Charlotte Real Estate May 2024

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

 

Counties In Charlotte Region's MLS

May 2024 home sales declined 2.8% in the 16-County Charlotte Region year-over-year. Closed sales, however, rose 12.3% from the previous month of April. Pending sales also declined — down 0.5% year-over-year.  Mortgage rates that started rising in mid-March put a damper on spring sales that continued into May. 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, 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 7.5% year-to-date.

 

Home showings in May underscored buyer activity, albeit at a somewhat lower level than one month ago…  in Mecklenburg County and Charlotte (6.1 showings per listing); in Matthews (7.6 showings per listing); in Waxhaw (7 showings per listing); in Huntersville (6.4 showings per listing). Days on market were flat at 34 days in May compared with the same month one year ago and were down three days from last month. Year-to-date, days on market were down 9.3% in May compared with one year ago.

 

The Charlotte region’s home prices remained on the rise. Average sale price increased 8.6% in May compared with one year ago, while the median sale price increased 3.9% year-over-year to $400,000 (after peaking in June 2022 at $400,000). This was the 10th 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. The May list to sale price ratio declined 0.2% year-over-year to 97.8%, but remained flat month-over-month. Year-to-date, the list to sale price ratio was up 0.7% in May compared with one year ago.

 

May new listings increased 17.8% year-over-year, equal to 822 more listings over May one year ago. New listings increased 5.4% in May over the previous month of April.  May 2024 marks the seventh consecutive month of increases in new listings compared with last year. Single family home inventory in May increased 35% year-over-year. Condo and townhome inventory increased 111.6% and 32%, respectively versus May one year ago.

 

Overall inventory increased 37.2% from the same time last year. Despite the increase in new listings and inventory,  the months supply of homes for sale at just 2.2 months kept Charlotte region in “home seller territory.”

 

CHARLOTTE REGION MAY 2024 REAL ESTATE SNAPSHOT

Charlotte region real estate sales update for May 2024

 

 

REAL ESTATE IS STILL THE BEST LONG TERM INVESTMENT

According to a recent poll from Gallup, real estate has been voted the best long-term investment for twelve straight years. That’s because a home is so much more just than a roof over your head. It’s also an asset that typically grows in value over time. If you’ve been debating if it makes more sense to rent or buy, reach out to me to talk about why homeownership can be a better bet in the long run.

 

Real Estate is still the best long term investment according to Americans

 

 

Want to know what this would mean for your family if you decide to buy or sell a Charlotte region home?

I can help.

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

There’s absolutely NO OBLIGATION. A consultation with Nina Hollander is FREE

 

 

 

LOOKING FOR YOUR DREAM HOME IN GREATER CHARLOTTE? 

 

Find Your Dream Home at www.GreatHomesInCharlotte.com

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

 

 

PREVIOUS CHARLOTTE HOUSING MARKET UPDATES

Charlotte Real Estate Report: April 2024

Charlotte Real Estate Report: March 2024

Charlotte Real Estate Report: February 2024     

Charlotte Real Estate Report: January 2024