Charlotte Real Estate August 2024

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

Counties In Charlotte Region's MLS

August 2024 closed home sales declined 8.3% in the 16-County Charlotte Region year-over-year and dipped 3.4% versus the previous month of July. Pending sales, however, increased compared with one year ago — up 8.7% year-over-year.  

 

Despite the expected interest rate cut in September, mortgage rates are not likely to move as this anticipated cut has already been factored into current rates. And while mortgage applications increased in August, almost 47% were to refinance existing mortgages.

 

Days on market increased 13.3% to 34 days in August compared with the same month one year ago, but remained unchanged month-over-month. Year-to-date, days on market also remained unchanged compared with one year ago at 37 days.

 

The Charlotte region’s home prices remained on the rise. Average sale price increased 5.8% in August to $501,320 compared with one year ago, while the median sale price increased 3.6% year-over-year to $399,000.  This was the 13th consecutive month of year-over-year sale price increases. Year-to-date, both median and average sale prices increased from one year ago, 4% and 7.5%, respectively.  Demand for housing in the region in a low inventory environment should keep home prices from falling in 2024.

 

The August list to sale price ratio declined 1.4% year-over-year to 96.6%. Month-over-month, the list to sale price ratio declined 0.3%. Year-to-date, the list to sale price ratio declined 0.1% in August compared with one year ago. Home buyers are seeing opportunities to negotiate on price. Price reductions from January through August 2024 were up 61% across the Charlotte region versus 2023. In August 2024 we saw price reductions increase 86% versus August 2023.

 

August new listings increased 10.1% year-over-year. August new listings were higher by 488 properties compared with August 2023. August 2024 marks the 10th consecutive month of increases in new listings compared with last year. Despite the increase in new listings, the average list price increased 6.9% in August 2024 compared with August 2023.

 

Overall inventory increased 47.6% from the same time last year. Despite the increase in new listings and inventory, August’s months supply of homes for sale at just 2.6 months kept Charlotte region in “home seller territory.” Mecklenburg County had just 2.3 months of inventory in August, while Charlotte had just 2.1 months of inventory.

 

CHARLOTTE REGION AUGUST 2024 REAL ESTATE SNAPSHOT

Charlotte region housing market overview for August 2024

Based on information from Canopy MLS for the period August 1, 2024-August 31, 2024 in the 16 County Charlotte Region.

 

BUY NOW OR WAIT?

Buy now or wait? That’s the big question for a lot of buyers. But what you may not realize is just how much equity is at stake if you delay. Even the forecasts for more moderate home price growth could add up to $90,000 in equity over the next 5 years. So, if you want to move and you’re able to now that mortgage rates have fallen, let’s chat about why it’s worth it to get the ball rolling. When you’re ready to start your homeownership journey, let’s connect.

 

Buying a home? How much equity could you gain in the next five years?

 

DON’T FALL FOR THESE REAL ESTATE MYTHS

 

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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Call me today at 704-779-0813 or contact me here.

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LOOKING FOR YOUR DREAM HOME IN GREATER CHARLOTTE? 

 

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FREE Home Buyer Guide: “Things To Consider When Buying A Home”

 

 

PREVIOUS CHARLOTTE HOUSING MARKET UPDATES

Charlotte Real Estate Report: July 2024

Charlotte Real Estate Report: June 2024

Charlotte Real Estate Report: May 2024

Charlotte Real Estate Report: April 2024

Charlotte Real Estate Report: March 2024

Charlotte Real Estate Report: February 2024     

Charlotte Real Estate Report: January 2024