February 2, 2024

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — The Catawba Valley Region real estate market showcased continued growth and adaptability in December, closing the year on a high note with significant improvements in inventory and consistent buyer engagement. 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 levels remained robust in December, with 966 homes available for sale, a 24.8 percent increase compared to December 2023. The months of supply dropped slightly to 2.8. Annually, inventory increased 24.8 percent which equates to 192 more available properties at yearend. All four counties in the region experienced year-over-year growth: Burke County led with a 36.4 percent increase, followed by Alexander County at 34 percent, Catawba County at 24.6 percent, and Caldwell County at 9.8 percent.

Sellers introduced 295 new properties to the market in December, marking a 9.3 percent year-over-year increase despite the seasonal slowdown typically seen during the month. This steady influx of new listings reflects seller confidence in the market’s resilience. In 2024, new listings rose by 16.1 percent to 5,500, while pending sales increased by 6.9 percent to 4,102. These gains were supported by a combination of increased housing supply and moderated mortgage rates, which hit a yearly low of 6.08 percent in September before stabilizing between 6.5 and 7 percent by year-end.

During 2024, new construction provided a significant boost to the market, contributing 1,258 new properties—a 49.1 percent increase compared to the 844 properties added in 2023. Buyer demand, as reflected in pending contracts, saw its largest year-over-year jump in December, with a 33.6 percent increase, equating to 298 additional properties under contract. This surge highlights robust buyer interest during a traditionally quieter period.

"The December increase in new listings and pending sales shows a renewed confidence from both buyers and sellers in the resilience of our market. The strong year-end numbers set a solid foundation for continued growth in 2025." said Dawn Kilby, a Realtor®/broker with Realty Executives and 2025 president of the Catawba Valley Association of Realtors®.

The average number of showings per listing decreased slightly in December to 2.6, compared to 3.0 in November. Catawba County led in activity with 2.7 showings per listing, followed closely by Caldwell and Alexander counties at 2.6 each, and Burke County at 2.5. Newton and Hickory recorded the highest showing rates in the region, with 2.9 showings per listing. Compared to 2023, there were 3.8 percent fewer showings across the market. The typical home received 6 showings before entering into pending status.

Closed home sales reached 293 in December, a modest 1.7 percent increase from December 2023. Year-to-date, the region closed 3,976 sales, reflecting a 3.2 percent annual growth. This upward trend aligns with improving economic indicators and stabilizing mortgage rates, which have bolstered affordability. Homes spent an average of 48 days on the market in December, marking a 41.2 percent year-over-year increase. The $500,000+ and $300,001–$400,000 price ranges continued to experience the longest days on market at 53 and 47 days, respectively.

The median sales price for December was $275,000, a 4.7 percent year-over-year gain, while the average sales price experienced a slight decline of 0.7 percent to $337,539. Year-end figures for 2024 show a median sales price of $290,000, up 4.5 percent from 2023, while the average sales price increased 9.2 percent to $356,335. Sellers received an average of 93.9 percent of their original asking price in December, a 1.1 percent decrease from December 2023, reflecting growing buyer negotiation power as inventory expanded. Notably, the annual growth in median sales price was the smallest in five years, signaling stabilization in market pricing trends.

Kilby continued, “With market pricing stabilizing and inventory on the rise, 2025 offers both opportunities and challenges for buyers and sellers. Navigating this evolving landscape requires expert guidance, and working with a knowledgeable Realtor® ensures clients maximize value while making informed decisions in today’s dynamic market.”

Distressed sales represented just 0.7 percent of the market, an 18.2 percent drop compared to 2023, emphasizing the overall health of the region’s housing sector. Economists project further market stabilization in 2025, with expectations of moderate price growth and steady buyer activity fueled by improved affordability and increased inventory.

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 reported a modest market performance at the close of 2024. Home sales in December remained consistent year-over-year, with 14 closings recorded. New listings in December increased significantly by 40 percent to 21, and pending sales showed a 6.3 percent increase, totaling 17 contracts. For the year, Alexander County saw 249 home sales, a 1.2 percent decline compared to 2023, and 256 pending contracts, nearly flat with the previous year. The median sales price for the year rose 9.7 percent to $293,900, while the average sales price grew 15.3 percent to $363,356. Homes spent an average of 47 days on the market in 2024, a 30.6 percent increase year-over-year.

Burke County experienced a dynamic December, with a 24.5 percent year-over-year rise in new listings, bringing the total to 61. However, closed sales decreased by 19.7 percent, with 49 homes sold during the month. Annual figures showed 786 home sales, a slight 1.6 percent improvement from 2023, while new listings increased by 17.6 percent, totaling 1,085. The median sales price for the year climbed 4 percent to $260,000, while the average sales price rose 10 percent to $331,087. Homes averaged 41 days on the market in 2024, reflecting a 28.1 percent increase in market time compared to the previous year.

Caldwell County saw a decrease in activity during December, with closed sales dropping 40 percent year-over-year to 48 homes. New listings also fell by 19.6 percent, totaling 45 for the month. Despite a slower December, Caldwell County closed 744 sales in 2024, a 1.9 percent increase compared to 2023. The median sales price for the year rose 5.4 percent to $255,500, while the average sales price increased 9.1 percent to $318,097. Homes spent an average of 38 days on the market in 2024, 31 percent longer than in 2023.

Catawba County, the region's largest market, recorded 182 home sales in December, a robust 36.8 percent year-over-year increase. New listings rose by 12 percent to 168, and pending sales soared 63.4 percent to 183 contracts. For 2024, the county closed 2,197 home sales, a 4.8 percent improvement from 2023. The median sales price for the year increased 1.6 percent to $310,000, while the average sales price climbed 8.2 percent to $377,490. Homes in Catawba County averaged 44 days on the market, reflecting a 29.4 percent increase compared to 2023.

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.