Charlotte Region Real Estate Report: August 2023. What To Know Now.

Real Estate Agent with Coldwell Banker Realty 179530





Inventory Down | New Listings Down | Sales Down | Prices Up


August 2023 home sales declined in the 16-County Charlotte Region year-over-year, as did pending sales. Sales are happening, but not at the volumes experienced in 2021 and the first half of 2022.  By the same token, closings increased month-over-month from July and contract activity remained steady. Although home buyers remain frustrated by fluctuating rates, lack of new inventory, rising home prices, and economic uncertainty it does appear that buyers are adjusting to the higher interest rate environment.


The Charlotte market has stopped seeing large fluctuations in sales and prices, which indicates the market is slowly moving towards stabilization.


Seller activity increased  in August compared with the prior month of July.  Although new listing activity has consistently been lower than in previous years, the year-over-year drop in August was not as steep as in previous months. The good news for buyers is that new listings increased nearly 9% in August over July.


Charlotte region's inventory declined in August by 27% compared with August 2022, while the months supply of homes declined 6.3% year-over-year to 1.5 months. This would indicate that the Charlotte region remains a seller's market and that demand in August increased relative to supply.




Charlotte, NC Region Housing Market Report August 2023


Closed sales declined 14.8% (by 675 homes) year-over-year in August.  Compared with July 2023, closed sales increased by 408 homes. Pending sales also declined 9.2% year-over-year.  Month-over-month pending sales declined by 49 properties.


The real cost to buy a house has increased significantly since 2022, as the Federal Reserve continued to increase rates. Since May 2023, the average 30-year fixed rate mortgage has remained above 6.5% and hit a two-decade high in August, impacting affordability.  The Charlotte region housing affordability index continues to drop and impact sales volume. Housing affordability dropped 15.4% year-over-year in August 2023.


Year-over-year average list and sale prices increased modestly in August 2023 and year-to-date. Home prices continue to increase, but at a slower pace.  Median sale price declined 0.8% year-over-year and is down 0.5% year-to-date versus August 2022.   (The median sale price is the best measure of price over time, as it factors out extreme highs and lows in home prices.) The median sale price drop year-over-year does not mean that home prices are falling. Rather it indicates that sale prices are moving towards stabilization.


Housing inventory is not sufficient to meet demand for homesInventory declined 27.3% in August compared to the same time last year. In August 2023 there were 1,198 fewer properties for sale than one year ago. Month-over-month, the number of properties for sale also decreased.


The months supply of housing decreased 6.3%  from 1.6 months to 1.5 months year-over-year. Month-over-month, the months supply of inventory increased by 0.1 months. The 1.5 months supply of homes keeps Charlotte region in “seller territory.” However, sellers don’t have the same strong position they had in previous years. Pricing key to attracting buyers and selling quickly. Although Charlotte Region is still technically a seller’s market, the days of receiving significant amounts over asking price are behind us and sellers need to reset their expectations, as well as ensure their homes are in good condition and show well.


New listing activity decreased 12.3% in August 2023 compared with August 2022, with 641 fewer properties listed. Month-over-month, Charlotte region saw an increase of 367 listings come on market.


Averaging 29 days on market, the days on market increased 52.6% by 10 days year-over-year. Days on market were flat compared with the previous months of July and June. Pricing a home correctly remains critical for sellers, as the “right” price brings buyers and results in fewer days on market. 


With a list to sale price ratio of 98.1% in August 2023 (down 0.4% year-over-year and down 0.2% 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 fall selling season, both sellers and buyers will most likely continue to be distracted by growing economic concerns, higher interest rates, 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 higher mortgage rates, pricing many first-time and workforce 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 August 2023 is provided by Nina Hollander with 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!



For more details, read the original report 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)

Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

It is a really interesting market. The volume of home sales are lower, prices a bit higher and interest rates...who knows. We are in crazy times.

Sep 23, 2023 06:56 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

Nina, Yes, we too are seeing the housing market experiencing a decrease in inventory and new listings, resulting in reduced sales activity, while prices continue to rise.

Sep 23, 2023 07:04 AM
Patricia Feager, MBA, CRS, GRI,MRP
Selling Homes Changing Lives

Nina Hollander, Broker - A very thorough, comprehensive, current marketing report is very helpful to consumers thinking about buying and selling. 

Great job!

Sep 23, 2023 07:37 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Jeffrey DiMuria 321.223.6253 Waves Realty hi Jeff... and it's a bit of a roller coaster ride as well -- one month up, one month down, etc.

Sep 23, 2023 07:51 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 hi Sheila... until inventory increases to meet more demand, we are going to keep seeing more of this. 

Sep 23, 2023 07:53 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Patricia Feager, MBA, CRS, GRI,MRP thanks, Patricia. At the end of the day, if you take the time to do market research the report might as well be comprehensive!

Sep 23, 2023 07:54 AM
Ed (Edward) Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

The first line says a lot with inventory down and new inventory slow and yet prices are up so demand is still there.

Sep 23, 2023 08:02 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Ed (Edward) Silva, 203-206-0754 hi Ed... it's what we learned in Economics 101--- it's all about supply versus demand.

Sep 23, 2023 08:36 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Nina- it may be slowing but it's a slow slow. There is still a demand for housing...may not like it was but people are still looking. 

Sep 23, 2023 10:17 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Kathy Streib hi Kathy... it's only slowing because we have very little to sell! From a price perspective the market is stabilizing and that a good thing.

Sep 23, 2023 10:20 AM
Roy Kelley
Retired - Gaithersburg, MD

Families considering a move to the area will appreciate your local real estate reports.

Sep 23, 2023 11:11 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Thanks, Roy, for stopping by today. Trust you are having a good weekend.

Sep 23, 2023 11:33 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, thinking the markets are softening.   With your inventory compared to Denver's 7000 with 3 million people, thinking you have more inventory.

Sep 23, 2023 12:35 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox hi Joan... this includes 16 counties in two states. Charlotte metro has 2.5+ million and if you add in some of the outlying counties with another 200K in population, we are not that far off from Denver.

Sep 23, 2023 01:03 PM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Nina, 

As long as interest rates stay high, the inventory will be low, forcing home prices to remain steady.  You put together a sobering report that your clients should appreciate and realize how lucky they are to have you in their corner. 

Sep 23, 2023 02:51 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Sheri Sperry - MCNE® oh gosh, thanks, Sheri, for that nice comment. This is a very important part of our value added for clients... making sure they understand what the market is all about and why and how it could impact them.

Sep 23, 2023 04:02 PM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Everything that people in the area need to know about the real estate market and if they want to know more they can call you!

Sep 24, 2023 05:10 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Brian England thanks, Brian, for that vote of confidence. I do try to keep abreast of market conditions and trends.

Sep 24, 2023 05:46 AM