June 20, 2024

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — Residential sales throughout the Charlotte region dipped slightly year-over-year, declining by 2.8 percent as 4,033 homes sold in May 2024.  A closer look at the data showed the region had 116 more sales than in May 2024.  Looking at sales month-over-month, closings increased by 12.3 percent compared to April’s closing activity.  Mortgage rates hovering in the seven percent range throughout May continued to put a damper on sales across the 16-county region.

Home sales rose in a several areas throughout the region, notably in Alexander County, by 25 percent compared to last year, Kings Mountain where sales were up 70.6 percent year-over-year, and Iredell County where sales rose 20.5 percent year-over-year. Sales also rose year-over-year in Kannapolis (13.5% compared to May 2023), Mooresville (10.1% compared to May 2023), Statesville (29% compared to May 2023), and Lake Norman (2.6% year-over-year). Canopy MLS sales included in this report represent single-family, condo, and townhomes.

Pending contract activity which gauges buyer demand remained steady and nearly unchanged in May, down less than a percent (-0.5%) year-over-year, as 4,072 homes went under contract during the month compared to 4,093 that were under contract a year ago in May. Compared to April’s pending sales, contract activity decreased by 4.2 percent.

May Showing Reports confirm buyer interest remains strong in Mecklenburg County where listings average 6.1 showings (or potential buyers) per listing, followed by Union County, with six showings per listing during May.  Matthews was a top area of interest for buyers, as listings this past month received 7.6 showings per listing, followed by Waxhaw, with 7 showings per listing, and Huntersville with 6.4 showings per listing. Buyer interest was also elevated in Cabarrus County, where listings averaged 5.8 showings per listing, and in particular Kannapolis, where listings averaged 6.3 showings per listing in May.

Charisma Southerland, 2024 president of Canopy Realtor® Association/Canopy MLS and Realtor®/broker with Allen Tate Company said, “Home sales changed very little from April to May throughout the region, but several areas in Northern Mecklenburg and Iredell County had spikes in closed sales activity. Even though sales are slower than previous years, seller activity this past month was quite strong, and new listings continue to boost inventory and supply, which are growing and should help buyers with more choices in their search for homes.”

Seller activity in the form of new listings rose substantially again in May, by 17.8 percent year-over-year as sellers brought 5,452 new listings to the market, 822 more listings than in May 2023. Month-over-month new listings rose 5.4 percent compared to new listing activity in April 2024.  At report time the 16-county region had 7,439 homes for sale or 2.2 months of supply.  Inventory and supply are up 37.2 percent and 46.7 percent year-over-year respectively.

The inventory of single-family homes in May continued to grow, with more mid-priced homes coming on market. Homes priced from $200K to $300K had a 29 percent increase in inventory year-over-year; homes priced from $300K to $400 had 39 percent increase in inventory year-over-year; and homes priced from $400K to $500K had a 42.1 percent increase in inventory.  The upper price ranges however are seeing a surge in the number of homes for sale, as homes priced from $600K to $700K had a 47 percent increase in the number of homes for sale in May, while homes priced $700K and above had a 46 percent increase in the number of homes for sale this past month.

A look at sales by property type showed single family and townhome inventory rose by 8.4 percent and 5.2 percent year-over-year respectively, while condo inventory was down 10.7 percent compared to last year.

Prices throughout the region continue to moderate.  The median sales price for a home in May 2024 was $400,000 while the average sales price was $522,635.  Both indices were up 3.9 percent and 8.6 percent year-over-year respectively, while the average list price increased 6.1 percent to $557,668, bringing the original list price to sales price measure down (-0.2%) to 97.8 percent during the month.

Southerland continued, “Even though the region has experienced steady increases in supply and inventory over the last few months, the Charlotte region is still a tight market, which is why prices are rising. As more housing inventory becomes available prices will continue to moderate.  But buyers won’t see prices falling dramatically in our market, since the region has had enough demand to keep this from happening. Buyers should ask their Realtor® about using the Down Payment Assistance resource tool to help offset the price of the home.”

Time on market was relatively unchanged compared to April, which still indicates a slightly faster-paced market for buyers. In May the average number of days a property was on the market from the time it was listed until close (List to Close), was 80 days compared to 83 days in May 2023, while the “Days on Market” metric, which accounts for both “Active” and “Under-contract-show” statuses, indicates homes averaged 34 days on market before selling which is unchanged compared to May 2023.  

