December 20, 2024

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — The Catawba Valley Region real estate market displayed continued resilience in November, with rising inventory and sustained buyer activity shaping the month’s trends. The sales data in this report is sourced from Canopy MLS and encompasses single-family homes, condos, and townhomes sold in Alexander, Burke, Caldwell, and Catawba Counties.

Inventory reached 1,079 homes by the end of November, representing a 32.4 percent year-over-year increase. This significant growth reflects a trend seen across many regional markets, where increased housing availability is providing buyers with more options. At 3.2 months of supply, the market is gradually shifting toward balance, offering buyers more leverage compared to the tight conditions of the past few years. Notably, new construction continues to account for a significant share of inventory at 32 percent, supporting demand and alleviating some supply pressures.

In November, sellers brought 419 properties to the market, a slight 2.9 percent year-over-year increase. While a modest 11.8 percent decline from October may signal the usual seasonal slowdown, seller confidence remains strong. Listings from new construction increased 48 percent from November 2023, adding 132 new properties.

Buyer activity increased with 307 pending sales, marking a 19 percent year-over-year increase. However, this was a slight 12.8 percent decline from October, which is to be expected this time of year. The average number of showings per listing reached 3.0 in November, with Catawba County leading activity (3.3), followed closely by Caldwell (2.9), Burke (2.6), and Alexander (2.5) counties. Newton and Hickory experienced the highest rates, with 4.0 and 3.7 showings per listing, respectively.

“Buyers should talk with agents about Canopy MLS’s Down Payment Resource tool, which can help with down payment and closing cost assistance. Realtors® have access to tools and resources that make it easier for buyers to navigate the process, especially in a market where inventory is increasing. Consulting with a Realtor® early in the process ensures buyers understand their options, identify financial assistance programs, and make informed decisions,” said Karleta Sharisse Smith, a Realtor®/broker with Keller Williams Advantage and 2024 president of the Catawba Valley Association of Realtors®.

Closed home sales totaled 323, reflecting an 11.4 percent increase compared to November 2023’s 290 sales. This aligns with broader economic indicators pointing to stabilizing mortgage rates and improving affordability. Homes spent an average of 51 days on the market in November, marking a substantial 75.9 percent year-over-year increase. This extended market time reflects a normalization of buyer behavior, as increased inventory grants purchasers more time to explore options and make informed decisions. The $500,000+ and the $300,001 - $400,000 price ranges are experiencing the longest days on market at 53 and 46 days, respectively.

The median sales price climbed to $303,000, an 8 percent year-over-year increase, while the average sales price jumped 21.9 percent to $386,230, the second highest average sales price on record. However, sellers received 93.5 percent of their original asking price on average, a 2.2 percent decline from November 2023 and a 1.8 percent drop from October 2024. This trend suggests that buyers, equipped with more choices, are negotiating more favorable terms.

Smith continued, “As the market enters the winter months, improving inventory and steady buyer activity are expected to continue. Sellers can benefit from setting realistic pricing expectations, while buyers are presented with greater opportunity to explore and negotiate in a more balanced environment. Working with a trusted Realtor® will provide both sellers and buyers the best possible outcome for their transaction.” 

A closer look at sales across the four counties:
(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)

Alexander County experienced notable changes in its housing market for November 2024. The median sales price increased by 2.5 percent to $290,000, while the average sales price declined slightly by 1.5 percent to $341,006. Sellers received 89.9 percent of their original list price, reflecting a significant decrease. Homes took longer to sell, with the average days on market rising to 73 days, a 192 percent increase from last year. Closed sales improved by 28.6 percent to 27 homes, while new listings remained unchanged at 30 homes. Inventory increased by 18.6 percent, reaching a 3.3-month supply of homes compared to 2.8 months last year.

Burke County showed mixed trends in November 2024. The median sales price declined slightly by 1.0 percent to $247,500, while the average sales price surged by 24.6 percent to $338,797. The percentage of original list price received dropped to 93.1 percent. Homes took twice as long to sell, with the average days on market increasing by 100 percent to 46 days. Closed sales rose modestly by 5.3 percent to 60 homes, while new listings fell by 16.5 percent to 66 homes. Inventory levels grew by 32.3 percent, leading to a 3.0-month supply of homes, up from 2.4 months a year ago.

Caldwell County saw positive movement in home prices for November 2024. The median sales price climbed by 17.1 percent to $258,200, and the average sales price rose by 13.4 percent to $316,774. Homes sold in an average of 35 days, matching last year’s figure. Sellers secured 95.9 percent of their original list price. Closed sales increased slightly by 3.8 percent to 54 homes, while new listings dipped by 2.4 percent to 82 homes. Inventory remained steady, with a 2.8-month supply of homes, identical to last year.

Catawba County experienced significant price and sales growth in November 2024. The median sales price increased by 7.1 percent to $329,023, while the average sales price jumped 25.7 percent to $429,185. Homes spent more time on the market, with days on market rising 77.4 percent to 55 days. Sellers received 93.5 percent of their original list price. Closed sales grew by 13.8 percent to 182 homes, and new listings increased by 12.6 percent to 241 homes. Inventory surged by 45.8 percent, bringing the months’ supply of inventory to 3.4 months, up from 2.5 months last year.

For more residential-housing market statistics, visit CarolinaHome.com and click on “Market Data.” For an interview with 2024 president of Catawba Valley Association of Realtors® Karleta Smith, Realtor®/Broker at Keller Williams Denver, please contact Kim Walker.

Canopy MLS is a wholly-owned subsidiary corporation of Canopy Realtor® Association and is the private broker cooperative used by Realtors® to bring buyers and sellers together with access to thousands of residential listings in a multicounty service area, including Charlotte, Asheville and Catawba Valley regions spanning across North Carolina, South Carolina and outside of the Carolinas. Canopy MLS, which has 21,000 subscribers, provides the most trustworthy, timely, accurate and complete property data along with proprietary tools for showings, market stats, predictive analytics, and more. Canopy MLS is used by its members to support consumers in their residential real estate transactions, whether selling, buying, investing or renting.