December 2024 Market Trends
Welcome to our latest real estate market trends update, where we examine the current housing market landscape. As we provide the trends of the present month, we will also share a comparison with the same period in previous years. This market analysis focuses on Single Family Homes, Condos, and Townhomes, in the vibrant Charlotte metropolitan area. Whatever you are in the market for, our analysis provides a valuable snapshot of market trends year over year.
In the ever-evolving world of real estate, understanding the nuances of market shifts is a paramount priority for both buyers and sellers alike. Join us as we analyze the data and gain insight into the current state of the market, providing valuable context for those navigating property transactions. Whether you’re seeking to buy, sell, or simply stay informed, we hope that this overview provides value.
New Listings
The data for December 2024 highlights an increase in new listings within the Charlotte market, rising to 43,506 from 38,534 in December 2023. This growth reflects an expanding inventory, giving buyers more options and potentially greater leverage in negotiations. After a period of declining listings through mid-2023, the market has shown signs of recovery, with renewed seller activity driving the upward trend. For sellers, the increased competition emphasizes the importance of strategic pricing and appealing property presentation.
Pending Sales
The data for December 2024 shows a modest rebound in pending sales in the Charlotte market, increasing to 33,733 from 33,262 in December 2023. However, this remains significantly below the 37,786 pending sales recorded in December 2022, reflecting a market still recovering from reduced buyer activity over the past two years.
This slight improvement in pending sales suggests a stabilizing market, potentially driven by increasing inventory and relatively steady median sales prices. For both buyers and sellers, this signals an opportunity to navigate a more balanced market, with sellers focusing on competitive pricing and buyers benefiting from growing negotiation power.
Sales Price
The Charlotte area’s median sales price continues its upward trajectory, closing December 2024 at $404,500. This marks a recovery from slight stagnation earlier in 2023 when prices hovered around $393,000. The sustained growth reflects a steady demand in the market, even amidst other moderating trends.
For sellers, the continued rise in prices offers opportunities to capitalize on long-term appreciation. Buyers, however, may need to adjust expectations or timing strategies in response to climbing costs. This market dynamic underlines the importance of informed decision-making on both sides of the transaction.
Days on Market
The median days on market in the Charlotte area has steadily increased over the past two years, rising from just 5 days in December 2022 to 16 days in December 2024. This trend signals a slowing pace in buyer activity, giving buyers more time to evaluate properties and make decisions.
For sellers, the extended time to sell may require strategic adjustments, such as competitive pricing and enhanced marketing efforts, to attract buyers in a more deliberate market. Buyers, on the other hand, can benefit from reduced urgency, allowing for greater flexibility in negotiations and property selection.
The data for December 2024 highlights key trends in the Charlotte real estate market. Median home sale prices have continued their upward trajectory, reaching $404,500, up from $390,000 in December 2023, reflecting steady growth in property values. Pending sales, however, remain relatively stable at 33,733, showing a slight improvement from 33,262 in December 2023 but a decline from 37,786 in December 2022.
Homes are taking longer to sell, with the median days on market increasing to 16 days in December 2024, up from 11 days in December 2023 and just 5 days in December 2022. Meanwhile, new listings have seen gradual recovery, climbing to 43,506 in December 2024 from 38,534 in December 2023, offering buyers more inventory to choose from. These trends reflect a market in transition, where sellers face longer sales timelines, and buyers have increased opportunities to find properties amidst rising prices. Both parties must adapt to shifting dynamics to make the most of evolving market conditions.
As we navigate these trends, we’re here to support you every step of the way. Whether you’re a prospective buyer eager to find your dream home, a homeowner considering selling, or simply seeking more information about the market, we invite you to reach out with any questions or assistance you may need. Our team of experts is dedicated to providing personalized guidance and expertise tailored to provide you with results. Let us know what you’re looking for.
