Charlotte Region Housing Market Update: April 2023. What To Know Now.

Real Estate Agent with Coldwell Banker Realty 179530





April 2023 home sales declined in the 16-County Charlotte Region year-over-year for a 16th consecutive month. Pending sales were also down year-over-year for a 16th consecutive month. Sales are happening, but not at the volumes experienced in 2021 and the first half of 2022. 


Higher home prices coupled with increasing interest rates have impacted affordability and continue to cool buyer demand. The market in 2021 was clearly an anomaly and we now see that year-over-year sales declines from 2022 appear significant. Sales are still occurring... just not at the pace of the last couple of years. By the same token, the housing market continues to experience steady activity with high buyer interest and multiple offer situations in highly desired areas of the Charlotte Region.


Home buyers remain frustrated by higher rates, rising home prices, and economic uncertainty. Consequently, home sales and mortgage applications have fallen since last year as buying "power" declines. The typical mortgage paying will be higher (28% to $2,430), pricing some buyers out of the market.  Pending sales are a good indicator of future sales and buyer demand. We should expect fewer closed sales in the months to come. Furthermore, the fact that we also see fewer new listings coming on the market indicates Charlotte region will continue to experience inventory challenges, which impact home price appreciation.



APRIL 2023 VS APRIL 2022

Charlotte Region Housing Marker Overview April 2023


Closed sales were down 21.8% (by 998 homes) year-over-year in April.  Compared with March 2023, closed sales declined by 251 homes. Pending sales were also down 9.1% year-over-year.  Month-over-month pending sales declined by 434 sales.


The real cost to buy a house has spiked over 55% since 2022, as the Federal Reserve raised rates seven times in 2022 and already three times in 2023.  Mortgage rates topped 6% for the first time since 2008 and went over 7%.  The Charlotte region housing affordability index continues to drop and impact sales volume. Housing affordability dropped 11.8% year-over-year in April 2023.


Despite, fewer closed and pending sales, year-over-year average list and sale prices increased in April 2023 and year-to-date. Home prices are still increasing, but at a slower pace.  Median sale price decreased 1.1% year-over-year, but is up 1.2% year-to-date and up 2% over March 2023. The median sale price is the best measure of price over time, as it factors out extreme highs and lows in home prices. April 2023 marks the third month of year-over-year declines in median sale price, although the declines have been relatively small. It would appear that prices peaked in summer 2022, with the median sale price down 12% since June 2022 and falling each month since December 2022.


Housing inventory increased for a 11th consecutive month in April 2023. Inventory is up 27.7% compared to the same time last year. In April there were 1,018 more properties for sale than one year ago. Month-over-month, the number of properties for sale decreased by 138.


The months supply of housing is up from 0.8 months to 1.3 months year-over-year. Month-over-month, the months supply of inventory remained unchanged. The 1.3 months supply of homes keeps Charlotte region in "seller territory." However, sellers don't have the same strong position they had in previous years, with pricing key to attracting buyers and selling quickly. Although Charlotte Region is still technically a seller's market, the days of receiving well over asking price are behind us and sellers need to reset their expectations.


While housing inventory has increased, new listing activity decreased 25.1% in April 2023 compared with April 2022, with 1,459 fewer properties listed. Month-over-month, Charlotte region saw 475 fewer listings come on market.


Averaging 39 days on market, the days on market increased 143.8% by 23 days year-over-year, but were nine days lower than in the previous month of March. Pricing a home correctly is increasingly critical for sellers, as the "right" price brings buyers and results in fewer days on market. 


With a list to sale price ratio of 97.5% in April 2023 (down 5.2% year-over-year, but up 1.3% month-over-month), buyers are carefully scrutinizing listing prices and sellers are not in as strong of a position as they were during the pandemic years.


Moving forward into the late spring selling season, both sellers and buyers continue to be distracted by growing economic concerns and negative housing headlines. The slowdown in home sales that began when mortgage rates increased in 2022 is expected to continue in the coming months. The costs to purchase a home will remain high, challenging affordability at a time when overall budgets continue to be squeezed by inflation. Buying power will remain on the decline with typical mortgage payments 28% higher on average, pricing many buyers out of the market.



Want to know what this would mean for your family if you decide to buy or sell a home in Greater Charlotte in 2023?

