Rates moving into the 6 percent range in September bolstered buyer and seller activity across the Charlotte region

October 15, 2024

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — Home sales across the Charlotte region and MSA were down again in September, declining 7.3 percent year-over-year as a little more than 3,200 homes sold across the region. Sales compared to the previous month (August) were down 13.4 percent. Year-to-date figures, showing closing activity from January through September however, indicated closed sales were nearly on par, when compared to the same period in 2023, declining by a modest 2.4 percent, with nearly 32,000 sales year-to-date. Canopy MLS sales included in this report represent single-family, condos, and townhome sales only.

Pending contracts, representing buyer demand rose significantly in September by 14.4 percent year-over-year as 3,552 homes went under contract during the month, the first double-digit growth in contract activity this year. Contracts were down however month-over-month by 8.1 percent. September showing reports reflected a similar increase in buyer interest with overall showing activity or buyer foot traffic rising 13.5 percent year-over-year, with nearly 42,000 showings across the Charlotte MSA.  Matthews and Waxhaw continued to have the most showing activity, with listings averaging 5.8 showings (or potential buyers) and 5.2 showings per listing respectively.  When looking at counties throughout the region, Cabarrus led in buyer foot traffic with listings there averaging 4.8 showings per listing, followed by listings in Mecklenburg County, where listings averaged 4.6 showings per listing.

Charisma Southerland, 2024 president of Canopy Realtor® Association/Canopy MLS and Realtor®/broker with Allen Tate Company said, “Though sales were down in September, the increase in contract activity can be directly attributed to mortgage rates moving down and as low as 6.2 percent in September. Contracts tend to close in about 45 to 60 days, so the current rate environment should help buyers and sellers in the long run, leading to more closings in the coming months.”

New listings rose 7.5 percent in September, representing 12 months of increasing seller confidence and helping to boost the region’s stock of homes. Sellers brought 4,688 homes to market during the month compared to 4,360 the previous year. Month-over-month new listings were down 8.1 percent compared to August 2024. Still, the number of price reductions throughout the MSA continues to show the difficulty that sellers are having pricing their homes for the current market. Price reductions in September rose by 31.6 percent compared to the previous year. 

Southerland continued, “We’ve seen more seller activity this year than previous years, and the build-up of sellers, while the overall market has been slower, is leading to a shift in balance, with more seller activity than buyer activity, causing sellers to adjust prices, in effort to attract more buyers to the home.”

The region’s inventory and supply rose by 42 percent in September and showed 9,454 homes for sale and 2.7 months of supply. Last September the 16-county region had only 1.9 months of supply. Still, the improvement in supply for the region is not enough to meet current buyer demand, which means the market still highly favors sellers.

With the significant rise in buyer demand or pending contracts, prices also moved higher in September. Both the median sales price ($395,000) and the average sales price ($502,717) rose by 3.9 percent and 7.1 percent year-over-year respectively, while the average list price throughout the region increased 7.4 percent to $532,026. This brought the original list price-to-sales price ratio down slightly (-1.3%) to 96.3 percent, showing sellers still receiving nearly all of asking prices for their homes.  

The time that homes spend on market continues to increase, allowing buyers more time to negotiate. The average number of days a property was on the market from the time it was listed until close (List to Close), increased by 7.5 percent year-over-year to 86 days compared to 80 days in September 2023, while the “Days on Market” metric, which accounts for both “Active” and “Under-contract-show” statuses, increased 31 percent to 38 days in September, compared to 29 days on market in September 2023. 

Mecklenburg County home sales activity in September mirrored the region, with closed sales down 8.7 percent year-over-year as 1,162 homes sold compared to 1,273 that sold a year ago in September.  Month-over-month sales were down 12.2 percent.  Buyer activity however increased by 11.6 percent to 1,239 homes under contract during the month, compared to slightly more than 1,100 in pending status a year ago. Sellers continued to respond to the market by listing 1,686 homes for sale, an increase of 12.2 percent year-over-year or 183 more homes.  Notably, price reductions in Mecklenburg County were up 23.4 percent compared to last year.

Inventory rose by 52.3 percent to 3,000 homes for sale at report time or 2.4 months of supply, which is critically low. September’s supply increased by 60 percent compared to last year when Mecklenburg had only 1.5 months of supply.  Still with supply tight, and demand up, prices rose. Both the median sales price ($440,000) and the average sales price ($577,745) increased by 4.8 percent and 6.7 percent year-over-year respectively. The median sales price however remained unchanged compared to August 2024. The average list price in Mecklenburg County rose 7.1 percent to $643,063 bringing the original list price to sales price measure down slightly (-1.2%) to 97.2 percent. Though time on market increased, homes sold faster in the county compared to the overall region. Days on market increased 41.7 percent and showed homes averaged 34 days on market until sale compared to 24 days on market in September 2024.

The city of Charlotte’s home sales were down 9 percent year-over-year as 945 homes sold in September compared to 1,038 that sold during the previous year. Contract activity rose by 11.8 percent to 968 homes under contract during the month while new listing activity jumped 11.4 percent to 1,379 homes listed, which continues to help inventory and supply.  Both indices rose by nearly 50 percent at report time and showed 2,437 homes for sale or 2.4 months of supply. The median sales price held steady, rising less than a percent (0.2%) to $410,000 while the average sales price increased 5.1 percent to $569,581. The average list price also rose by 5 percent to $602,602, bringing the original list price to sales price measure down to 97.2 percent.  Days on market showed homes in the city averaged 35 days on market until sale in September compared to 23 days on market during the same period last year.

Southerland added, “The improvement in supply and inventory each month is welcome and needed, but it’s still not enough to meet current demand, especially in Charlotte and Mecklenburg County, where prices are higher as a result of our tight market. With the help of a knowledgeable Realtor® and Canopy MLS’s Down Payment Assistance Resource (DPR) tool, buyers can navigate the complexities of the market and have success at the closing table. Down payment assistance is available on a number of homes listed for $700,000 or less in the MLS.”

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: 10/15/2024