December 2, 2024

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — The Catawba Valley Region real estate market continues to demonstrate resilience, with higher inventory levels and strong sales activity defining October. 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 levels increased across the region to 1,029 homes by the end of October, reflecting a 40 percent year-over-year growth despite a slight 2.9 percent decline from September. The months of supply rose to 3.1 months, a 34.8 percent year-over-year gain, signaling an increasingly buyer-friendly market. New construction played a significant role, accounting for 32 percent of available properties (or 325 new builds) and alleviating supply pressures.

“The Catawba Valley Region's housing market continues to show strength, with rising inventory levels providing buyers with more options while steady price growth highlights the ongoing buyer demand, which rose significantly in October, as a result of rates cooling a bit in September.” said Karleta Sharisse Smith, a Realtor®/broker with Keller Williams Advantage and 2024 president of Catawba Valley Association of Realtors®. 

Closed home sales totaled 351 in October, a 10.4 percent increase from 318 sales in October 2023. Sales also increased month-over-month by 21 percent, illustrating steady activity despite broader economic challenges. New construction accounted for 20 percent of the closed sales during the month.

Hurricane Helene seems to have had minimal effect on seller activity in the region during October. A total of 473 properties were listed, marking a 14 percent year-over-year increase. However, this was only a modest rise of 16 homes compared to September.

Buyer activity increased this month with 381 pending sales. This is a notable 22.1 percent increase from October 2023 and a 13.1 percent month-over-month increase. Showings per listing averaged 3.2 in October, with Catawba County leading at 3.7, followed by Alexander (3.4), Caldwell (2.9) and Burke (2.4) counties. Among cities, Hickory (4.0) continued to attract the most attention followed by Newton (3.5).

The median sales price climbed to $309,000 in October, a 6.2 percent increase year-over-year and a notable increase from September’s $295,000. Meanwhile, the average sales price rose 8.8 percent year-over-year to $359,463 a slight decline from September’s $362,806. Despite rising prices, the percentage of the list price received has experienced slight declines for 11 consecutive months. However, this has only resulted in a one percent difference in the rolling average, 95.4 percent compared to 96.4 percent. In October, sellers received an average of 95.2 percent of their asking price.

Smith continued, “While the market typically slows toward the end of the year, this period offers a perfect opportunity for buyers and sellers to start planning for the new year. For those ready to act now, it's an excellent time to enter the market, with many available options across multiple price points and the advantage of lower interest rates creating favorable conditions. Buyers should talk with agents about Canopy MLS’s Down Payment Resource tool which could help with downpayment and closing cost assistance."

Homes remained on the market longer in October, averaging 41 days, a significant 51.9 percent increase from October 2023. This extended market time was most pronounced for townhomes, which averaged 50 days, while single-family homes and condos averaged 39 and 32 days, respectively. The prolonged market time aligns with the growing inventory, granting buyers additional time to evaluate their options.

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 experienced various changes in its housing market for October 2024. The median sales price increased 37 percent to $301,250, and the average sales price rose 34.7 percent to $358,593, reflecting strong seller confidence. However, the percent of the original list price received declined slightly to 90.9 percent. Homes took longer to sell, with the average days on market increasing by 27.7 percent to 60 days compared to 47 days last year, a plus for buyers.

Sales activity slowed, with closed sales dropping by 30 percent to 14 homes, down from 20 last October. New listings also fell by 19.2 percent to 21 homes. Despite the decline in new listings, inventory rose by 31.1 percent, with 59 homes available. This resulted in a 2.8-month supply of inventory, up from 2.1 months last year, providing more options for buyers in the market.

Burke County experienced robust price growth in October 2024, with the average sales price increasing 22.9 percent to $352,249 and the median sales price rising 2.3 percent to $280,000. Sellers received slightly more for their homes, as the percent of the original list price received increased to 95.3 percent. Homes remained on the market for an average of 39 days, up 21.9 percent from 32 days last year.

Sales activity improved significantly, with closed sales jumping by 40 percent to 84 homes compared to 60 in October 2023. However, new listings declined by 22 percent to 71 homes. Inventory rose sharply by 52.9 percent, with 211 homes available, contributing to a 3.1-month supply of inventory, up from 2.1 months a year ago, indicating a shifting market dynamic.

Caldwell County saw a rise in both home prices and market activity in October 2024. The median sales price climbed 12 percent to $279,900, and the average sales price grew 5.4 percent to $337,842. Homes took significantly longer to sell, with the days on market increasing by 90.5 percent to 40 days, up from 21 days in October 2023. Despite this, sellers still managed to secure 94.1 percent of their original list price.

Closed sales increased by 13.1 percent to 69 homes, compared to 61 a year ago. However, new listings decreased by 14.6 percent to 70 homes. Inventory rose modestly by 2.5 percent, with 166 homes on the market. This led to a slight decline in the months’ supply of inventory to 2.6 months, down from 2.7 months.

Catawba County showed steady improvement in October 2024, with the median sales price increasing by 6.9 percent to $327,000 and the average sales price rising 4.1 percent to $370,773. Homes spent more time on the market, with the average days on market rising by 53.8 percent to 40 days, up from 26 days last October. Sellers, on average, received 95.8 percent of their original list price, slightly lower than last year.

Market activity increased, with closed sales inching up 4 percent to 184 homes, compared to 177 last year. New listings saw a significant jump of 44 percent, with 311 homes entering the market. Inventory levels also rose sharply by 52.1 percent to 593 homes, pushing the months’ supply of inventory to 3.2 months, compared to 2.3 months last year, giving buyers more options in this expanding market.

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: 12/2/2024