Charlotte Real Estate March 2024

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

 

March 2024 home sales declined 12.3% in the 16-County Charlotte Region year-over-year, after increasing 26.7% in February. Pending sales also declined — down 0.3% year-over-year, but up 10.3% from the previous month of February. Mortgage rates that started rising in mid-March put a damper on sales that will most likely continue into April. The key for home buyers in 2024 will be the stability in mortgage rates, coupled with challenges in terms of supply of homes available for sale.

 

Home showings in March mirrored February’s activity…  in Mecklenburg County and Charlotte (7.5 showings per listing); in Matthews (9.3 showings per listing); in Waxhaw (8.6 showings per listing). Union County homes averaged 7 showings per listing.

 

The Charlotte market’s home prices remained on the rise. Average sale price increased 8.5% in March compared with one year ago, while the median sale price increased 4.5% year-over-year to $385,000. This was the eighth 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.

 

March new listings declined 2.4% after February saw the fourth consecutive month of increases in new listings.  However, while new listings declined and overall inventory increased 9.6% from the same time last year,  the months supply of homes for sale was just 1.7 months, keeping Charlotte region in “home seller territory.”  Potential home sellers still appear not willing to give up low mortgage rates and take on higher rates for a new home. 

 

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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