February 19, 2025

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — The Charlotte housing market continued to build on December’s momentum, with home sales rising in January 2025. Closed sales across the 16-county Charlotte region increased 7.1 percent year-over-year, as buyers closed on 2,484 homes—up from just over 2,300 sales in January 2024. However, month-over-month closed sales declined by 22 percent, following the typical seasonal slowdown. Notably, January marked the fourth consecutive month of year-over-year improvement in closed sales transactions. Canopy MLS sales included in this report reflect transactions for single-family homes, condos, and townhomes only.

Contract activity signaled steady buyer demand compared to the start of last year, with 3,320 properties going under contract in January—which is nearly on par with January 2024. Month-over-month, however, pending contracts rose significantly, 26.2 percent compared to December, a strong indicator of sustained buyer interest. Pending contracts are a leading predictor of future sales, as most transactions tend to close within 45 to 60 days.

Showing Activity Highlights Market Hotspots

Overall showing activity dipped 2.4 percent year-over-year across the Charlotte MSA in January, with listings averaging 5.2 showings (or potential buyers) per property. However, buyer interest remained strong in key areas:

• Matthews led the market with an average of 7.3 showings per listing.
• Huntersville followed with 6.3 showings per listing.
• Waxhaw saw 6.2 showings per listing.
• Charlotte averaged 5.8 showings per listing.
• Concord rounded out the top five with 5.6 showings per listing.

Seller confidence remained strong, as just over 4,000 new listings hit the market in January—an 11.3 percent increase year-over-year and a 52.7 percent jump from December. Consistently rising new listing activity throughout 2024 has significantly expanded inventory levels, which stood at 8,200 homes for sale as of February 5, 2025.

The region now has 33 percent more homes for sale than at the start of 2024, while supply is up 28 percent year-over-year to 2.3 months of supply. Supply levels across the region peaked at 2.7 months of supply in September 2024, but strong fourth-quarter 2024 sales tempered those gains, leaving the market highly favorable for sellers at the start of the year.

“Despite elevated mortgage rates, buyers continue to signal their strong intent to purchase, setting the stage for a potentially competitive spring market,” said Charisma Southerland, 2025 president of Canopy Realtor® Association/Canopy MLS and Realtor®/broker with Allen Tate Company. "Fortunately, sellers are also showing confidence in listing their homes, though ‘rate lock’ continues to keep some homeowners on the sidelines. The current market underscores the importance of strategic planning for both buyers and sellers as we move into what could be a challenging but active spring selling season.”

Supply and inventory levels continued to improve in outlying counties, with Cleveland County nearly in a buyer’s market with four months of supply, followed by Alexander County, with 2.8 months of supply, and Lincoln County with 2.7 months of supply. (See Jan 2025 data for 30+ communities)

Growing Condo/Townhome market

In January, the inventory of condos and townhomes in the Charlotte region saw a significant increase. Condominium inventory surged by 76.1 percent, while townhome inventory increased by 68.9 percent. This rise in available properties contributed to a higher months’ supply of inventory, reaching 3.0 months for condos and 2.7 months of supply for townhomes, reflecting growth compared to the previous year. Despite the increased availability of properties, closed sales for both property types were mixed. The overall condo-townhome market experienced 2.1 percent growth in closed sales. Median prices for condos rose by 6.8 percent to $315,000, marking the strongest price appreciation among all property types. Townhome prices also increased but at a more moderate rate.

Southerland continued, “The increase in condo and townhome inventory across the Charlotte region continues to create more opportunities for buyers, offering greater affordability and a wider selection of homes. Condo inventory is up 76 percent compared to last year, likewise townhome inventory has also increased by 69 percent over last year, giving buyers more choices than ever, while prices remain competitive.”

