Charlotte NC housing market update August 2023

[Kai Kopsch]

We have had some huge changes in the Charlotte region's real estate market in the past month. 

-new listings are down by -30.2%

-Median Sales Price +1.9%

-Homes Closed -20.7% 

Affordability constraints have continued to limit homebuying activity this summer, with existing home sales falling month-over-month in CLT. We see every day on TV that the home prices have remained near record highs, with a national median sales price of $410,200. But is that really the reality? For example, Cornelius NC just a few minutes north of Charlotte Year-to-date average sales price is up by +11.1% ($785,531) because we are selling million-dollar homes more than the average home, around 450K. In a normal market 80% of sold SFH in Cornelius would be your average 2000 SQFT 4/3 SFH, around 450K, and 20% would be million-dollar homes and right now we have the opposite situation. The real median home price in Cornelius is closer to 450K, not the 785K in the statistics. My last listing in that price range was a few months on the market because to finance a 450K home you're all in monthly payment would be around $4600/monthly and the home next door rents out for around $2000/monthly. New homebuilders are getting a boost from low existing homes inventory in Charlotte and subsidizing the interest rates. Net sales orders of new homes increased by around 35% from the prior year's quarter.