If you’re following the Charlotte real estate market, it’s clear there’s been a lot of change. Whether you’re thinking about buying or selling a single-family home, staying informed on the latest trends is crucial. Here’s a deep dive into what happened in September 2024 and how it impacts you.
Single-Family Home Prices: Slower Growth, But Still Up
Single-family home prices in Charlotte continue to climb, but at a more moderate pace. In September 2024, the median price for a single-family home was around $418,000, a 4.6% increase from last year. This may not sound as dramatic as the double-digit growth we saw during the pandemic boom, but it’s still significant—especially considering higher mortgage rates are slowing down buyer demand.
As prices rise more slowly, sellers might notice that homes are staying on the market a little longer. In fact, the average number of days on the market has climbed to 41 days, compared to just 35 days in September 2023. This shift gives buyers a little more breathing room, but the market is still competitive, especially for homes priced right.
What’s Slowing the Market Down?
Interest rates are a big factor in today’s real estate landscape. With rates hovering around 7%, buyers are feeling the pinch. Higher rates reduce purchasing power, meaning buyers can afford less home for their money. This is why we’re seeing a longer time on market for some properties—it’s taking buyers longer to pull the trigger as they weigh their options more carefully.
That said, Charlotte’s market is still a seller’s market. Why? Because inventory is tight! Despite fewer buyers actively hunting, there aren’t enough new homes coming onto the market to meet demand. This inventory shortage, particularly in the affordable and mid-range price points, is helping keep prices steady.
Suburban Growth Stays Strong
While the market might be cooling slightly, the demand for suburban homes is still on fire. Areas like Huntersville, Matthews, and Mint Hill are attracting families and remote workers who want more space, larger lots, and quieter neighborhoods—all while being within a short drive to the city. If you’re thinking about buying in the suburbs, now could be a great time to look, as you’ll get more for your money compared to homes in the city.
What Should Sellers Do?
If you’re a seller, it’s still a good time to list your home. But you need to be strategic. Gone are the days of multiple offers within hours. To get your home sold quickly, consider the following with your Realtor:
• Competitive pricing: With more homes sitting on the market, buyers are becoming more selective. Price your home right to attract serious offers.
• Professional staging and photography: These tools will make your home stand out online, where most buyers start their search.
• Creative financing options: Offering incentives like a 2-1 buy-down to help buyers manage higher mortgage rates could make your listing more attractive.
Buyers: Now is the Time to Negotiate
For buyers, don’t be discouraged by the higher rates. While interest rates are higher, there’s room for negotiation, especially on homes that have been sitting on the market for over a month. You might be able to negotiate a better deal on price, or even ask for closing cost assistance. Plus, with homes staying on the market longer, you have the chance to avoid the bidding wars that were common in the past few years.
Also, explore creative financing options with your lender. Whether it’s a rate buy-down or another option, there are ways to make homeownership more affordable, even in a high-rate environment.
Let’s Make Your Move
Navigating the Charlotte real estate market requires a smart approach, and I’m here to help. Whether you’re thinking about buying, selling, or just want to know where the market’s heading, let’s chat! Reach out today for a personalized strategy that fits your needs.
Until Next time!
Evie DeJesus, Realtor®️
 |
References:
1. Redfin. “Charlotte Housing Market: House Prices & Trends.” October 2024.
2. Pridemore, Scott. “Charlotte Real Estate Market Trends | Mid-Year Review 2024.”
Comments
Post a Comment