Charlotte Real Estate Market Update: August 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 this August 2023. 

Charlotte Real Estate Prices

In Charlotte, the median sales price is currently $425,000 down from $430,000 last month. This is typical of prices this time of year as prices have been lower in July compared to June in 10 out of the last 10 years. This came after 4 consecutive months of price increases and  we’re still above last year’s peak of $420,000 last August. 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 5th straight month! The higher this percentage, the higher the sales price is relative to the asking price. Continuing great news here. 

Charlotte Days on Market

Next up, the number of days on market. Currently, we’re still at 5 days on market, which is the same as last month. This means it’s taking on average 5 days to go from listing to contract in Charlotte. Another sign that 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 is 3,143, which is down from 3,181 last month. The supply of homes for sale is historically low and trending slightly lower as demand continues to exceed supply. 

Number of Price Reductions in Charlotte

Lastly, the number of price reductions. There were 143 price reductions over the past 7 days up from 117 a month ago. This is historically low but trending higher so potentially a negative sign prices going forward as price decreases are a leading indicator.

Charlotte Real Estate Market Summary

Overall August was a positive month for real estate in Charlotte. On the positive side, we’re still above last year’s median sales price peak, the sales price to list price ratio is holding steady at 100%, the number of days on market is holding steady at just 5 days and the number of homes for sale is slightly down. On the negative side, the number of price decreases increased. Based on all of this, I think 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.