New Construction Eases Supply Shortage, Fueling Buyer Demand in Catawba Valley as Home Sales Rally

April 25, 2024                                                                         

Contact: Kim Walker, 704-940-3149      

CHARLOTTE, N.C. — Home sales across the Catawba Valley Region in March were slightly down 9.4 percent, ending the month with 309 transactions compared to 341 in March 2023. However, the region saw a 22.1 percent increase from February 2024, accounting for 56 more closed sales. 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.

In March 2024, there was a 5.9 percent increase in the number of new listings compared to the previous year, adding 483 properties to the market. New listings increased in three of the four counties with only Caldwell seeing a small dip of 3.7 percent year-over-year. Additionally, March saw a 10 percent rise in new listings when compared to February 2024, translating to an additional 44 properties becoming available.

The median sales price reached $282,000, reflecting a 7.2 percent increase from March of the previous year. This price shows a marginal decrease compared to February 2024, which was $283,000, a difference of $1,000. Within the four-county region, the average sales price climbed to $333,391, indicating an 11.7 percent increase year-over-year. This figure is also about $10,000 higher than the average sales price in February. Sellers were able to secure sale prices very close to their listing prices, with the ratio of the original list price to the sales price averaging at 96.2 percent.

“Affordable new construction plays an important role in helping first-time homebuyers achieve homeownership. Given the current mortgage rates and home prices that strain budgets, these new developments are a valuable gateway for entering the housing market. It's encouraging to note that a significant portion of this month's contracts originated from new construction, with nearly a quarter priced below the region's median sales price." said Karleta Smith, a Realtor®/broker with Keller Williams Denver and 2024 president of Catawba Valley Association of Realtors®. 

March 2024 saw a surge in buyer demand, with a 10.5 percent escalation resulting in 430 properties going under contract—this marks the highest number of pending sales the region has witnessed in seven years. Contributing to this uptick was new construction with 21 percent of pending sales coming from new builds. When compared to February, which saw 330 properties under contract, March experienced a 30.3 percent rise. Pending sales figures increased in Alexander, Caldwell, and Catawba counties, while Burke County's activity remained unchanged year-over-year.

According to the March Showings report, foot traffic for listings throughout the Catawba Valley Region averaged 5.4 showings (or potential buyers) per listing. Catawba County saw the most buyer interest among the four counties, with an average of 6.3 showings per listing. This was closely followed by Burke County with 5.0, Caldwell County with 4.6, and Alexander County with 3.7 showings per listing. Newton (7.1), Hickory (6.7) and Morganton (6.1) all had high buyer interest this month.

Smith continued, “Home buyers need to start their search with a clear understanding of their budget and needs, and be prepared to act swiftly. In today's market, flexibility and preparedness are your greatest assets. Always consider the long-term potential of a home, rather than just the immediate appeal. Work with a trusted buyer agent who can guide you through the complexities of the market, help you navigate through your options, and advocate on your behalf.”

Properties stayed on the market for an average of 43 days marking the third consecutive month above 40 days. Though this is a slight 7 day decrease from February 2024, it is a 13.2 percent year-over-year increase from 38 days in March 2023. Within the four-county region, condos remained on the market for an average of 48 days, single-family homes for 33 days, and townhomes sold the quickest, averaging just 24 days on the market before sale.

The month ended with 701 properties on the market, marking a significant 39.4 percent increase from the prior year, which saw 503 properties listed. Inventory for the region has been on the rise for seven months straight. Consequently, the months of supply grew by 40 percent resulting in 2.1 months, up from the 1.5 months recorded during the same timeframe in the previous year. This is also the seventh month in a row of over 2 months supply.

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 home sales in March experienced a 23.8 percent decrease from the previous year, with 16 homes sold compared to 21 sold in March of the prior year. However, pending contract activity increased substantially with 31 homes under contract versus 20 homes under contract a year ago.  New listing activity slightly increased 3.7 percent year-over-year as sellers brought 28 homes to market. Inventory rose to 47 units compared to 37 the previous year. This equates to 2.1 months of supply which is up from 1.7 months of supply this time last year.

The median sales price of $329,000 was up 11.5 percent year-over-year while the average sales price of $359,869 increased by 13.6 percent compared to last year. Additionally, the average list price climbed 14.8 percent to $427,011 bringing the original list price to sales price measure up slightly to 99.7 percent. Days on market dipped this month by 15.6 percent, as homes averaged 27 days on market until sale.

Burke County once again
experienced increases in most metrics. The only decreases were found in closed sales with a 17.1 percent decline to 63 properties and the percent of original list price received with a slight 0.4 percent dip to 95 percent.

There was a 47.7 percent increase in inventory levels, with 158 properties available, equivalent to a 2.4 month supply, a 50% increase from 2023. Pending contract activity was flat this month with 88 homes under contract during March. New listings rose 9.3 percent as sellers brought 106 homes to market compared to 97 in March 2023. Days on market also increased 5.6 percent to 38 days, a slight increase from 36 days last year. 

The median sales price experienced an increase of 15.5 percent from the previous year to $270,000. Additionally, the average sales rose by 4.3 percent to $277,723 while the average list price increased by 23.3 percent year-over-year to $403,223.

Caldwell County saw increases across all metrics except for new listings and closed sales during March. Pending sales rose 11.1 percent year-over-year with 90 homes in contract compared to 81 in March 2023. However, closed sales dropped 5.6 percent year-over-year as 67 homes sold during the month compared to 71 in March 2023.

New listing activity declined 3.7 percent with 79 properties listed, versus 82 in 2023. Conversely, inventory rose 14.8 percent to 101 homes for sale at report time or 1.5 months of supply. The median sales price was flat at $249,900, the average sales price rose 13.4 percent to $301,932, while the average list price increased by 28.5 percent to $389,815. The percent of list price received this month was at 97.4 percent. Days on market until sale showed homes averaged 39 days on market versus 33 days on market in March 2023.  

Catawba County closed sales decreased 5.8 percent in March 2024 as 163 homes sold compared to 173 that sold in March 2023, conversely pending contract activity increased 10.5 percent to 221 homes under contract during the month. New listings saw an 8.0 percent year-over-year climb to 270 homes listed compared to 250 that were newly listed in March 2023.

Inventory rose 45.8 percent with 395 homes for sale at report time or 2.2 months of supply. The median sales increased this month by 10.9 percent to $304,950 while the average sales price rose by 12.9 percent to $365,240. The average list price increased 8.5 percent to $439,529. This brought the original list price to sales price measure down to 95.8 percent compared to 97.3 percent in March 2023. Days on market rose 14.6 percent to 47 days in March 2024 versus 41 days on market in March 2023.

For more residential-housing market statistics, visit 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: 4/25/2024