Canopy MLS President Charisma Southerland, Realtor®/Broker with Allen Tate Company, please contact Kim Walker.
Canopy Realtor® Association owns and operates Canopy MLS, the region’s primary source for accurate and timely property data in a multicounty service area including the Charlotte MSA, Asheville MSA and Catawba Valley region spanning across North Carolina and South Carolina to outside the Carolinas. Canopy MLS provides the latest technology, tools and analytics that Realtors® utilize to support consumers with their residential real estate transactions.
Original Publish Date: 1/16/2025