Charlotte Real Estate Market Update: March 2023

Are you curious to know the latest buzz in the Charlotte real estate market? Get ready, because I’m about to give you five key points that will tell you everything you need to know about the Charlotte real estate market in March 2023. 

Charlotte Real Estate Prices

Let’s start with prices. Currently in Charlotte the median sales price is $395,000 down from $405,000 last month but still up from $389,000 this month last year. It’s worth noting that prices reached their peak at $440,000 in June of last year and have been on a gradual decline since then.

Charlotte Sales Price to List Price Ratio

Next, let’s look at the sales price to list price ratio. This metric provides valuable insight into how close sellers are getting to their asking prices. Currently we’re at 96%, which is similar to last month but lower than 101% this time last year. For context, we’re gradually approaching the 10-year average of 97% this time of year, signaling a return to a more balanced market for both buyers and sellers. Exciting times ahead!

Charlotte Days on Market

Let’s look at days on market. This metric tells the average time it takes to sell a house in Charlotte. We’re currently sitting at 28 days, a slight increase from 25 days last month. Days on market have been steadily increasing since June last year when it was only 4 days. But don’t worry! This brings us right in line with the 10-year average of 26 days, indicating a market normalization. Remember, anything below 120 days is still considered a seller’s market, so we’re comfortably within that territory.

Number of Homes For Sale in Charlotte

Next, let’s look at the number of homes for sale. There are currently 1,937 active homes for sale, a slight increase from 1,893 last month. After increasing in the first and second quarters of last year, inventory reversed course and began decreasing in the third and fourth quarters. 

Number of Price Reductions in Charlotte

Last but not least, let’s look at price reductions in Charlotte. Last month, an average of 140 sellers reduced their prices each week, a notable decrease from the 212 reductions in the previous month. This is very positive for prices going forward as price reductions are considered a leading indicator. 

Charlotte Real Estate Market Summary

And there you have it—the latest updates on the Charlotte real estate market! On the negative side, prices were lower month over month, days on market increased slightly and there was an increase in homes for sale. On the positive side, sales price to list price ratio remained constant, and there was a notable decrease in price reductions. If you’re interested in buying or selling real estate in Charlotte, we can help! Call me directly at 980-240-9807 or email me at justin@charlottehomesrealty.com.