More homes are hitting the market in Charlotte

By the numbers: Thanks in part to lower mortgage rates, housing inventory in the 16-county Charlotte region increased in July by 48.6% year over year to 8,486 active listings, up from 5,700 active listings a year ago, according to data from Canopy Realtor Association.

• The area now has 2.5 months of housing supply, up from 1.6 months of supply in July 2023.
• The condo-townhome market's inventory increased by 79.5%, according to the report.

Zoom out: A healthy market is one with four to six months of supply, says Charisma Southerland, president of Canopy Realtor Association/Canopy MLS.

• At that level, homes sell at market value "in a reasonable time frame, typically 60 days," Southerland says.

What they're saying: "A balanced market favors neither buyers nor sellers; buyers usually have more options, while sellers can expect a fair price for their home," she told Axios.

Between the lines: The Charlotte region's crop of single-family home inventory rose in July by 43.8% to slightly more than 7,100 homes for sale, per the Canopy report.

• The majority of that inventory was in the "mid-priced market" (between $200K- $500K), according to Canopy.

Zoom out: During the pandemic, mortgage rates fell to new lows, prompting plenty of homeowners to refinance their homes. Those homeowners have been reluctant to sell as interest rates soared in 2022 and 2023, constricting the supply of homes for sale.

What's next: More sellers could be emboldened to list their homes, adding to the region's inventory, if rates continue to fall as expected.