Charlotte Real Estate Market Update July 2024

Charlotte Real Estate Market Update: July 2024

Charlotte real estate continues to show a dynamic performance as we move through 2024. July's data reflects a strong surge in new listings and an increase in both closed sales and average sales prices. Here’s a breakdown of the key trends:

Increase in New Listings
In July 2024, there was a notable 20.4% increase in new listings compared to July 2023. A total of 1,387 new listings were added, compared to 1,152 the previous year. This influx of new properties reflects a healthy level of inventory for buyers to choose from, which is crucial in a competitive market.

Closed Sales and Pending Sales on the Rise
Closed sales also saw a 6.0% rise, with 1,094 transactions closed in July 2024, up from 1,032 in July 2023. Pending sales had a more modest increase, up by 0.7%, with 1,059 sales pending as compared to 1,052 the previous year. While the year-to-date figures show a slight decline in pending and closed sales compared to 2023, the uptick in July indicates potential stabilization.

Rising Sales Prices
Median sales prices saw a small but steady increase, rising 1.2% to $425,000 in July 2024 from $420,000 in 2023. The average sales price showed an even more significant boost, jumping 11.0% from $531,591 to $590,246. This signals a robust demand for properties in the Charlotte area, even as the market adjusts.

Slight Drop in Percent of List Price Received
One metric to watch is the slight decline in the percent of original list price received. It dropped from 99.7% in July 2023 to 98.0% in July 2024. Although this is a minor shift, it suggests sellers might be slightly more willing to negotiate on price.

Increased Time on Market
The average days on market increased by 31.8%, moving from 22 days in July 2023 to 29 days in July 2024. Similarly, the cumulative days on market until sale rose by 20.0%, from 25 to 30 days. This longer selling period might be linked to higher inventory levels and buyers taking their time to explore options.

Inventory and Supply Growth
One of the most striking shifts in the market is the substantial increase in available homes. The inventory of homes for sale grew by 59.0%, rising from 1,338 homes in July 2023 to 2,128 in July 2024. The months’ supply of inventory also rose from 1.3 months to 2.1 months, a 61.5% increase. This expansion in inventory is great news for buyers, as it indicates more options and possibly less intense competition.

In summary, the Charlotte real estate market is experiencing significant changes, with an increase in new listings, higher sales prices, and a growing inventory. Buyers and sellers alike should stay attuned to these trends as they navigate the market in the second half of 2024.

If you're thinking about buying or selling in the Charlotte area, now could be a great time to get involved.

Call One Charlotte Realty at 704-670-0000 to discuss how we can help you list your home for just 1%, or assist with your next home purchase.

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