July 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 latest data for the Charlotte area reveals intriguing insights into the dynamics of new home listings over the past few years. In July 2022, the number of new listings for single-family homes, condominiums, and townhouses was 50,947. This figure dropped significantly to 39,280 by July 2023, indicating a substantial decline in inventory.
However, the market appears to be showing signs of recovery. By July 2024, the number of new listings increased to 42,133. While this figure is still below the levels seen in 2022, the uptick from 2023 suggests that the market may be stabilizing and heading towards a more balanced state.
Pending Sales
The pending sales data for single-family homes, condominiums, and townhouses in the Charlotte area provides valuable insights into the market’s trajectory over recent years. In July 2022, pending sales reached 44,459, reflecting a robust period for the housing market. However, by July 2023, this figure had declined to 34,262, indicating a slowing trend.
This significant decrease highlights the challenges the market faced, including potential issues with affordability and inventory shortages. Despite these challenges, there are signs of stabilization. While July 2024 pending sales were still decreased at 32,849, this number is higher than we have seen for the previous three months, suggesting that the market may be finding its footing and beginning to stabilize.
Sales Price
The median sales price for single-family homes, condominiums, and townhouses in the Charlotte area has shown a consistent upward trend over the past three years. In July 2022, the median sales price was $374,000. By July 2023, this figure had increased to $393,800, reflecting a notable rise in property values. The upward trajectory continued into July 2024, with the median sales price reaching $400,000.
This steady increase in median sales prices indicates a strong demand for housing in the Charlotte area, likely driven by factors such as economic growth, population influx, and limited housing supply. The trend suggests a favorable environment for sellers, as property values continue to appreciate. Buyers, on the other hand, may face higher costs and should consider acting sooner rather than later to avoid further price increases.
Days on Market
The median days on market for single-family homes, condominiums, and townhouses in the Charlotte area showed notable changes from 2022 to 2024. In July 2022, the median was 4 days, and remained at this low level throughout most of 2022, reflecting a highly competitive market.
However, from late 2022 into 2023, the median days on market began to rise, reaching 11 days by July 2023 and peaking at 12 days in July 2024, indicating a shift from the competitive conditions of the previous years to a slower market where properties take longer to sell.
The data for July 2024 paints a nuanced picture of the Charlotte area’s real estate landscape. While median home sale prices continue to appreciate, reaching $400,000, and new listings are on the rise, there’s a decrease in pending sales compared to previous years, dropping to 32,849, down from 24,262 in July 2023. Additionally, properties are taking longer to sell, with median days on market rising to 12, up from 11 in July 2023. These trends underscore the importance of staying attuned to market fluctuations and adapting strategies accordingly in the evolving Charlotte real estate market.
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.
