June 27, 2024

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — In May 2024, the market saw a notable 15.9 percent increase in new property listings compared to the previous year, adding 504 properties to the inventory. This was the second time since June 2022 that new listings in the region reached the 500s, helping to ease the persistent supply constraints. 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.

Once again, a significant contributor to this increase was new construction, accounting for 16 percent of the newly listed properties. Year-to-date, 2024 is up 37% in new construction over 2023 equating to 122 more properties. All four counties in the Catawba Valley Region experienced growth in new listings.

Home sales across the Catawba Valley Region in May were up 7.2 percent, closing out the month with 402 transactions up from 375 in May 2023. Additionally, the region saw a 12 percent increase from April 2024, accounting for 43 more closed sales and marking the fourth consecutive month-over-month increase in 2024. Burke was the only county in the region that experienced a decline in sales this month.

During May, the median sales price increased for the fourth consecutive month, reaching $300,000, a 9.1 percent increase from May 2023 and a 3.8 percent rise over April 2024. New construction accounted for 14 percent of sales during May with a median sales price of $366,000. The average sales price for the region rose to $385,866, a 13 percent year-over-year increase and a 5.5 percent increase from the previous. Additionally, sellers secured sale prices very close to their asking prices, with the ratio of original list price to sales price averaging at 96.3 percent, slightly down by 1.2 percent from the previous year.

“Inventory remains a significant issue, with low supply continuing to pressure home prices. Many homeowners are reluctant to sell due to the ultra-low mortgage rates they locked in over the past few years, contributing to the inventory crunch. However, new home construction is ramping up to meet demand. Combined with the Fed's projection of a possible rate drop in 2024, this is giving hope to buyers and sellers who have been patiently waiting to enter the market.” said Karleta Smith, a Realtor®/broker with Keller Williams Denver and 2024 president of Catawba Valley Association of Realtors®. 

Although there were many positive indicators this month, buyer demand decreased for the first time in seven months, resulting in a slight 3.2 percent drop, equating to 365 pending sales. Catawba County accounted for a 16 percent decline in demand with 35 fewer properties entering into contracts.

The May Showings report indicates that listings in the Catawba Valley Region averaged 4.1 showings per listing with 5,187 showings during the month suggesting strong buyer interest. Catawba County led the region with an average of 4.8 showings per listing. Both Alexander and Burke Counties recorded 3.7 showings per listing, while Caldwell County saw an average of 3.4 showings per listing to close out the month. Hickory (5.2), Newton (4.9), and Morganton (4.4) all had high buyer interest this month.

Smith continued, “Using a Realtor® can streamline the complex process of buying or selling a home, providing expertise, resources, and peace of mind. Buyers should ask their agent about the new Down Payment Assistance Resource tool in Canopy MLS, to help offset the cost of the home. Down payment assistance is available for more than 80% of on-market residential listings in Canopy MLS.”

Properties in the region stayed on the market for an average of 39 days. This represents a significant 30 percent increase from May 2023 and a slight 15.2 percent over the previous month of April. Within the four-county region, townhomes remained on the market the longest, averaging 49 days. Single-family homes were listed for an average of 36 days, while condos sold the quickest, spending just 31 days on the market.

The month ended with 856 properties on the market, marking a significant 47.6 percent increase from the prior year, which saw 580 properties for the month. Consequently, the months of supply grew by 36.8 percent resulting in 2.6 months, up from the 1.9 months recorded during the same timeframe in the previous year.

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 home sales in May experienced a 25 percent increase from the previous year, with 31 homes sold compared to 26 sold in May of the prior year. Additionally, pending contract activity increased 19.2 percent with 31 homes under contract versus 26 homes under contract a year ago. New listing also rose by 26.9 percent year-over-year as sellers brought 33 homes to market. Inventory rose to 53.8 percent with 60 available units compared to 39 the previous year. This equates to 2.7 months of supply which is up compared to last year from 2.0 months of supply.

The median sales price of $355,000 was up 40.5 percent year-over-year while the average sales price of $424,728 increased by 32.7 percent compared to last year. Additionally, the average list price climbed 4.8 percent to $402,473 bringing the original list price to sales price measure up slightly to 96.3 percent. Days on market rose this month by 2.0 percent, as homes averaged 45 days on market until sale.

Burke County experienced some declines this month. Both the median sales price ($242,500) and the average sales price ($291,435) dipped this month 8.7 and 12.2 percent respectively. Closed sales also dipped slightly by 9.2 to 79 properties this month. The average list price increased 35.1 percent to $455,337 bringing the percent of list price received up slightly to 97.3 percent.

There was a substantial 103.1 percent increase in inventory level, with 197 properties available, equivalent to a 3.0 months supply, a 100 percent increase from 2023. Pending contract activity rose 28.3 percent with 77 homes under contract during May. New listings jumped 53.3 percent as sellers brought 115 homes to market compared to 75 in May 2023. Days on market dropped to 29 days from 36 the previous year.  

Caldwell County saw increases across all metrics except for the original list price received measure, which was flat at 95.9 percent. Contract activity rose 1.4 percent year-over-year with 73 pending sales during May. Closed sales jumped 14.3 percent year-over-year as 72 homes sold during the month compared to 63 in May 2023.

New listing activity slightly increased 2.2 percent with 94 properties listed, versus 92 in 2023. Additionally, inventory rose 28.2 percent to 132 homes for sale at report time or 2.0 months of supply. The median sales price rose 10.2 percent to $275,500 while the average sales price climbed 0.8 percent to $325,440. During May, the average list price increased 28.1 percent to $392,737. Days on market until sale showed homes averaged 39 days on market versus 29 days on market in May 2023, a 34.5 percent increase.  

Catawba County closed sales increased 10.2 percent in May 2024 as 226 homes sold compared to 205 that sold in May 2023, while pending contract activity decreased 16 percent to 184 homes under contract during the month. New listings saw an 8.3 percent year-over-year climb to 262 homes listed compared to 242 that were newly listed in May 2023. Inventory rose 37 percent with 467 homes for sale at report time or 2.7 months of supply.

The median sales price increased this month by 3.1 percent to $323,500 while the average sales price rose by 22.7 percent to $433,409. The average list price also increased this month by 17.8 percent to $466,224. This brought the original list price to sales price measure down to 96 percent compared to 98.5 percent in May 2023. Days on market jumped substantially 44.8 percent to 42 days in May 2024 versus 29 days on market in May 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.