March 21, 2025

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — Home sales in the Charlotte region declined in February, reflecting a slower market compared to last year, according to data from Canopy MLS. A total of 2,700 homes were sold across the 16-county region, marking an 8.7 percent drop from February 2024. However, month-over-month sales showed improvement, rising nearly 9 percent as buyers took advantage of mortgage rates that dipped to a low of 6.7 percent during the month of February. This report covers transactions for single-family homes, condos, and townhomes only.

Buyers Remain Engaged Despite Market Shifts

Pending sales activity, a key indicator of future closings, signaled continued buyer demand. February saw a 2.6 percent increase in contracts year-over-year, with nearly 3,700 homes going under contract. Compared to January, contract activity jumped 10.5 percent, reflecting increased buyer engagement just ahead of the spring selling season. If these transactions close as expected within the next 45 to 60 days, they could provide a boost to future sales.

Showing activity across the Charlotte MSA declined 4.6 percent year-over-year, with listings averaging 5.1 showings per property. However, certain areas saw heightened buyer interest. Matthews led the market, with homes averaging 7.3 showings per listing, followed by Waxhaw (6.5 showings per listing), Fort Mill (5.7 showings), and Huntersville (5.6 showings).

New Listings and Inventory Continue to Expand

February saw an increase in seller confidence, as new listings rose 4 percent year-over-year, with more than 4,400 homes hitting the market. Compared to January, new listing activity climbed 10 percent, helping to boost the region’s available inventory. By the end of February, inventory levels increased 36 percent to nearly 8,500 homes for sale, while supply increased 33.3 percent year-over-year, reaching 2.4 months of supply. This growth signals a shift, though the market remains seller-friendly—especially in high-demand areas. Supply levels peaked at 2.7 months in September 2024 but growth was tempered following strong fourth-quarter sales.

“Even as consumer confidence and uncertainty surrounding the economy continue to dominate the headlines, steady seller confidence in the form of new listings, has allowed inventory and supply to grow, making the market increasingly attractive to buyers, here at the start of the spring selling season,” said Charisma Southerland, 2025 president of Canopy Realtor® Association/Canopy MLS and Realtor®/broker with Allen Tate Company.”

In February supply and inventory levels continued to improve in outlying counties, with Cleveland County nearly in a buyer’s market with four months of supply, followed by Iredell County, with 2.9 months of supply, and Lincoln County with 2.8 months of supply. (See Feb. 2025 data for 30+ communities)

Prices Hold Steady as Affordability Remains a Concern

Despite shifting market conditions, home prices remained stable. The median sales price held firm at $385,000, unchanged both year-over-year and from January. The average sales price rose 2.5 percent year-over-year to $476,652, while the average list price rose 7.8 percent to $544,563.  With list prices on the rise, the original list price to sales price ratio declined slightly, (-0.9%) to 95.9 percent, yet sellers still maintain strong negotiating power.

“While affordability remains a challenge in some parts of the region, overall market stability—particularly in pricing—reflects a much healthier housing landscape than in past years,” Southerland added. “With the median price holding at $385,000 since December, now is the time for buyers and sellers to prepare for what could be a competitive spring market.”

Homes continued to spend more time on the market in February. The list-to-close time—measuring the full selling process from listing to closing—rose 7.5 percent year-over-year to 100 days, up from 93 days in February 2024. Meanwhile, the Days on Market (DOM) metric, which tracks how long homes remain listed before going under contract, increased 22.2 percent, averaging 55 days on market compared to 45 days last year.  

Mecklenburg County
In February, Mecklenburg County experienced a 14.3 percent decline in closed sales, with 959 homes sold, down from 1,119 in February 2024. However, new listings saw a 3.5 percent increase, bringing 1,551 homes to market, which is helping to improve inventory levels. The county's housing supply continues to grow, with months of inventory rising 42.9 percent to 2.0 months, giving buyers more options.

Despite shifting sales trends, home prices remained steady. The median sales price increased a modest 2.3 percent year-over-year to $437,500, while the average sales price rose 2.5 percent to $563,266. Homes continued to take longer to sell, with days on market increasing 20 percent to 48 days, allowing buyers additional time to make purchasing decisions. The percent of original list price received declined slightly to 96.8 percent, as sellers continue to receive nearly all of asking prices for their homes.

The City of Charlotte's housing market saw a significant slowdown in sales activity in February, as closed sales declined 16.7 percent year-over-year, with only 759 homes sold compared to 911 in February 2024. Pending sales also dipped 3.3 percent from the previous year, indicating a more measured pace of buyer activity. Despite this, new listings rose by 2.3 percent bringing 1,246 homes to market, contributing to improved inventory levels.

The city's housing supply expanded substantially, with months of inventory increasing 50 percent to 2.1 months, while the total inventory of homes for sale jumped 46.9 percent to 2,100 homes. This increase in available listings provides more choices for buyers, which may help moderate price growth.

Home prices in Charlotte remained steady, with the median sales price rising 2.5 percent year-over-year to $415,000. The average sales price saw a marginal increase of 0.2 percent, reaching $539,542. However, sellers are seeing slightly less pricing power, as the percent of original list price received fell to 96.8 percent, down from 98.1 percent last year.

As inventory grows, homes are taking longer to sell. Days on Market (DOM) increased 17.1 percent, with homes averaging 48 days on market before selling, compared to 41 days last year.

Southerland continued, “With inventory rising and price appreciation slowing, Charlotte’s market is evolving. While sellers still have some leverage, the increase in supply and longer selling timelines, suggests buyers may have more negotiating power. Buyers can up their affordability, by asking their agents about Down Payment Resource (DPR) assistance on a number of Canopy MLS listings.”

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.