Charlotte Real Estate August 2024

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

August 2024 closed home sales declined 8.3% in the 16-County Charlotte Region year-over-year and dipped 3.4% versus the previous month of July. Pending sales, however, increased compared with one year ago — up 8.7% year-over-year.  

Despite the expected interest rate cut in September, mortgage rates are not likely to move as this anticipated cut has already been factored into current rates. And while mortgage applications increased in August, almost 47% were to refinance existing mortgages.

Days on market increased 13.3% to 34 days in August compared with the same month one year ago, but remained unchanged month-over-month. Year-to-date, days on market also remained unchanged compared with one year ago at 37 days.

The Charlotte region’s home prices remained on the rise. Average sale price increased 5.8% in August to $501,320 compared with one year ago, while the median sale price increased 3.6% year-over-year to $399,000.  This was the 13th consecutive month of year-over-year sale price increases. Year-to-date, both median and average sale prices increased from one year ago, 4% and 7.5%, respectively.  Demand for housing in the region in a low inventory environment should keep home prices from falling in 2024.

The August list to sale price ratio declined 1.4% year-over-year to 96.6%. Month-over-month, the list to sale price ratio declined 0.3%. Year-to-date, the list to sale price ratio declined 0.1% in August compared with one year ago. Home buyers are seeing opportunities to negotiate on price. Price reductions from January through August 2024 were up 61% across the Charlotte region versus 2023. In August 2024 we saw price reductions increase 86% versus August 2023.

August new listings increased 10.1% year-over-year. August new listings were higher by 488 properties compared with August 2023. August 2024 marks the 10th consecutive month of increases in new listings compared with last year. Despite the increase in new listings, the average list price increased 6.9% in August 2024 compared with August 2023.

Overall inventory increased 47.6% from the same time last year. Despite the increase in new listings and inventory, August’s months supply of homes for sale at just 2.6 months kept Charlotte region in “home seller territory.” Mecklenburg County had just 2.3 months of inventory in August, while Charlotte had just 2.1 months of inventory.

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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