With over 20 years of real estate experience under my belt (I clearly started VERY young!), I am asked almost daily about how the market is doing. It’s a question I’m always happy to answer, but I have noticed that the tone of the question has changed a bit in recent months. I hear a little more uncertainty from the inquirer and it’s often quickly followed up with “Are things still selling?”.
The short answer is yes. Things are still selling and I am still seeing multiple offers on well-priced, well-prepared homes as Charlotte continues to be an extremely tight market. However, things are definitely different than they were a year ago.
Locally, residential sales have dipped, declining around -7% in Charlotte and Mecklenburg County year-over-year and around -4% percent across the entire Charlotte region. Mortgage rates hovering at 7% have continued to put a strain on the market and given buyers some pause.
Buyer demand remains strong, which is made clear by the number of showings on-market houses are seeing, but the buyer process has slowed down compared to last year. Buyers are taking more time to make decisions and weigh their options. I am seeing more days on the market for recent listings and, thanks to 9% – 13% more inventory entering the market compared to past years (still not enough!), buyers also have added choices, which impacts their purchase process.
Prices are moderating so far in 2024. The Charlotte market continues to see a greater average sales price (up 8% – 10% to last year), but the list-to-sell price has waned to 97% – 98%. Meaning sellers are not necessarily getting over the ask price and are, in many cases, now further negotiating the price and other sales terms for their home.
Looking ahead, there are larger economic forces at play this fall with a major presidential election in November. The upcoming months may hold some uncertainty as a result, but I don’t anticipate a significant impact on the housing market until 2025.
My team and I are always on top of current market conditions from overall trends in greater Charlotte to detailed sales data for specific neighborhoods so we can best serve our clients. If you have any questions as you think about buying, selling, investing, or renovating, please feel free to reach out. I’d love to help!
— Genevieve
Cover Photo: Parker Golden
