Charlotte Real Estate June 2024

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

June 2024 closed home sales declined 18.4% in the 16-County Charlotte Region year-over-year. Pending sales, however, increased compared with one year ago (after declining slightly in May) — up 7.6% year-over-year.  Mortgage rates that started rising in mid-March continued to put a damper on spring sales in June.

The key for home buyers in 2024 will be stability in mortgage rates, coupled with challenges in terms of supply of homes available for sale. Although inventory has increased steadily each month since November 2023, the Charlotte region’s supply of homes is still critically low and the affordability index continued to decline — down 6.7% year-over-year and down 5.4% year-to-date.

Days on market increased 3.3% to 31 days in June compared with the same month one year ago, but were down three days from last month. Year-to-date, days on market were down 5% to 38 days in June compared with one year ago when they stood at 40 days.

The Charlotte region’s home prices remained on the rise. Average sale price increased 7.9% in June to $523,813 compared with one year ago, while the median sale price increased 5.4% year-over-year to $409,225 (after peaking in June 2022 at $400,000). This was the 11th consecutive month of annual price increases.  Demand for housing in the region in a low inventory environment will keep home prices from falling in 2024. It’s noteworthy that in Mecklenburg County, the median sale price topped $480,000, the highest median price on record for the County. The June median sale price was 33% higher than at the height of the pandemic in June 2021 when it was $360,000.

The June list to sale price ratio declined 0.9% year-over-year to 97.6%, but remained flat month-over-month. Year-to-date, the list to sale price ratio was up 0.4% in June compared with one year ago.

June new listings increased 11.8% year-over-year, which resulted in June’s inventory rising to the level of inventory in the Charlotte region in April 2020 at the start of the pandemic.  June new listings were higher by 557 properties compared with June 2023. June 2024 marks the eighth consecutive month of increases in new listings compared with last year. Single family home inventory in June increased 35.8% year-over-year. Condo and townhome inventory increased 80.6% and 57.6%, respectively, compared with June one year ago.

Overall inventory increased 39.7% from the same time last year. Despite the increase in new listings and inventory,  the months supply of homes for sale at just 2.3 months kept Charlotte region in “home seller territory.”

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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