Charlotte Home Sales: Longer Listings, Price Cuts Mark 2024 Market Trends
Charlotte’s housing market climbed to new levels as prices hit $400,000 last month – up 2.6% from the previous year, though indicators suggest changing dynamics.
In Mecklenburg County, homes are now taking 34 days to sell, running two days behind 2023. The broader metro area is moving even slower at 39 days – adding three more days to wait times compared to last year.
The market loosened up a bit with 2,120 homes hitting the market in December, up from 1,749 during the same time last year. Available inventory sits at 2.4 months, creeping up 4.3% from 2023.
Different neighborhoods show varying trends. Homes in ZIP code 28269 sold within 56 days – a full 27 days faster than 2023. Meanwhile, South End and Dilworth sales slowed to 35 days, falling 16 days behind last year’s speed.
Mid-year numbers reveal a mixed bag. While July saw a 6.7% increase in closed sales and an 8.9% rise in contracts, the six-month total dropped considerably. Completed sales fell from 4,452 to 3,635 – an 18.4% dip.
Current 7% mortgage rates mean buyers face monthly payments of $2,754 – $112 more than a year ago. Though more homes are available, sellers still hold the advantage.
Prices keep climbing across neighborhoods. Mecklenburg County reached new highs at $480,000, jumping 33% in just three years. The area welcomes 80 to 100 new residents each day.
The biggest real estate players remain Allen Tate Realtors, followed by Coldwell Banker Realty and NorthGroup Real Estate. These stats come directly from Canopy MLS data.
Since late 2022, the slower sales pace gives buyers more time to decide – quite a change from the hectic COVID-era market. When deals fall through, the days-on-market counter resets, giving a clearer picture of actual market conditions.
