Apr 18, 2025 - News
Charlotte homeowners stay put amid market slowdown
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Charlotte homeowners are staying in their houses longer than they were during the peak of the pandemic, but homes in the region still change hands more often than the nation's median home.
Why it matters: Elevated home prices and mortgage rates are keeping people from buying their first homes or moving into new ones.
- The average 30-year fixed rate has been above 7% for most of April, according to Mortgage News Daily, which has discouraged many would-be homebuyers from entering the market or listing their homes.
State of play: This is further evidence that Charlotte's housing market has slowed down from the frenzied years following the pandemic, when a drop in mortgage rates created a surge in housing demand.
Between the lines: Relatively affordable metro areas and migration hotspots, like Charlotte, are seeing homes change hands more often.
- Median homeowner tenure is longest in Los Angeles (19.4 years) and shortest in Louisville, Kentucky (8 years), per the analysis.