October 30, 2024

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — The Catawba Valley Region real estate market continues to evolve, with higher inventory levels and shifting sales activity marking September. The latest data reveals significant trends across sales, listings, prices, and buyer behavior. The sales data in this report is sourced from Canopy MLS and encompasses single-family homes, condos, and townhomes sold in Alexander, Burke, Caldwell, and Catawba Counties.

Inventory reached 1,024 homes by the end of September, a 44.8 percent increase from last year, with all four counties in the region seeing growth. The months of supply rose to 3.1 months, reflecting a 40.9 percent rise, which is providing more options for buyers. Inventory also increased by 44.8 percent in the third quarter compared to Q3 2023, while months of supply improved by 36.6 percent during the same period.

Closed home sales totaled 280 in September, marking a 23.3 percent drop from 365 sales in September 2023. Sales in September also saw a 25.5 percent decrease from August. New construction accounted for 53 of the closed sales this month. The third quarter also saw a slight year-over-year decline in sales, with 24 fewer properties sold compared to Q3 2023.

Seller activity continued with 456 new listings added in September, a 3.9 percent increase compared to the previous year. However, new listings were down 11.6 percent from August’s 516 new listings. New construction made up a significant portion, with 103 of the new listings being new builds, helping to ease supply constraints across the region.

Buyer activity remained strong in the Catawba Valley Region through September 2024, with pending sales increasing 21.1 percent to 367 properties. There was a slight dip from August of 1.1 percent equating to 4 less properties entering into contracts this past month. New construction made up 20 percent of pending sales.

“The continued rise in inventory is giving buyers more options and we're already seeing longer days on market as a result. With steady new listings, including contributions from new construction, this is an excellent time for buyers to explore their options and negotiate favorable terms. said Karleta Sharisse Smith, a Realtor®/broker with Keller Williams Advantage and 2024 president of Catawba Valley Association of Realtors®. 

The median sales price rose slightly to $299,000, reflecting a 1.5 percent increase from September 2023 and a 2.2 percent gain from the previous month. The average sales price climbed 7.3 percent year-over-year, reaching $366,453. In the third quarter, price trends varied, with the median sales price declining by 2.3 percent to $291,210, while the average price rose by 6.4 percent to $357,424. Sellers, on average, received 95.3 percent of their asking price, a slight improvement from August.

The region averaged 3.3 showings per listing in September, slightly down from 3.5 in August. Catawba County led with 3.5 showings per listing, followed by Alexander County at 3.3, Burke County at 3.0, and Caldwell County at 2.9. Among cities, Hickory (4.0), Newton (3.9), and Morganton (3.4) saw high buyer activity.

Homes in the region remained on the market for an average of 38 days, an 18.8 percent increase from September 2023. Townhomes had the longest market time, averaging 50 days, followed by single-family homes at 38 days. Condos sold the fastest, staying on the market for just 31 days. The longer market time reflects the increased inventory, giving buyers more time and options to consider.

Smith continued, “While the effects of Hurricane Helene did not significantly impact September’s data, we recognize that parts of the region, including Burke, Catawba, and Caldwell counties, have faced challenges during recovery efforts. Right now, the focus is on rebuilding communities and supporting those affected. When homeowners are ready, turning to a trusted Realtor® can make the buying or selling process smoother, allowing them to focus on what matters most. With resilience and community support, the region is well-positioned to recover.”

A closer look at sales across the four counties:
(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)

Alexander County showed notable improvements in September 2024, with both the median sales price and the average sales price rising. The median sales price increased by 7.7 percent to $299,000, while the average sales price surged by 16.2 percent to $381,039. The percent of original list price received saw a slight increase to 94.0 percent. Homes remained on the market longer as the average days on market rose by 20.0 percent to 48 days. 

Sales activity slowed, with closed sales dropping 28.1 percent to 23 homes compared to 32 last year. Pending contract activity also decreased by 20.0 percent, with 20 homes under contract versus 25 a year ago. New listings fell by 18.8 percent, with only 26 homes hitting the market. Conversely, inventory rose by 34.8 percent, with 62 homes available, resulting in 2.9 months of supply compared to 2.2 months last year

Burke County had mixed performance in September 2024. While the average sales price grew significantly by 21.1 percent to $413,594, the median sales price dropped 5.4 percent to $264,900. Sellers received slightly less on average, as the percent of original list price received decreased to 95.5 percent. Homes spent slightly longer on the market, with days on market increasing by 8.3 percent to 39 days.

The market saw a substantial decline in closed sales, which fell 34.7 percent to 49 homes from 75 the previous year. However, pending sales surged 47.6 percent, with 62 homes under contract compared to 42 last year. New listings rose by 7.1 percent, with 90 homes coming to market. Inventory jumped by 75.2 percent, with 226 homes available, translating to a 3.3-month supply, up from 2.1 months in 2023.

Caldwell County housing market in September 2024 experienced both gains and challenges. The median sales price climbed 11.7 percent to $268,000, while the average sales price increased by 9.4 percent to $335,336. The percent of original list price received improved to 96.1 percent, indicating stronger buyer demand. Homes sold more quickly than last year, with days on market dropping by 25.0 percent to 24 days.

However, the number of closed sales declined by 19.4 percent to 50 homes, down from 62 in 2023. Pending sales saw positive movement, increasing by 16.2 percent to 79 homes under contract. New listings decreased by 8.5 percent to 86 homes. Inventory grew by 12.2 percent, with 166 homes available, resulting in 2.6 months of supply, a slight increase from last year’s 2.5 months.

Catawba County real estate market saw mixed results in September 2024. The median sales price declined by 3.7 percent to $322,500, while the average sales price rose modestly by 1.4 percent to $359,360. The percent of original list price received fell to 95.1 percent, indicating some softening in buyer competition. Homes took longer to sell, with days on market increasing by 33.3 percent to 40 days from 30 last year.

Closed sales dropped by 19.4 percent to 158 homes, compared to 196 in 2023. In contrast, pending sales surged by 22.6 percent, with 206 homes under contract. New listings rose by 10.9 percent, with 254 homes added to the market. Inventory increased significantly by 48.4 percent, with 570 homes available, providing a 3.2-month supply compared to 2.2 months last year.

For more residential-housing market statistics, visit CarolinaHome.com and click on “Market Data.” For an interview with 2024 president of Catawba Valley Association of Realtors® Karleta Smith, Realtor®/Broker at Keller Williams Denver, please contact Kim Walker.

Canopy MLS is a wholly-owned subsidiary corporation of Canopy Realtor® Association and is the private broker cooperative used by Realtors® to bring buyers and sellers together with access to thousands of residential listings in a multicounty service area, including Charlotte, Asheville and Catawba Valley regions spanning across North Carolina, South Carolina and outside of the Carolinas. Canopy MLS, which has 21,000 subscribers, provides the most trustworthy, timely, accurate and complete property data along with proprietary tools for showings, market stats, predictive analytics, and more. Canopy MLS is used by its members to support consumers in their residential real estate transactions, whether selling, buying, investing or renting.

Original Publish Date: 10/30/2024