Local Market Update for March 2024

[Kai Kopsch]

Charlotte region, the real estate market experienced a slight dip in new listings by 2.4 percent, bringing the total to 4,805. Meanwhile, pending sales decreased by a modest 0.3 percent, settling at 4,196. However, the inventory of homes for sale saw a significant growth of 9.6 percent, amounting to 5,865.
Amidst these shifts, the median sales price in the area climbed by 4.5 percent to a robust $385,000. This price hike suggests a competitive market, with supply increasing relative to demand by a notable 21.4 percent, resulting in a 1.7 months' supply of homes for sale.
This recent development in the Charlotte real estate scene is likely influenced by a combination of factors, including a dip in mortgage rates in December and a nationwide increase in housing supply. The National Association of Realtors (NAR) reported a 5.9% month-over-month and 10.3% year-over-year growth in total inventory, reaching 1.07 million units. This increase in supply, coupled with robust buyer demand, contributed to pushing the median existing-home sales price up 5.7% year-over-year to $384,500. This marks the eighth consecutive month of annual price increases, highlighting the ongoing strength and resilience of the Charlotte and national housing markets.