How’s the Market in the City of Charlotte? 24JAN25
Let’s take a look at the end-of-year local market report for December 2024 showing key metrics and changes in the real estate market for the City of Charlotte.
December 2024 Market Overview
- New Listings: 694 (+0.1% from December 2023)
- Pending Sales: 722 (+2.8% from December 2023)
- Closed Sales: 921 (+4.4% from December 2023)
- Median Sales Price: $405,000 (+3.8% from December 2023)
- Average Sales Price: $536,068 (+5.3% from December 2023)
- Percent of Original List Price Received: 95.6% (-2.0% from December 2023)
- List to Close: 93 days (+10.7% from December 2023)
- Days on Market Until Sale: 47 days (+51.6% from December 2023)
- Cumulative Days on Market Until Sale: 51 days (+54.5% from December 2023)
- Average List Price: $482,221 (-7.1% from December 2023)
- Inventory of Homes for Sale: 1,903 (+25.7% from December 2023)
- Months Supply of Inventory: 1.9 months (+26.7% from December 2023)
Year to Date (Thru December 2024)
- New Listings: 15,526 (+9.4% from Thru December 2023)
- Pending Sales: 12,251 (-1.7% from Thru December 2023)
- Closed Sales: 12,269 (-1.3% from Thru December 2023)
- Median Sales Price: $417,893 (+3.2% from Thru December 2023)
- Average Sales Price: $571,777 (+8.4% from Thru December 2023)
- Percent of Original List Price Received: 97.8% (-0.4% from Thru December 2023)
- List to Close: 83 days (-1.2% from Thru December 2023)
- Days on Market Until Sale: 34 days (+9.7% from Thru December 2023)
- Cumulative Days on Market Until Sale: 37 days (+12.1% from Thru December 2023)
- Average List Price: $577,969 (+3.5% from Thru December 2023)
What do all of those stats mean?
The 2024 real estate market in Charlotte shows some interesting trends when compared to the previous year. New listings have seen a healthy increase of 9.4%, reflecting a bit more inventory on the market. However, both pending and closed sales have slightly decreased by 1.7% and 1.3%, respectively, indicating that while properties are being listed, the pace of sales has slowed just a touch.
Despite this, the median sales price has risen by 3.2% to $417,893, and the average sales price has jumped by 8.4% to $571,777. This suggests that the demand for higher-end properties is still strong, even though sales volumes have eased slightly.
Homes are also receiving about 97.8% of their original list price, which is just a small dip from last year, showing that buyers are still negotiating well but at near market value. The time it takes to close a deal has remained relatively consistent with a slight decrease in the average days to close to 83 days.
One notable increase is the days on market until sale, which has gone up by 9.7% to 34 days, showing that homes are taking a little longer to sell. However, cumulative days on market (which accounts for the total time a listing is active) have also seen a slight increase of 12.1%, which may point to longer decision-making times or a shift in buyer expectations.
Overall, the Charlotte market reflects stability in pricing, with a slight slowdown in sales volume and longer timeframes for closings, indicating more of a balanced market as we will see this first quarter of 2025.
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© Debe Maxwell, CRS | The Maxwell House Group | Savvy + Company | SavvyBroker@me.com | How’s the Market in the City of Charlotte? 24JAN25
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