September 25, 2024

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. —In August 2024, buyer demand surged in the Catawba Valley Region, as pending sales increased by 10.7 percent, with a total of 405 properties entering into contracts during the month. New construction made up 19 percent of pending sales. 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.

Closed home sales saw a slight decrease this month, totaling 360 transactions, which represents a 2.7 percent drop compared to August 2023. Sales in August also saw a slight decrease of 2.7 percent from July. However, year-to-date August figures show that closings for the first eight months of the year increased 3.1 percent when compared to the same period (January-August 2023) last year. New construction contributed 59 properties to this month's closed transactions.

Seller confidence in the region remained consistently strong throughout the year, with the previous five months seeing new listing counts in the low 500s, effectively easing supply constraints. August continued this trend with 516 newly listed properties, representing a 15.2 percent year-over-year increase. After years of underproduction, new construction is helping to boost inventory, contributing 98 properties to the market this month.

Housing inventory surged 57.5 percent year-over-year, reaching 1,005 units by the end of August — a level not seen since 2018. This increase raised the months of supply by 50 percent to 3.0 months, easing pressure on the market. New construction continued to contribute significantly, making up 29 percent of the inventory with 288 properties, a 57 percent increase from the previous year. All four counties in the region experienced inventory growth.

“It seems the real estate stalemate we've been experiencing may finally be coming to an end. With increased inventory, a slower sales cycle, and the potential for lower rates, many of our clients are starting to re-engage with the market.” said Karleta Sharisse Smith, a Realtor®/broker with Keller Williams Advantage and 2024 president of Catawba Valley Association of Realtors®.

The median sales price declined by 5.6 percent year-over-year to $290,000 for the region. However, August saw a 1.8 percent increase from July 2024, when the median sales price was $285,000. The average sales price for all property types was $355,222, a 5.9 percent increase from the previous year. Sellers in the region continued to receive most of their asking price, with the ratio of original list price to sales price averaging 95.1 percent.

Smith continued, “Sellers are beginning to list properties that had been held off the market due to low locked-in rates.  As the gap between current rates and those locked-in rates narrows, my advice is to work with a trusted Realtor® to guide you through the process. Having a knowledgeable agent is invaluable when navigating the complexities of buying or selling a home.”

The August Showings report reveals that listings in the Catawba Valley Region averaged 3.7 showings per listing, indicating strong buyer interest throughout the month. Catawba County led the region with an average of 4.1 showings per listing. Burke County recorded 3.2 showings per listing, Caldwell County had 3.6, and Alexander County saw 3.5 showings per listing. Hickory (5.0), Newton (4.1), and Morganton (3.9) all demonstrated high buyer interest this month.

Properties in the region stayed on the market for an average of 39 days, representing an 11.4 percent increase from August 2023. This longer market time reflects the growing inventory, giving buyers more choices. Townhomes remained on the market the longest, averaging 46 days. Single-family homes were listed for an average of 37 days, while condos sold the quickest, spending just 31 days on the market.

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 experienced increases in all pricing metrics except the median sales price, which dipped by 2.9 percent to $276,650. In August 2024, the average sales price of $339,341 increased by 17.4 percent compared to last year. Additionally, the average list price rose by 42.4 percent to $385,577. The original list price to sales price ratio decreased to 94.5 percent. Days on market rose significantly by 146.7 percent, as homes averaged 37 days on market until sale.

Home sales in August experienced a slight decline of 4.0 percent compared to the previous year, with 24 homes sold versus 25 sold in August of the prior year. Pending contract activity rose by 11.1 percent, with 30 homes under contract compared to 27 a year ago. New listings remained flat with 28 homes brought to market. Total inventory increased by 54.8 percent with 65 available units compared to 42 the previous year. This equates to 3.0 months of supply, up from 2.0 months of supply last year.

Burke County experienced decreases in all pricing metrics except for average list price which increased 12.0 percent to $361,996. The percent of original list price received fell to 92.9 percent this month. The median sales price declined by 20.3 percent to $250,000, while the average sales price fell by 7.5 percent to $328,372. Closed sales increased by 17.2 percent to 75 properties this month. Pending contract activity decreased by 6.6 percent, with 85 homes under contract during August.

There was a substantial 106.9 percent increase in inventory with 209 properties available, equivalent to a 3.1-month supply, a 93.8 percent increase from 2023. New listings jumped by 37.3 percent as sellers brought 114 homes to market compared to 83 in August 2023. Days on market reached 50 days, up from 25 the previous year.

Caldwell County Caldwell County saw mixed results in August 2024. The percent of original list price received fell to 94.9 percent this month, while the average list price rose 8.7 percent to $362,212. The median sales price declined by 3.4 percent to $241,500, and the average sales price decreased by 5.6 percent to $283,889. Closed sales fell by 7.9 percent year-over-year to 70 homes while pending sales were down by 7.5 percent with 62 homes under contract.

New listing activity increased slightly by 1.1 percent with 91 properties listed. Inventory rose by 22.8 percent to 167 homes, providing a 2.6-month supply. Days on market increased by 27.6 percent to 37 days, compared to 29 days last year.

Catawba County closed sales decreased by 6.8 percent in August 2024, with 191 homes sold compared to 205 in August 2023. Pending contract activity surged by 26.0 percent, with 228 homes under contract during the month. New listings saw a 14.6 percent year-over-year increase, with 283 homes listed compared to 247 in August 2023. Inventory jumped by 57.1 percent, with 564 homes for sale, translating to a 3.1-month supply.

The median sales price declined by 3.6 percent to $319,999, while the average sales price increased by 13.3 percent to $393,904. The average list price fell slightly by 0.2 percent to $390,415. Days on market decreased by 18.6 percent to 35 days, down from 43 days in August 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.