April 17, 2025

Contact: Kim Walker, 704-940-3149

Home sales across the 16-county Charlotte region declined year-over-year for a second consecutive month, falling 2.9 percent in March 2025 as slightly more than 3,500 homes were sold, according to data from Canopy MLS. Despite the annual dip, sales surged 30 percent compared to February, as buyers took advantage of slightly lower mortgage rates, which averaged between 6.5-to 6.6 percent from late February through March.

Sales showed notable strength in the upper price tiers. Sales in the $700,001 and above range experienced the most growth, jumping 19.4 percent year-over-year, followed by a 12.2 percent increase in the $600,001 to $700,000 range and a 7.9 percent rise in the $500,001 to $600,000 category. These gains reflect strong buyer demand in the near-luxury and move-up segments, even amid economic uncertainty and higher borrowing costs. This report includes existing-home sales of single-family homes, condos, and townhomes only.

Strong Contract Activity and Foot Traffic Point to Active Season Ahead
Buyer demand showed renewed strength, with pending contract activity rising 15.1 percent year-over-year as 4,548 properties went under contract. Month-over-month, contracts jumped 24 percent—a strong signal of buyer interest heading into the spring market, assuming these transactions close in the typical 45- to 60-day window.

Showing activity, another key indicator of buyer engagement, also increased notably. Across the Charlotte MSA, showings rose 5.8 percent year-over-year and 25.3 percent from February, with homes averaging 5.6 showings per listing. Buyer traffic was highest in Mecklenburg County, where listings averaged 6.1 showings, with especially strong activity in Matthews (8.5 showings) and Huntersville (6.0 showings). Interest was also high in Cabarrus County, where homes averaged 5.8 showings—led by Concord (6.0) and Kannapolis (5.9). Union County also saw steady foot traffic, with listings averaging 5.7 showings overall, with listings in Waxhaw averaging 6.4 showings per listing this past month.

“Despite ongoing economic uncertainty and rising costs impacting consumer confidence, we’re seeing encouraging signs that both buyers and sellers are stepping off the sidelines this spring,” said Charisma Southerland, 2025 president of Canopy Realtor® Association/Canopy MLS and Realtor®/broker with Allen Tate Company. “The uptick in contract and showing activity means that motivated buyers are adapting to today’s market realities, while sellers are recognizing the continued demand for well-priced, move-in-ready homes. As the spring selling season gets underway, we expect steady momentum—especially in areas where inventory is beginning to improve.”

New listing activity in March continued to reflect strong seller confidence, as 5,676 homes were added to the market—a 15.5 percent increase compared to last year. Month-over-month, new listings surged 28.2 percent, giving a significant boost to overall inventory and buyer options heading into the spring season.

At report time, total inventory rose 39.4 percent year-over-year, with just under 9,100 homes for sale across the Charlotte region. Months of supply increased to 2.6, up 36.8 percent compared to last year and climbing from 2.4 months in February. Much of the shift in supply was driven by outlying counties. Cleveland County reached buyer’s market territory with 4.2 months of supply, followed by Stanly (3.2 months) and Lincoln (3.1 months). Iredell and Rowan counties also posted gains, each reaching three months of supply in March. (See March 2025 data for 30+ communities)

Inventory and Supply Increase, Prices Hold Steady

Despite the increase in inventory and supply, home prices remained stable. The median sales price rose 2.6 percent year-over-year to $395,000, while the average sales price increased 6.8 percent to $511,564. The average list price also increased, up 6.7 percent to $552,071. However, the original list price to sales price ratio dipped slightly to 96.1 percent, down 1.2 percent from last year—indicating that while sellers still hold negotiating power, price sensitivity is growing as market conditions shift. Sales showed notable strength in the upper price tiers.

“As inventory continues to build and new listings rise, we’re beginning to see more balance return to the market, especially in some of the outlying counties, offering buyers more breathing room,” said Southerland. “While prices remain relatively stable and sellers still have negotiating strength, the longer days on market time suggest growing price sensitivity among buyers. Headed into the spring market, current conditions could create more opportunities for well-prepared buyers, particularly those struggling with affordability.”

Homes continued to spend more time on the market, with list-to-close time, which measures the full selling process from listing to closing, rising 11.2 percent to 99 days, up from 89 days a year ago in March. Days on Market (DOM), which tracks how long homes are listed before going under contract, increased 31 percent to 55 days compared to 42 last year.

Mecklenburg County
Mecklenburg County’s housing market in March continued to reflect growing seller confidence and expanding inventory, even as closed sales declined. New listings rose 14.4 percent year-over-year, bringing 2,107 homes to market and giving buyers more choices heading into the spring selling season. However, closed sales dipped 5.7 percent compared to last March, totaling 1,300 transactions—likely due to Mecklenburg homes spending more time on the market and tighter supply pressuring prices.

Despite the dip in sales, buyer activity remained strong, with pending sales increasing 17.9 percent, a positive sign for future closings. Prices continued their upward trend: the median sales price jumped 8.1 percent year-over-year to $463,295, while the average sales price rose 14.5 percent to $651,796.

Inventory saw sharp improvement, rising 45.8 percent compared to March 2024, which pushed months of supply up from 1.5 to 2.2, a 46.7 percent increase. Still, the extended days on market rose 42.4 percent, with homes averaging 47 days on the market before going under contract, suggesting some growing price resistance among buyers.

Overall, the market continues to fluctuate—with prices higher than surrounding counties, but continued inventory increases and the slower sales pace, may offer buyers more leverage as the season progresses.

In March, the City of Charlotte's housing market showed similar signs of a market in transition, with increased inventory and seller activity, but softer sales. New listings rose 10.8 percent year-over-year, bringing 1,686 homes to market, while pending sales grew 14.7 percent, indicating steady buyer interest. However, closed sales declined 9.3 percent compared to last March, suggesting that some transactions may be taking longer to close.

The median sales price increased 9.2 percent to $440,000, while the average sales price rose significantly, 17 percent to $647,379, reflecting continued demand in higher-end segments. Despite these price gains, homes are taking longer to sell, with days on market rising 44.1 percent to an average of 49 days in the city.

Inventory expanded significantly, up 44.3 percent year-over-year, and months of supply increased to 2.2, marking a 37.5 percent gain. Though single-family homes remain dominant, condos and townhomes continue to gain traction. The inventory of condo-townhome properties rose 70 percent year-over-year, outpacing single-family inventory growth (33.2%) and helping improve options for entry-level and downsizing buyers. This sharp rise in attached home inventory continues to reflect a growing preference for more affordable, lower-maintenance living.

Southerland continued, “Rising inventory and slower sales pace are giving buyers more room to negotiate, especially in a market that’s still dealing with affordability challenges. At the same time, steady price growth and strong pending sales activity speak to the underlying strength and long-term value of homeownership in our region. As we head deeper into the spring selling season, we expect continued momentum from both buyers and sellers who are adapting to today’s evolving market. Buyers and sellers alike should ask their agent about Down Payment Resource (DPR), available on more than 83 percent of residential listings in Canopy MLS, helping make homeownership more attainable for many buyers.”

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.