Charlotte Real Estate Market Update: July 2023

If you’re interested in the latest updates on the Charlotte real estate market, you’re in the right place! In this update, I’ll provide you with the 5 key numbers that will give you all the information you need to know about the Charlotte real estate market in July 2023. 

Charlotte Real Estate Prices

In Charlotte, the median sales price is currently $430,000 up from $414,000 last month and $405,000 the month before. This marks the 4th consecutive month of price increases and prices are finally back above the peak of $420,000 in July of 2022. Although interest rates remain high, inventory is low and demand is exceeding supply.

Charlotte Sales Price to List Price Ratio

Now let’s take a look at the sales price to list price ratio. We are holding steady  at 100% for the 4th straight month! The higher this percentage, the higher the sales price is relative to the asking price. More good news. 

Charlotte Days on Market

Next up, the number of days on market. We’re down to 5 days on market from 6 the previous month and 7 the month before. This means it’s taking on average 5 days to go from listing to contract in Charlotte. The demand continues to exceed supply. 

Number of Homes For Sale in Charlotte

Let’s see the number of active homes for sale. The number of active homes for sale in Charlotte is 1,168 down from 1,228 last month. The supply of homes for sale is historically low and getting even lower. 

Number of Price Reductions in Charlotte

Let’s take a look at how often sellers are reducing their prices in Charlotte. There were 117 price reductions over the past 7 days down from 118 a month ago. This is historically low so another positive sign for prices going forward as price decreases are a leading indicator.

Charlotte Real Estate Market Summary

Overall July was a positive month for real estate in Charlotte. The median sales price is up for the 4th consecutive month and surpassed last year’s peak, the sales price to list price ratio is still at 100%, the number of days on market is down to just 5 days, the number of price reductions are down and the number of active homes for sale is flat. Based on all of this, prices will continue to increase in the coming months. 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.