Charlotte Real Estate July 2024

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

July 2024 closed home sales increased 6.5% in the 16-County Charlotte Region year-over-year. Pending sales also increased compared with one year ago — up 7.4% year-over-year.  Buyers took advantage of mortgage rates that fell in mid-July to their lowest in level since March 2024. The “sweet spot” for home buyers are rates in the 6% range and by mid-July rates had fallen to 6.77%.

 Although inventory has increased steadily each month since November 2023, the Charlotte region’s supply of homes is still critically low and the affordability index continued to decline — down 3.4% year-over-year and down 3.3% year-to-date. Affordability is particularly challenging for home buyers looking for homes in Mecklenburg County and in the city of Charlotte. In July, Mecklenburg County’s sale price rose nearly 6% to $465,000.

Days on market increased 17.2% to 34 days in July compared with the same month one year ago, which saw 29 days on market. Days on market also increased three days from last month. Year-to-date, days on market declined 5.1% to 37 days in July compared with one year ago when they stood at 39 days.

The Charlotte region’s home prices remained on the rise. Average sale price increased 7.8% in July to $510,624 compared with one year ago, while the median sale price increased 3% year-over-year to $401,750. This was the 12th consecutive month of annual price increases. Year-to-date, both median and average sale prices increased from one year ago, 4% and 7.9%, respectively.  Demand for housing in the region in a low inventory environment should keep home prices from falling in 2024.

The July list to sale price ratio declined 1.5% year-over-year to 96.9%. Month-over-month, the list to sale price ratio declined 0.7%. Year-to-date, the list to sale price ratio was up 0.1% in July compared with one year ago. Home buyers are seeing a window of opportunity to negotiate on price.

July new listings increased 19.3% year-over-year. July new listings were higher by 818 properties compared with July 2023. July 2024 marks the ninth consecutive month of increases in new listings compared with last year. Single family home inventory in July increased 43.8% year-over-year. Condo and townhome inventory increased 79.5%, compared with July one year ago.

Overall inventory increased 48.6% from the same time last year. Despite the increase in new listings and inventory, the months supply of homes for sale at just 2.5 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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