Curious About The Greater Charlotte Real Estate Market?

We can help.

Call or text us today at 704-779-0813 or contact us here.

There’s absolutely NO OBLIGATION. A consultation with Carolinas Realty Partners is FREE    










Wondering What Your Charlotte Regio Home Is Worth In Today's Market?    


This Charlotte, NC region housing market update for April 2023 is provided by Nina Hollander, Coldwell Banker,  Greater Charlotte residential real estate expert. I've been opening doors for Charlotte area home buyers and sellers for 24+ years. Let me open the door to your next home... you'll be glad you did!


If you're considering selling or purchasing a home in the Greater Charlotte  area, I'd love an opportunity to earn your business, to exceed your expectations, and to show you why experience matters and how:

 "The Right Broker Makes All The Difference."

Great Homes In Charlotte


Read the original at 

Posted by


 Nina Hollander, RE/MAX Broker, Realtor




Broker, Realtor, MBA, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Realty
Direct: 704-779-0813
Blog: News You Can Use From The Greater Charlotte Area
Search For All Charlotte Area Homes: 

Charlotte Magazine 5-Star Customer Satisfaction Award Winner Since 2007


 Connect with me also on these sites:  


facebook twitterlinkedinpinterest



Oh by the way, I'm never too busy for any of your referrals!


Find Your Charlotte Home


How Much Is My Home Worth       Free Charlotte Relocation Package




Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.


Comments (18)

Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

As always your market reports are awe inspiring!  Thanks for the motivation to do better. 

May 31, 2023 04:33 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Didn't realize that Charlotte has 16 counties Nina. Your Housing market reports are full of interesting information, and buyers and sellers could be well represented by choosing to work with you!

May 31, 2023 04:48 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 hi Sheila... Charlotte does not have 16 counties. The Charlotte region which makes up our "local" MLS has 16 counties. And I personally work regularly in six of them in two states!

May 31, 2023 04:55 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lise Howe thanks much, Lise, for that awesome compliment! I do believe you've made my day!

May 31, 2023 04:56 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Nina. Prices up, rates up and demand remains high. So, while demand may dampen a bit, even as rates rise and pricing continues upward the knowledgeable agent can assist buyers to make the best choices. Enjoy your day.

May 31, 2023 05:00 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Nina,

I had no clue that the Charlotte region which makes up your "local" MLS has 16 counties! You absolutely have a handle on what is going on and your market reports are so full of valuable info....buyers and sellers need to call you to help navigate the real estate market in Charlotte! 

May 31, 2023 05:02 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Wayne Martin good morning, Wayne... I keep telling my own clients there's not real value in waiting to buy or sell. I don't see these conditions changing any time soon.

May 31, 2023 05:22 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Dorie Dillard Austin TX good morning, Dorie... many agents in the Charlotte area (like myself) cover a large territory... obviously not all 16 counties, but I do work in at least six of them regularly in two states.

May 31, 2023 05:23 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

This is a really good summary and I love how the infographic shares the information in an easy-to-read format.

May 31, 2023 06:18 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Brian England thanks, Brian... as they say "a picture is worth a thousand words." But I like to do both.

May 31, 2023 06:19 AM
Roy Kelley
Retired - Gaithersburg, MD

Thank you very much, Nina, for sharing your excellent local real estate reports.


May 31, 2023 08:16 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Thank you, Roy, for stopping by today. And thank you for that beautiful photo of tulips!

May 31, 2023 08:18 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, I think many potential buyers are patiently waiting for the rates to come back down, and hope that happens soon.

May 31, 2023 11:09 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox I'm not expecting rates to come down any time soon and meantime the cost of housing keeps going up.

May 31, 2023 11:22 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Charlotte home buyers and sellers are sure to value your real estate market report, Nina.

May 31, 2023 01:47 PM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA

It is remarkable that the real cost to purchase a home has gone up 55% in such a short time. 

Thank you for your market update.  You really do a great job putting them together!

May 31, 2023 02:11 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Ray Henson it really is quite amazing, isn't it, Ray? And thanks for the compliment.

May 31, 2023 02:13 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Myrl Jeffcoat good Thursday morning and thank you, Myrl, as always for taking time to stop by.

Jun 01, 2023 05:07 AM