May 20, 2025

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. —   Home sales across the 16-county Charlotte region declined in May, falling 3.4 percent year-over-year with just over 4,000 homes sold during the month. However, on a month-over-month basis, closed sales rose 9 percent, signaling that some buyers are reengaging as the market continues its shift toward a more balanced environment. Data in this release is sourced from Canopy MLS.  This press release is provided by Canopy Realtor® Association and reflects existing-home sales of single-family homes, condos, and townhomes only.

With inventory expanding and more choices available, buyers are benefiting from additional time to explore options and make thoughtful decisions. Demand remained steady, as pending sales—an indicator of future activity—rose 16.6 percent year-over-year, with 4,516 homes going under contract in May. Compared to April 2025, pending sales increased 2.2 percent, suggesting buyers are gradually adjusting to 30-year fixed mortgage rates, which averaged 6.89 percent during the month.

Seller confidence also remained steady, as evidenced by the 6,287 new listings that entered the market in May—up 13.6 percent from a year ago and 6 percent higher than April. This sustained influx of new listings helped significantly boost both inventory and overall supply.

The region’s inventory reached a notable milestone in May, climbing 39.3 percent year-over-year to just over 11,000 homes for sale—approaching inventory levels not seen since October 2018. The increase pushed months of supply to 3.1, up from 2.3 months in May 2024, offering further evidence of a market regaining equilibrium after several years of tight conditions. See May 2025 data for 30+ communities

A closer look at homes for sale by property type showed inventory gains were significant across all property types, but the most dramatic increases were seen in the attached home segment. Townhome inventory grew by 64.4 percent year-over-year and condo inventory jumped 58.2 percent, providing more options and reducing pressure in a previously tight segment. Single-family inventory also rose sharply by 35.3 percent, reflecting increased seller activity. This surge in inventory pushed months supply higher across the board: 3.0 months for single-family homes, 3.3 months for townhomes, and 4.1 months for condos.

 “The market continues to move toward a healthier balance, giving buyers more time, more choices, and greater negotiating power than we’ve seen in recent years. Sellers will need to remain mindful of pricing and value,’ said Charisma Southerland, 2025 president of Canopy Realtor® Association/Canopy MLS and a Realtor®/broker with Allen Tate Company.  “While overall sales activity is still catching up to last year, buyer demand remains steady, and new listing activity is encouraging. We're seeing signs that both buyers and sellers are adjusting to today’s conditions and finding opportunity in this evolving market.”

May’s showing report for the Charlotte MSA indicated a slowdown in overall buyer foot traffic, with showing activity down 14.5 percent year-over-year, with listings averaging 4.7 showings (or potential buyers) per listing. Despite the decline, Mecklenburg County continued to lead the region in buyer interest, with five showings per listing. Among the most active areas, Matthews saw the highest engagement, with listings averaging 5.8 showings, followed closely by the city of Charlotte at 5.1, showings per listing. Listings in Kannapolis and Concord also maintained steady interest, averaging 5.2 and 5.0 showings per listing, respectively.

Prices Hold Steady, amidst rising supply

Despite the increase in inventory and supply, prices rose modestly. The median sales price rose 1.3 percent year-over-year to $405,000 while the average sales price was somewhat stable, increasing 0.6 percent to $525,220.  The average list price also increased by 8 percent to $589,234 bringing the original list price to sales price measure down slightly (-1.2%) to 96.6 percent.

Days on market continued to increase across the region, with list-to-close time, which measures the full selling process from listing to closing, increasing 7.4 percent to 87 days compared to 81 days a year ago in May. Days on market, which tracks how long homes are listed before going under contract, increased 26.5 percent to 43 days compared to 37 days on market in May 2024.

 Mecklenburg County

In May 2025, Mecklenburg County’s housing market reflected a continued shift toward a more balanced landscape. New listings rose 13.0 percent year-over-year, with 2,288 homes added to the market, while pending sales increased 14.6 percent, to 1,621 homes under contract last month, pointing to improved buyer interest. However, closed sales declined 4.8 percent with 1,465 homes sold compared to last May, suggesting that while buyers are active, transactions are taking longer to finalize. Median home prices dipped 1.7 percent year-over-year to $450,000, and sellers received slightly less of their original list price—97.6 percent on average, down from 99 percent a year ago. Inventory grew by 46.1 percent, raising the months supply of homes to 2.8, a 40 percent increase and a sign that buyers now have more options. Days on market until sale lengthened from 38 to 34 year-over-year.

 Southerland continued, “These trends reflect a cooling, yet steady market—one where rising inventory is finally giving buyers in Mecklenburg County and the city of Charlotte some much-needed breathing room, even as broader economic uncertainty continues to shape the pace of sales. Partnering with a Realtor® who has access to Canopy’s Down Payment Resource tool can make the path to homeownership even more affordable and attainable.”

Much like the county, the City of Charlotte’s housing market showed signs of a market in transition. Year-over-year, new listings rose 12.3 percent, as sellers brought 1,832 homes to market during the month, while pending sales climbed 17.7 percent, to 1,327 homes under contract, signaling an uptick in both seller activity and buyer engagement. However, closed sales fell 3.9 percent compared to May 2024, pointing to a lag between contract and closing. Inventory jumped 41.8 percent, pushing the months supply of homes from 2.0 to 2.8—an encouraging sign for buyers.

Home prices in the city held relatively steady, with the median sales price edging up less than a percent (0.3%) to $431,078 and the average sales price dipping 1.1 percent to $597,773. Days on market until sale rose sharply by 29.6 percent, reaching 35 days, an indicator of a more measured approach from 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 2025 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.