December16, 2024

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — The Charlotte region’s home sales rose again in November, according to data from Canopy MLS. Sales rose 4.5 percent year-over-year as 3,140 homes sold across the 16-county region, as buyers continued to signal a desire to purchase homes at yearend. Sales compared to the previous month (October) were down 6.3 percent. Buyers were lured back into the market in late September when mortgage rates fell as low as 6.08 percent, according to data from the Federal Reserve Economic Data, fueling contract activity in October and November.  Sales included in this report represent single-family, condo, and townhome sales only.

Pending contracts rose sharply for a second consecutive month in November, rising 22.5 percent year-over-year as 3,194 homes went under contract during the month. Month-over-month contract activity was down 14.2 percent. November showing reports, tracking buyer foot traffic, revealed a 12 percent year-over-year increase in overall showing activity in the Charlotte MSA compared to last year.  Buyer interest was strongest in Matthews and Concord, where listings averaged 5.3 showings per listing, followed by Huntersville and Kannapolis, where listings averaged 4.8 showings and 4.7 showings per listing respectively.

Charisma Southerland, the 2024 President of Canopy Realtor® Association/Canopy MLS and a Realtor®/broker with Allen Tate Company, stated, “November’s contract activity marks the second consecutive month of significant growth, signaling strong pent-up demand among buyers. This demand becomes particularly evident when interest rates dip. Several key factors underscore the strength of the Charlotte housing market, including a growing population and high job growth, as well as greater affordability compared to larger metropolitan areas. It’s no surprise that the Charlotte MSA ranks second on the National Association of Realtors® (NAR) list of Top 10 Housing Hot Spots for 2025.

New listing activity over the past year has restocked the region’s inventory and supply, another indicator of the market's health, as noted in NAR’s latest report.  New listings rose by 7.3 percent year-over-year as sellers added 3,800 homes to the market during the month, 340 more than were added in November 2023. Month-over-month new listing activity was down 15.2 percent, which is typical for this time of year.

Inventory at report time rose 28.7 percent year-over-year to 9,176 homes for sale while supply rose 23.8 percent compared to last November, to 2.6 months of supply. However, with contract activity and closings increasing in both October and November, supply is down slightly from October’s 2.7 months of supply, an indicator that current supply is still not at a healthy level to meet buyer demand. 

Prices inched higher last month, due to back-to-back months of rising buyer demand. The median sales price had a modest increase of 3.7 percent year-over-year to $392,000 while the average sales price rose 8.3 percent to $487,445.  The average list price rose during the month by 7.7 percent to $500,100, bringing the original list price to sales price measure down 1.2 percent across the 16-county region to 95.7, which is still a strong incentive for sellers to list.

As typical during the winter selling season, the time that homes spent on the market continued to increase. The average number of days a property was on the market from the time it was listed until close (List to Close), increased by 5.9 percent year-over-year to 90 days compared to 85 days in November 2023, while the “Days on Market” metric, which accounts for both “Active” and “Under-contract-show” statuses, increased 36.4 percent to 45 days in November, compared to 33 days on market in November 2023. 

Mecklenburg County home sales rose 8.4 percent year-over-year as 1,126 homes sold compared to 1,039 last year.  Sales are down 6.2 percent compared to the previous month. Pending contracts rose 16 percent to 1,134 homes under contract in November compared to 978 during the previous November. Month-over-month contract activity was down 14.5 percent. New listings showed seller confidence up again across the county by 7.7 percent to 1,290 new homes added to inventory, bringing inventory up 31.8 percent to 2,755 homes for sale at report time or 2.2 months of supply.  Supply is up 37.5 percent compared to last November, but down slightly from October’s 2.3 months of supply. Prices increased modestly. The median sales price ($446,000) and the average sales price ($586,929) rose 2.6 percent and 3.7 percent year-over-year respectively, while the average list price increased 5.3 percent to $617,641. The original list price to sales price measure dipped 1.6 percent year-over-year to 96.7 percent which is similar to last month. Days on market increased 20.7 percent to 35 days on market until sale compared to 29 days a year ago in November.

Southerland added, “With mortgage rates predicted to stabilize in 2025, both NAR and realtor.com suggest the outlook for next year’s housing market will be better; with NAR noting in its latest release that the worst of the housing downturn could be over. The slower winter selling season will allow growth in supply and inventory which will lead to further stability in prices next year. However, buyer demand has been and will continue to be strong in our market. Fortunately, based on the number of single-family homes permitted for construction this past year, new builds in 2025 combined with existing home inventory will continue to make Charlotte an attractive location, with lots of options for buyers.”

The city of Charlotte’s closed sales rose again in November by 13.3 percent year-over-year to 918 homes sold compared to 810 the previous year. Pending contracts showed buyer demand up 14.5 percent as 916 homes went under contract during the month compared to 800 the previous year.  New Listings rose 7 percent year-over-year as 1,69 homes were added to the city’s inventory.  Inventory increased 27.7 percent to 2,254 homes for sale or 2.2 months of supply.  A year ago in November, there were only 1.7 months of supply. Prices increased in relation to tightening supply and steady demand.  The median sales price ($424,274) increased 6.1 percent while the average sales price ($574,856) increased 9.8 percent compared to last year.  The average list price increased 5 percent year-over-year to $574,856, bringing the original list price to sales price measure down slightly to 96.6 percent.  Days on market indicated an increase of 42.9 percent, up from 28 days last year to 40 days in November 2024. 

Canopy Realtor^® Association provides monthly reports on residential real estate market activity for the Charlotte region based on data from Canopy MLS. The Charlotte region, which this report is based on, includes 12 counties in North Carolina (Alexander, Cabarrus, Catawba, Cleveland, Gaston, Iredell, Lincoln, Mecklenburg, Rowan, Stanly, and Union) and four counties in South Carolina (Chester, Chesterfield, Lancaster and York).

For more residential housing market statistics, visit www.CarolinaHome.com and click on “Market Data.” For an interview with 2024 Association/Canopy MLS President Charisma Southerland, Realtor®/Broker with Allen Tate Company, please contact Kim Walker.

Canopy Realtor® Association owns and operates Canopy MLS, the region’s primary source for accurate and timely property data in a multicounty service area including the Charlotte MSA, Asheville MSA and Catawba Valley region spanning across North Carolina and South Carolina to outside the Carolinas. Canopy MLS provides the latest technology, tools and analytics that Realtors® utilize to support consumers with their residential real estate transactions.