Prices in the region continued to hold steady, with the median sales price of $385,000 rising modestly, by 2.7 percent year-over-year and unchanged compared to December. January’s average sales price of $491,285 however was 9.1 percent higher than last year. Compared to December, the average sales price is up 4.3 percent. Prices increased due to steady buyer demand amidst tight inventory.  The average list price increased 4.7 percent to $509,726 which caused the original list price to sales price measure to fall one percent to 95.4 percent, which is still a strong incentive for sellers to list their homes for sale.

Time on market continued to increase, giving buyers more time to shop. In January the average number of days a property was on the market from the time it was listed until close (List to Close) increased 9.5 percent to 104 days up from 95 in January 2024, while the “Days on Market” metric, which accounts for both “Active” and “Under-contract show” statuses, indicated homes averaged 57 days on market before selling, an increase of 35.7 percent compared to 42 days on market in January 2024.

"With mortgage rates remaining high and economists predicting little near-term relief due to persistent inflation, buyers need guidance now more than ever. Working with a Realtor® who has access to Canopy MLS tools like Down Payment Resource (DPR) can unlock valuable assistance options, making homeownership more attainable and easing the path to closing. In this evolving market, having the right resources can make all the difference,” said Southerland.

Mecklenburg County
In January 2025, Mecklenburg County’s housing market showed a mix of trends when compared to both the previous year and the prior month. Year-over-year, new listings rose significantly by 15.1 percent, reaching 1,490 homes, while closed sales increased by 5.6 percent to 867 transactions. However, pending sales or buyer demand dipped by 5.8 percent, indicating a potential slowdown in buyer activity. The median sales price saw a moderate increase of 2.8 percent to $425,000, while the average sales price surged 14.6 percent to $596,540, reflecting demand in higher-priced segments. Inventory continues to expand, with homes for sale rising 45.4 percent, pushing months of supply up to 2.0 months—a 53.8 percent jump from the previous year.

Month-over-month, Mecklenburg County’s housing market exhibited some cooling signs. While inventory continued on an upward trend, increasing from 2,345 to 2,477 homes, and months of supply rose from 1.8 to 2.0 months of supply, the median sales prices declined slightly from $445,000 in December to $425,000 in January. However, the percentage of original list price received increased 95.7 percent to 96.4 in January, showing how strongly the market favors sellers in Mecklenburg County. Closed sales also dropped from 1,142 in December to 867 in January, indicating a seasonal slowdown, typical for this time of year.

Additionally, homes took longer to sell in January, with days on market rising 36.8 percent to 52 days on market. Overall, while Mecklenburg County continues to see strong listing activity and inventory expansion, the market continues to stabilize and move towards balance, with signs of moderating price growth and extended selling times.

A look at the city of Charlotte in January showed a mix of strong listing activity and rising inventory, signaling a shift toward a more balanced market. Year-over-year, new listings increased by 17.4 percent, reaching 1,248 homes, while closed sales grew by 8.6 percent to 717 transactions. However, pending sales declined by 5.2 percent, suggesting a potential slowdown in buyer activity. The median sales price rose by 5.0 percent to $408,000, while the average sales price climbed 11.8 percent to $552,681, reflecting demand for higher-value homes. Inventory levels rose by 42.0 percent to 2,036 homes, pushing months of supply up to 2.0 months—a 42.9 percent increase from the previous year. Despite these gains, homes took longer to sell, typical for this time of year, with days on market rising from 38 to 53 days, and sellers receiving slightly less of their original list price, dropping from 97.3 percent to 96.3 percent in January. Overall, while the market remains active, increased inventory and longer selling times indicate a more buyer-friendly environment.

Southerland added, "The strong increase in new listings and expanding inventory in both Mecklenburg County and Charlotte continue to present opportunities for buyers this year. With more homes on the market, and prices stabilizing, buyers have a greater selection and more negotiating power, making homeownership more accessible, especially if mortgage rates remain stable. Meanwhile, steady sales growth and strong demand for higher-value properties indicate continued confidence in the region’s housing market.”

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: 2/19/2025