August 22, 2024

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — Home sales throughout the Charlotte region rebounded in July, increasing 6.5 percent year-over-year as 3,838 homes sold across the 16-county region.  Buyers took advantage of mortgage rates that fell in mid-July to their lowest in level since March 2024, on the heels of better inflation numbers at midyear. Month-over-month July sales were up 5.6 percent when compared to sales in June 2024. Canopy MLS sales included in this report represent single-family, condos, and townhome sales only.

Buyer demand, as demonstrated by pending sales also increased 7.4 percent year-over-year as 3,935 properties went under contract during the month, compared to 3,663 a year ago. Month-over-month, contract activity was down by 4.7 percent. July’s Showing report indicated buyer interest remained high in Matthews, where listings averaged 6.8 showings (or potential buyers) per listing, followed by Waxhaw (5.5 showings per listing), and Huntersville (5.5 showings per listing) and Concord where listings averaged 5.4 showings per listing. 

Seller confidence, as displayed by new listings continued to increase in July, rising 19.3 percent, as sellers listed 5,063 homes for sale, 818 more new listings than in July 2023. Month-over-month new listings were down 3.9 percent. Seller activity has been relatively strong this year, helping to boost inventory and supply, both of which have been critically low since 2021.

Charisma Southerland, 2024 president of Canopy Realtor® Association/Canopy MLS and Realtor®/broker with Allen Tate Company said, “July’s sales activity continues to show the power that rates have on both buyers and sellers, fortunately, the slower sales environment over the past two years, has yielded more inventory and supply, helping us move towards a more balanced market. While the region’s supply is still critically low, supply and inventory have increased to pre-pandemic levels, helping prices to move towards stabilization.”

Inventory increased in July by 48.6 percent year-over-year to 8,486 active listings, up from 5,700 active listings a year ago, while supply increased by 56.3 percent to 2.5 months of supply. In July 2023, there was only 1.6 months of supply throughout the 16-county region.

Single-family inventory increased in July by 43.8 percent to slightly more than 7,100 homes for sale, with the majority of that inventory falling in the mid-priced market, (between $200K- $500K), while the condo-townhome market’s inventory increased by 79.5 percent.

Southerland added, “Lower mortgage rates give buyers, particularly first-time buyers more purchasing power. Realtors® also have access to down payment assistance programs in the MLS that can improve affordability. Buyers seeking greater affordability can find more opportunities in Charlotte’s growing condo-townhome market.”

With buyer demand steady in July, prices rose.  The median sales price, which is the best measure of price over time, increased modestly by 3 percent compared to last year to $401,750, while the average sales price increased 7.8 percent year-over-year to $510,624. The average list price increased 5.6 percent to $512,504 bringing the original list price to sales price measure down slightly to 96.9 percent, which is still an incentive for sellers to list.

Time on market increased in July, with the average number of days a property was on the market from the time it was listed until close (List to Close), increasing 2.6 percent to 80 days compared to 78 days in July 2023, while the “Days on Market” metric, which accounts for both “Active” and “Under-contract-show” statuses, increased 17.2 percent to 34 days in July, which is five days more than July 2023.

Similar to the region, Mecklenburg County home sales increased 7.2 percent compared to last year, as 1,403 homes sold compared to 1,309 that sold in July 2023.  Month-over-month sales were up 5.9 percent. Pending contracts rose 4.2 percent year-over-year as 1,352 homes went under contract during the month.  Seller activity in the form of new listings increased 20 percent to 1,731 new listings, boosting both inventory and supply by 54.5 percent and 61.5 percent year-over-year respectively.

Inventory at report time in July showed nearly 2,600 homes for sale in Mecklenburg County while months of supply hovered at 2.1 months, which is still not enough supply to meet current demand.  Both the median sales price ($465,000) and the average sales price ($630,281) rose by 5.7 percent and 13.6 percent year-over-year respectively, while the average list price increased 3.6 percent to $581,686. This brought the original list price to sales price measure to 98 percent, showing sellers getting nearly all of asking prices. Though time on market increased in July, homes still sold quickly.  Days on market showed homes were on market 28 days in July compared to 25 days on market in July 2023.

Closed sales in the city of Charlotte rose 6 percent year-over-year, marking the first rise in home sales this year for the city of Charlotte. Buyer demand also inched up slightly (0.7%) as buyers drove 1,059 homes under contract during the month, just seven more contracts written, than in July 2023. New listings increased significantly, by 20.4 percent compared to last year as 1,387 homes were newly listed, 235 more new listings than July 2023. Inventory increased 59 percent to slightly more than 2,100 homes for sale while supply moved up from 1.3 months of supply last year to 2.1 months of supply in July 2024. The median sales price was mostly unchanged, rising a modest 1.2 percent to $425,000 while the average sales price jumped 11 percent to $590,246. Sellers in the city of Charlotte received nearly al of asking price in July, as indicated by the original list price to sales price measure at 98 percent while days on market increased 31.8 percent and showed homes averaged 29 days on market in July, which is seven days more than July 2023.

Southerland said, “The city of Charlotte’s housing market has been slower to recover since inventory and supply were nearly wiped out by pandemic sales in 2020 and 2021. At the start of 2022, the city only had approximately twelve days of supply, which really challenged affordability and buyer demand. Finding a home in the city is still challenging but engaging a Buyer’s Agent now, can help with navigating the complexities of the market, especially if rates continue to move lower, as predicted later on this fall.”

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: 8/22/2024