Charlotte Real Estate April 2024

Latest news on Charlotte real estate April 2024 and what it means for you…

 

April 2024 home sales declined 2.9% in the 16-County Charlotte Region year-over-year. Sales, however, rose 1.6% from the previous month of March. Pending sales, however, increased — up 3.6% year-over-year.  Mortgage rates that started rising in mid-March put a damper on spring sales that continued into April. The key for home buyers in 2024 will be stability in mortgage rates, coupled with challenges in terms of supply of homes available for sale. Although inventory has increased, the Charlotte region’s supply of homes is still critically low.

 

Home showings in April underscored buyer activity…  in Mecklenburg County and Charlotte (7.1 showings per listing); in Matthews (9.1 showings per listing); in Waxhaw (8.3 showings per listing). Union County homes averaged 6.9 showings per listing. Days on market declined 7.5% to 37 days in April compared with the same month one year ago. Year-to-date, days on market were down 10.9% in April compared with the same month one year ago.

 

The Charlotte market’s home prices remained on the rise. Average sale price increased 9.2% in April compared with one year ago, while the median sale price increased 4.0% year-over-year to $390,000. This was the ninth consecutive month of annual price increases. With the benefit of hindsight, it appears that the Charlotte region median home price peaked in June 2022, when it rose to nearly $400,000. Demand for housing in the region in a low inventory environment will keep home prices from falling in 2024. The April list to sale price ratio increased 0.2% year-over-year to 97.7% in April. Year-to-date, the list to sale price ratio was up 1.0% in April compared with one year ago. So while home buyers are enjoying a small window of opportunity to negotiate on price, that window closed slightly in April.

 

April new listings increased 17% year-over-year, equal to 752 more listings over April one year ago. April 2024 marks the sixth consecutive month of increases in new listings compared last year. Single family home inventory in April increased 22.3% year-over-year. Condo and townhome inventory increased 36.8% year-over-year in April (providing more opportunities for first-time buyers).

 

Overall inventory increased 24.5% from the same time last year. Despite the increase in new listings and inventory,  the months supply of homes for sale at just 1.9 months kept Charlotte region in “home seller territory.”

 

Want to know what this would mean for your family if you decide to buy or sell a Charlotte region home?

 

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This Charlotte region housing market update is provided  by Nina Hollander with Coldwell Banker Realty, Greater Charlotte area residential real estate expert serving Charlotte region home buyers and sellers since 1999.

 

If you’re considering selling or purchasing a home in the Charlotte region, I’d love an opportunity to earn your business, to exceed your expectations, and to show you why experience matters and how:

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