April housing data for Charlotte shows seller confidence rising and increased buyer activity despite higher rates

May 13, 2024

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — Home sales throughout the Charlotte region receded slightly in April, down by 2.9 percent compared to April 2023, as 3,592 homes sold across the 16-county region. Just a little over 100 closed sales separated last year’s sales from sales in April 2024. Sales compared to March 2024, rose 1.6 percent, showing buyers desire to own homes in the region, despite stubbornly higher mortgage rates.  Canopy MLS sales included in this report represent single-family, condo, and townhomes.

Pending home sales climbed higher in April, rising 3.6 percent year-over-year as 4,250 homes went under contract during the month. April’s contract activity compared to March showed buyer demand slightly higher, but steady at 1.3 percent. 

Charisma Southerland, 2024 president of Canopy Realtor® Association/Canopy MLS and Realtor®/broker with Allen Tate Company said, “Despite a recent Gallop poll showing buyers frustrations with the current housing market, buyers are finding a way, to purchase, underscoring the fact that homeownership is still key to building wealth. The National Association of Realtors® reports that the 2022 median net worth of homeowners was $396,200, while the median net worth of renters was $10,400, which should further incentivize buyers.  At the recent Residential Economic Issues and Trends forum at NAR’s 2024 Legislative Meetings, Dr. Lawrence Yun, NAR Chief Economist noted, that housing demand is not being satisfied due to lack of supply.  Closer to home, we see that pent-up demand from buyers, which is why contract activity remains steady, even as tight supply and higher mortgage rates persist.”

April Showing Reports confirm elevated buyer activity, with buyer interest strong, as listings in Mecklenburg County received 7.1 showings (or potential buyers) per listing, followed by Union County, with 6.9 showings per listing and Cabarrus County, where listings received 6.7 showings per listing.  Matthews continues to remain a top area for buyers, as listings this past month received 9.1 showings per listing, followed by Waxhaw, with 8.3 showings per listing and Kannapolis, with 7.7 showings per listing in April.

Seller activity in the form of new listings rose substantially in April, by 17 percent year-over-year as sellers brought 5,175 new listings to the market, 752 more listings than in April 2023. Still, with inventory and supply rising 24.5 percent and 35.7 percent year-over-year respectively, the number of homes for sale remains critically low.  At report time the 16-county region had 6,424 homes for sale or 1.9 months of supply. Last April’s inventory showed only 5,160 homes for sale and 1.4 months of supply.

“The boost to inventory and supply in April will certainly be welcomed by buyers. NAR expects interest rates will either fall in September or early 2025, and that inventory will continue to grow, which could mean more sales activity in fourth quarter. If the Charlotte market had more supply, our sales numbers would have easily been much stronger in first quarter.”

The inventory of single-family homes in April is up overall, 22.3 percent year-over-year, with more mid-priced homes coming back to market.  Homes priced from $400K-$500K had a 27.5 percent increase in inventory, while homes price $300K-$400K had an increase of 25.1 percent compared to last April. Homes priced $200K to $300K have come back to the market, with a 21.9 percent increase in inventory. However, the inventory of condos and townhomes across the market remains strongest.  Canopy MLS reports showed condo and townhome inventory in April up 36.8 percent year-over-year, presenting more opportunities for buyers, particularly first-time buyers.  

With buyer demand steady this past month, prices throughout the region rose. Both the median sales price ($390,000) and the average sales price ($500,246) increased by four percent and 9.2 percent year-over-year respectively.  The average list price across the region rose 8 percent to $557,244, which caused the original list price to sales price measure to rise slightly (0.2%), which is a strong incentive for sellers to continue listing.

Southerland continued, “Prices are rising in our market, due to steady buyer demand amidst tight supply. NAR notes that prices in the Charlotte MSA however have only risen modestly, up 2.9 percent in first quarter 2024 compared to first quarter 2023. Canopy MLS’s reports confirm this trend, with the Charlotte MSA year-to-date median sales price at the end of first quarter 2024 at $395,000, which is down slightly when compared to our high of $397,000 in March 2023.”

Time on market declined in April which means a slightly faster-paced market for buyers.  In April the average number of days a property was on the market from the time it was listed until close (List to Close) was 83 days compared to 90 days in April 2023, while the “Days on Market” metric, which accounts for both “Active” and “Under-contract-show” statuses, indicates homes averaged 37 days on market before selling compared to 40 days in April 2023. 

Mecklenburg County home sales in April declined 5.8 percent year-over-year as 1,328 homes sold compared to 1,410 that sold during the same period a year ago.  Sales compared to March 2024 were nearly on par, down less than a percent (-0.5%).  Buyer demand as displayed by pending contracts slipped by 3.1 percent as 1,547 homes went under contract.  Contract activity however, is up slightly (1.2%) compared to March 2024. New listings across the county rose significantly, 12.4 percent, as sellers listed 1,802 homes for sale, nearly 200 more than sellers listed in April 2023, and a nice boost to inventory.  Inventory at report time rose 21.5 percent to 1,865 homes for sale, while supply climbed 36.4 percent to 1.5 months compared to slightly more than 30 days of supply in April 2023.

Still, critically low supply and somewhat steady demand, continue to force prices higher, as both the median sales price ($445,000) and the average sales price ($625,787) rose 4.7 percent and 14.8 percent year-over-year respectively.  The average list price topped out at $669,470, up 9.2 percent compared to last year, bringing the original list price to sales price measure in Mecklenburg County to 99.1 percent, showing sellers getting nearly all of asking price. Homes were on market for about a month, as days on market declined 13.9 percent, showing homes averaging 31 days on market until sale compared to 36 days on market in April 2023.

Closed sales in the city of Charlotte dipped 4 percent year-over-year as 1,091 homes sold compared to 1,137 that sold in April 2023. Contract activity was also down slightly, 2.4 percent as buyers drove 1,236 homes under contract during the month.  New listings across the city increased by 11.5 percent as sellers brought 1,432 homes to market, 148 more new listings than last April. Inventory rose 23.8 percent to 1,505 homes for sale at report time or 1.5 moths of supply, which is up 23.8 percent compared to last year. Both the median sales price ($430,000) and the average sales price ($629,246) rose 6 percent and 19.4 percent year-over-year respectively, while the average list price rose 7.6 percent to $640,713. This brought the original list price to sales price measure to 99.1 percent while days on market showed homes sold quickly, averaging 32 days on market compared to 36 days on market in April 2024.

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: 5/13/2024