
The Charlotte housing market in 2024 leans towards being a seller's market. With rising prices, low inventory, and high demand, sellers have the upper hand in negotiations, while buyers must act decisively to secure desirable properties.
Looking ahead, the future market outlook for Charlotte appears promising, albeit with some uncertainty lingering amidst economic fluctuations and global events. However, the steady appreciation in home values and continued demand suggest a resilient market poised for growth.
Charlotte Housing Market Trends in 2024
The Charlotte Metropolitan Statistical Area (MSA) encompasses Cabarrus, Gaston, Iredell, Lincoln, Mecklenburg, Rowan, and Union Counties in North Carolina, along with Chester, Lancaster, and York Counties in South Carolina. Here's the data provided to unveil the secrets behind the numbers and understand what they mean for those seeking to buy or sell property in the Charlotte housing market.
How is the Housing Market Doing Currently?
Looking at the key metrics from February year to date, we observe notable shifts in various aspects of the market. One of the most significant indicators, the median sales price, has seen a considerable increase of 8.0% compared to the previous year. This surge in prices reflects the high demand for homes in the region.
Furthermore, the average sales price has also seen a double-digit growth of 10.1%, indicating a healthy appreciation in property values. Despite these positive trends, there are nuances to consider, such as the percent change in closed sales, which has experienced a slight decline of 2.9%.
How Competitive is the Charlotte Housing Market?
With the increase in new listings by 18.7%, it's clear that sellers are taking advantage of the favorable market conditions. However, this surge in listings hasn't necessarily translated into a proportional rise in pending sales, which have remained relatively stagnant with a marginal increase of 0.6%.
Buyers, on the other hand, are facing a competitive landscape characterized by a low inventory of homes for sale. The months supply of inventory has increased by 15.4%, indicating a slight improvement in supply, yet still falling short of meeting the robust demand.
Are There Enough Homes for Sale to Meet Buyer Demand?
Despite the increase in new listings and inventory, the list to close ratio has seen a significant decrease of 12.5%. This suggests that homes are spending less time on the market before being sold, emphasizing the urgency for buyers to act swiftly in a competitive environment.
Moreover, the percent of original list price received has risen by 2.0%, indicating that sellers are achieving higher prices for their properties, further underscoring the seller-friendly nature of the current market.
Buyers may find opportunities in the market, especially with the low mortgage rates as compared to last year and favorable financing options available. Conversely, sellers can capitalize on the high demand and competitive pricing environment to maximize returns on their investments.
Charlotte Rent Price Trends in 2024
The Charlotte Metro Area Report active listings last month across the metro cities to show the most and least expensive cities and cities with the fastest growing rents. The North Carolina one bedroom median rent was $1,169 last month. Charlotte was the most expensive city with one bedrooms priced at $1,490 while Shelby was the most affordable city with rent at $860.
The Fastest Declining Cities For Rents in Charlotte Metro Area (Y/Y%)
Concord rent had the largest decline, down 15% since this time last year.
Rock Hill saw rent drop 6.3%, making it second.
Charlotte was third with rent falling 4.5%.
The Fastest Declining Cities For Rents in Charlotte Metro Area (M/M%)
Shelby rent had the largest decline last month, down 6.5%.
Huntersville & Charlotte saw rents both dip 2.6%, making them tied for second.
Mooresville was third with rent decreasing 2.1%.
Charlotte Housing Market Forecast for 2024 and 2025
The Charlotte-Concord-Gastonia metropolitan area, often referred to as the Charlotte MSA, encompasses several counties in North and South Carolina. This region boasts a thriving housing market, offering diverse options for buyers and sellers alike.
Charlotte's housing market is characterized by its sizeable inventory, competitive pricing, and rapid turnover. With a diverse range of properties and robust demand, the region offers opportunities for both seasoned investors and first-time homebuyers. As we look ahead, Zillow's forecast of a 3.0% market growth over the next year signals continued stability and potential for further appreciation in property values.
1. Home Value:
The average home value in the Charlotte area stands at $373,206, reflecting a 3.6% increase over the past year. This figure underscores the region's attractiveness to homeowners and investors alike.
2. Days on Market:
Homes in Charlotte typically go pending in approximately 20 days, indicating a brisk pace of transactions within the market. This swift turnaround time underscores the high demand for properties in the area.
3. Inventory:
As of February 29, 2024, there were 7,139 homes available for sale in the Charlotte area. This ample inventory provides buyers with a wide array of choices as they explore the market.
4. New Listings:
In February 2024, 2,112 new listings entered the market, further enriching the inventory and offering fresh opportunities for prospective buyers.
5. Sale to List Ratio:
The median sale to list ratio as of January 31, 2024, stood at 0.991. This ratio indicates that, on average, homes in Charlotte sell for just under their list price, highlighting the competitiveness of the market.
6. Median Sale and List Prices:
The median sale price in the Charlotte area was $343,833, while the median list price as of February 29, 2024, was $381,167. These figures provide insight into the prevailing price trends within the market.
7. Sales Performance:
In January 2024, 26.9% of sales in Charlotte were conducted over list price, while 55.6% were completed under list price. These statistics reflect the varied dynamics of negotiations and pricing strategies employed by buyers and sellers.
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