Mecklenburg County home sales declined in May by 5.5 percent year-over-year as 1,500 homes sold during the month. Eighty-seven sales separated last May’s activity from May 2024. Pending sales show buyer demand steady, but less than last year, falling 1.4 percent year-over-year as 1,489 homes went under contract during the month, compared to 1,510 in May 2023. Seller confidence continued to increase in May. New listings throughout Mecklenburg increased 22.4 percent as sellers brought 2,008 new listings to market during the month compared to 1,641 new listings in May 2023. Inventory rose by 46.1 percent to 2,297 homes for sale or 1.8 months of supply.  With both inventory and supply still critically low and buyer demand steady, prices rose.  

The median sales price ($457,500) and the average sales price ($624,203) rose by 2.8 percent and 6.1 percent year-over-year respectively while the average list price increased 5 percent to $657,134. This brought the original list price to sales price measure to 98.9 percent, while days on market showed homes selling faster than last year and on market 27 days compared to 30 days in May 2023.

Though sales were down in Mecklenburg County, sales heated up in Northern Mecklenburg. Sales rose in Cornelius by 27.7 percent year-over-year as 60 homes sold compared to 47 that sold in May 2023. Contract activity was down 10.7 percent as 50 homes went under contract, while new listings increased by 28.3 percent to 77 new listings. The median sales price of a home in Cornelius in May 2024 was up 16.5 percent year-over-year to $655,000 while the average sales price increased 1.6 percent to $929,386.  Sales also rose in Davidson by 2.2 percent year-over-year with 47 homes sold compared to 46 in May 2023. And even though buyer demand as displayed by pending contracts fell 25 percent compared to May 2023, seller activity or new listings rose by 5.3 percent.  Davidson buyers had some relief in prices as the median sales price declined during the month by 5.9 percent to $645,750, while the average sales price which was mostly unchanged, rose less than a percent (0.9%) to $894,081. 

A little further south of Davidson in Huntersville, home sales also rose by 9 percent year-over-year as 133 homes sold in May compared to 122 that sold in May 2023.  Contract activity surged by 35.8 percent year-over-year as buyers drove 129 properties into under-contract status compared to 95 a year ago in May. New listing activity also had a substantial increase, rising 32.7 percent year-over-year as sellers brought 150 new listings on market during the month. With inventory and supply rising 59.8 percent and 70 percent year-over-year respectively, prices declined.  Both the median sales price ($500,000) and the average sales price ($599,391) declined by 13 percent and 2.4 percent year-over-year.  Sellers in Huntersville received nearly all of asking price as indicated by the original list price to sales price measure rising to 98.9 percent, while homes sold quickly, and averaged 24 days on market until sale in May compared to 29 days on market in May 2023.

Closed sales in the city of Charlotte declined by 5.9 percent year-over-year as 1,186 homes sold in May.  However, Uptown Charlotte, the area bounded by I-277 had a 60 percent rise in closed sales, as 24 properties sold during the month compared to 15 sold in May 2023. Even though contract activity slipped in Uptown Charlotte by 10 percent compared to last year, new listings or seller activity is strong and rose almost 16 percent compared to last May with 44 new properties listed, promising more choices for buyers interested in living in the city center area.

Overall, across the city of Charlotte contract activity was mostly unchanged, down less than a percent (-0.7) to 1,198 contracts written during the month, compared to a little more than 1,200 contracts written in May 2023. New listings jumped 23 percent year-over-year as sellers added 1,623 new listings to market during the month, 303 more than was listed a year ago in May, helping to boost inventory and supply.  At report time inventory rose by 50 percent to 1,878 homes for sale or 1.9 months of supply.  Supply is up 72.7 percent compared to last year. Both the median sales price ($425,950) and the average sales price ($602,390) rose by 2.6 percent and 5.7 percent year-over-year respectively, while the average list price increased 5.7 percent to $633,946.  This brought the original list price to sales price measure to 99 percent, as sellers across the city received nearly all of asking price while homes sold slightly faster than last year and averaged 27 days on market until sale compared to 29 days on market in May 2023.

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: 6/20/2024