Charlotte’s Housing Market Hits New Heights as Demand Surges

Charlotte’s Housing Market Steams Ahead with Demand!

Hey there, Charlotte! Have you been keeping an eye on the housing market lately? Well, it looks like we’ve got some interesting news to share! Recent data shows that the market is buzzing, with strong pent-up demand among buyers across our lovely city. Let’s break it all down for you.

Record Home Sales in November

Canopy MLS released some exciting figures this month, revealing that a whopping 3,140 homes were sold in the Charlotte region last November! That’s an increase of 4.5% compared to the same time last year. If that isn’t impressive enough, nearly 3,200 homes went under contract in November, marking an incredible jump of 22.5% year-over-year. However, let’s not forget that things dipped a bit from October with home sales down 6.3% and pending contracts down 14.2%. It’s truly a rollercoaster we’re on!

A Shift in Mortgage Rates

So, what’s driving all this activity? Well, it seems to be linked to the dip in mortgage rates we saw earlier this fall. According to the Canopy Realtor Association, the rates for a 30-year fixed mortgage slid down to about 6.1% in late September. But, just like the weather, it didn’t last long! By November, rates spiked back up as high as 6.84%. As of December 12, we’re sitting at 6.6%. This fluctuation plays a key role in potential buyers’ decisions, especially when they see rates fall.

Boost in Buyer Activity

Just to add more fuel to the fire, showing activity in the Charlotte metro has boomed — up 12% year-over-year in November alone! Areas like Matthews and Concord are experiencing the strongest foot traffic, followed closely by Huntersville and Kannapolis. So if you’re looking to sell, those are hot spots to keep in mind!

New Listings and Inventory Insights

Now, let’s chat about inventory. There are more homes hitting the market! New listings increased by 7.3% over the year, with 3,800 homes added in November. However, this marks a decline of 15.2% from the previous month. Fast forward to today — inventory has gone up by almost 2,000 homes compared to last year, reaching a total of 9,176 properties as of December 5. It’s slightly down from last month, but overall it’s a healthy increase.

Price Trends Telling a Story

Let’s talk dollars and cents! Home prices in Charlotte are showing intriguing trends too. The median sale price rose to $392,012, marking a 3.7% increase from last November, while the average sale price now stands at $487,445, climbing by 8.3%. However, month-over-month, we see a slight drop of 0.7% for median prices and approximately 0.9% for average prices. Sellers received about 95.7% of their original list price, showing that while buyers are active, they are also savvy.

Looking Ahead to 2025

Now, if you’re wondering what the future holds for real estate in Charlotte, two recent housing forecasts for 2025 are painting a bright picture. Charlotte has been highlighted as one of the top 10 hot spots for housing by the National Association of Realtors, thanks to its strong economic and demographic factors. If you ask the experts, 2025 may very well be all about the sales volume, with big opportunities in single-family construction and more sellers entering the market.

Final Thoughts

So there you have it, folks! Charlotte’s housing market is alive and kicking, and it seems that buyers are not slowing down anytime soon. Whether you’re looking to buy, sell, or just keep an eye on the trends, there’s certainly a lot to keep track of. Stay tuned for more updates, and happy house hunting, Charlotte!