Charlotte Real Estate October 2024

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

October 2024 closed home sales improved 1.7% in the 16-County Charlotte Region. This was the first increase in closed sales since July 2024. Year-to-date, closed sales were down 1.6% year-over-year. Pending sales increased compared with one year ago — up 23.6% year-over-year and up 4.4% month-over-month.  This could set the stage for higher sales in the next few months.

Days on market increased 28.1% to 41 days in October compared with the same month one year ago and up three days month-over-month. Year-to-date, days on market increased by two days to 38 days.

The Charlotte region’s home prices remained on the rise with buyer demand steady and supply and inventory still tight. Average sale price increased 5.7% in October to $492,068 compared with the same month one year ago, while the median sale price increased 3.9% year-over-year to $395,000.  This was the 15th consecutive month of year-over-year sale price increases. Year-to-date, both median and average sale prices increased from one year ago, 5.5% and 7.1%, respectively.   

The October list to sale price ratio declined 1.5% year-over-year to 95.9%. Month-over-month, the list to sale price ratio declined 0.4%. Year-to-date, the list to sale price ratio declined 0.3% in October compared with one year ago. Home buyers are seeing opportunities to negotiate on price. Price reductions were up 42% year-over-year across the Charlotte region. 

October new listings increased 7.2% year-over-year. October new listings were higher by 302 properties compared with October 2023. October 2024 marks the 12th consecutive month of increases in new listings compared with last year. Despite the increase in new listings, the average list price increased 4.9% in October 2024 compared with October 2023. While listing activity has increased, it hasn’t been enough to significantly impact supply and home prices.

Overall inventory increased 33.6% from the same month last year. Despite the increase in new listings and inventory, October’s months supply of homes for sale at 2.7 months was unchanged from the prior month and kept Charlotte region in “home seller territory.” Mecklenburg County had just 2.2 months of inventory in October (down from 2.4 months in September), while Charlotte also had 2.2 months of inventory. The Charlotte housing market is nowhere near balanced as yet.

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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