Charlotte Real Estate Market Update: October 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 be sharing how the local market is performing and where it’s headed. We’ll take a look at the latest data on prices, the sales price to list price ratio, the number of days on market, the number of homes for sale and the percentage of price reductions. So let’s get started. 

Charlotte Real Estate Prices

In Charlotte, the median sales price is currently $408,000 up from $405,000 last month. Our recent high was $430,000 in June and our low was $375,000 in February.

Charlotte Sales Price to List Price Ratio

Next, let’s look at the sales price to list price ratio. Currently, we are holding steady at 100% for the 7th straight month. The higher this percentage, the higher the sales price is compared to the asking price. This is positive news. 

Charlotte Days on Market

Next up, we have the number of days on market, which tell us how long on average it takes to go from listing to contract. Right now, we are at 7 days on market unchanged from 7 days the previous month. Our recent low was 3 last May and our high was 26 in January. 

Number of Homes For Sale in Charlotte

Let’s see how many homes are for sale now and how it’s trending. There are 3,044 homes for sale, down from 3,061 last month. The number of homes for sale has been decreasing since its peak of 4,114 last August indicating that despite higher interest rates, demand is still exceeding supply in Charlotte. 

Number of Price Reductions in Charlotte

Lastly, the number of price reductions. There were 213 price reductions over the past 7 days up from 183 a month ago. Price reductions have been increasing drastically over the past three months and are now above our year to date average of 153. This is a negative sign prices going forward as price decreases are a leading indicator.

Charlotte Real Estate Market Summary

Overall October was a positive month for real estate in Charlotte. On the positive side, the median sales price is up, the sales price to list price ratio is holding steady at 100%, days on market is holding steady at just 7, and the number of active homes for sale continues to decrease. On the negative side, the number of price reductions is way up. Based on all of this, I believe I believe the outlook is neutral in the coming months. Hope you enjoyed this update and found it informative. 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.