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December 5, 2024

Charlotte Real Estate Market Update October 2024

Charlotte Real Estate Trends: October 2024 Update

The Charlotte Real Estate market continues to show robust activity in October 2024, with several key indicators pointing to a dynamic and competitive landscape. Below, we break down the latest trends and insights for Mecklenburg County, showcasing what buyers and sellers need to know.

Increased Activity in Listings and Sales

New Listings: October 2024 saw a 2.4% increase in new listings compared to October 2023, with 1,522 homes hitting the market.
Closed Sales: The number of closed sales rose by 4.7%, reaching 1,207. This indicates that demand remains high as buyers actively pursue available homes.

Rising Prices Reflect Strong Demand

Median Sales Price: The median sales price climbed 2.6% to $446,000, showing sustained upward pressure on home prices.
Average Sales Price: With a 3.7% increase, the average sales price reached $586,929, highlighting the growing value of Charlotte real estate.

Inventory and Market Supply Show Significant Growth

Inventory of Homes for Sale: Inventory surged by 37.3% compared to last year, with 2,870 homes available in October 2024.
Months Supply of Inventory: The months’ supply grew dramatically by 43.8%, increasing to 2.3 months. This signals a shift toward a more balanced market, giving buyers more options.

Market Timing and Seller Conditions

Days on Market Until Sale: Homes spent more time on the market, averaging 38 days, up by 26.7%.
Percent of Original List Price Received: Sellers received 96.7% of their asking price, a slight decline from last year, suggesting some softening in seller leverage.

What Does This Mean for Buyers and Sellers?

For buyers, the increased inventory and slightly longer time on the market provide more opportunities to find the right home. However, rising prices mean acting sooner rather than later is wise to lock in a property at today’s rates.

For sellers, the Charlotte market remains strong, with rising prices and steady demand, although slight shifts in buyer power may require more strategic pricing and negotiation.

If you’re considering buying or selling a home in Charlotte, now is the time to act. Call One Charlotte Realty at 704-670-0000 to speak with a local expert who can guide you through this dynamic market.

If you are looking to sell your Charlotte real estate for a 1% listing fee, call One Charlotte Realty today at 704-670-0000 and experience savings without compromising exceptional service.

Whether you’re a first-time buyer, a seller, or an investor, One Charlotte Realty has the expertise to help you achieve your real estate goals.