Home sales are down in Charlotte but inventory is up, a sign that the housing market is balancing out
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Fewer homes were sold this year than last year in the Charlotte area. But for the first time in a while, buyers have more options.
Why it matters: Despite high interest rates deterring some, prospective homebuyers have a larger inventory of homes to shop from, and therefore more leverage, according to Maren Brisson-Kuester, COO of Corcoran HM Properties.
- Meanwhile, property values are relatively stable, meaning sellers aren’t losing out on their investments.
Driving the news: Last month, home sales in Charlotte “experienced the steepest decline of the year,” according to data from Canopy MLS. Data also show that there are more homes for sale in the Charlotte area — about 49% more than this time last year.
“When you look at like your average sales prices, they’re up almost 16% in the city of Charlotte,” Brisson-Kuester said.
By the numbers: The median sales price in the Charlotte region is $381,000 — 8.1% higher than last year.
- The average sales price is $443,290 — 8.6% higher than last year.
- The average listing prices also went up by 10.9% to $441,158.
[Related Axios story: Only a quarter of homes in the Charlotte area sold for less than $300,000, study finds]
Of note: The Charlotte region is composed of 12 counties in North Carolina and four counties in South Carolina.
The intrigue: Sellers across the region listed fewer homes in November than they did last year, a sign that seller confidence is lower and that there’ll be fewer home sales this winter, according to Canopy MLS.
The other side: Home sales typically decline in the winter months because people don’t move as frequently over the holidays, per Brisson-Kuester.
What they’re saying: Wait a few months.
- “Buyers who strategize now will probably have more options available for purchase during next year’s spring market,” said Canopy MLS president and realtor Lee Allen.
The bottom line: The market is balancing out, slowly but surely. “Homes are not selling at 105% of the list price anymore. Due diligence fees are becoming a little more reasonable now, right as competition is slacking slightly,” Brisson-Kuester said.
Go deeper: Don’t expect a home price collapse in Charlotte, experts say