Charlotte Real Estate Market Update: April 2023

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

Charlotte Real Estate Prices

Let’s start with prices. In Charlotte, the median sales price is currently $415,000, up from $397,000 last month and $412,000 this time last year. This marks the first month-over-month increase since prices peaked at $440,000 in June of last year.

Charlotte Sales Price to List Price Ratio

Next, let’s look at the sales price to list price ratio. This metric tells us how close sellers are getting to asking price. Currently, it is approximately 97%, up from 96% last month. Before this increase, it had been decreasing since April of last year when it was above 104%. This month shows the largest month-over-month increase since then.

Charlotte Days on Market

Now let’s focus on days on market, which tell us how long on average it takes to sell a house in Charlotte. Right now, we’re at 16 days, down from 28 days last month. Days on market have increased every month since May when we were as low as 3 days. Less than 120 days is considered a sellers market so we are definitely still well within a sellers market. 

Number of Homes For Sale in Charlotte

Next, let’s look at the number of homes for sale. Currently, there are 2,225 active homes for sale, slightly up from 2,142 last month. After an increase in inventory during the first and second quarters last year, inventory went down in the third and fourth quarters and has now stabilized and we are seeing an increase in the first quarter.

Number of Price Reductions in Charlotte

Lastly, let’s take a look at how often sellers are reducing their prices in Charlotte. Last month, an average of 127 sellers reduced their prices each week down from 136 the previous month. This decrease in price reductions is a positive sign for future prices as they are a leading indicator. 

Charlotte Real Estate Market Summary

In summary, all positive news this month. Sales prices and the sales price to list price ratio are both up, days on market is down, price reductions are down and inventory is stable. 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.