Charlotte NC housing market update September 2023

[Kai Kopsch]

New home sales surged to their highest point in 17 months, experiencing a 4.4% month-over-month increase on a national scale. On a year-over-year basis, new-home sales demonstrated a remarkable rise of 31.5%. This surge was particularly notable in the Midwest and West regions, with monthly sales spiking by 47.4% and 21.5%, respectively. The burgeoning new-home market directly results from the limited inventory of existing homes. Additionally, the enticing sales incentives provided by many builders, such as price reductions and mortgage rate buydowns, are steering prospective homebuyers towards considering new construction for their next home purchase.

In the period spanning from September 2022 to August 2023, Pending Sales in the Charlotte region witnessed an overall decline of 20.8%. Among various price ranges, the $500,001 and Above range showed the smallest decline in sales at 12.4%.

The Median Sales Price across the board saw an overall increase of 3.4% to reach $379,000. Notably, the Condominium segment experienced the most significant price gain, with an 8.8% increase, bringing prices to an average of $357,445. In terms of speed of sales, homes priced at $200,000 and Below were the quickest to sell, typically taking 31 days. On the other hand, homes in the $500,001 and Above range tended to remain on the market for a longer duration, averaging 38 days.

Looking at the market as a whole, inventory levels witnessed a substantial decrease of 27.3%. Specifically, the Condominium segment fared relatively better, with a 16.9% reduction in inventory. This translates to a supply of 1.5 months for Single-Family homes, 1.1 months for Townhomes, and 1.4 months for Condos.

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