Charlotte Real Estate Market Update: February 2023

Are you curious about the current state of the Charlotte real estate market? Look no further! In this update, I’ll provide you with five key points that will give you a comprehensive understanding of the market in February 2023. Let’s dive right in and cover the important details you need to know.

Charlotte Real Estate Prices

Let’s begin with prices. The median sales price in Charlotte currently stands at $405,000. Although there has been a slight decrease from last month at $410,000, we are still up 6.5% compared to the same period last year when the median sales price was $380,000. It’s worth noting that prices reached their peak in June 2022 at $440,000 and have been gradually declining since then. 

Charlotte Sales Price to List Price Ratio

Next, let’s look at the list price to sales price ratio. This is a great metric because it tells us how close to asking prices sellers are getting. Right now it’s roughly 96% and that’s steady from last month but lower than the 101% we saw this time last year. No surprise there. We are close to the 10 year average this time of year of 97% so we’re getting back to a more balanced market for buyers and sellers.

Charlotte Days on Market

My personal favorite, days on market, which tells how long on average it takes to sell a house in Charlotte. Right now, we’re at 27 days, which is up from 21 last month. This brings us right in line with the 10 year average of 27 so again the market is normalizing.  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

Let’s look at how many homes are for sale now and how it’s trending. The number of active homes for sale is 2,170, similar to 2,012 this time last year. So prices have adjusted quickly to balance the market and as a result inventory has not increased much and we are still well below the 10 year average this time of year of 2,808. 

Number of Price Reductions in Charlotte

Let’s take a look at how often sellers are reducing their prices in Charlotte. On average 191 sellers reduced their prices each week last month vs 176 the previous month. Comparing this to October and November of last year when we were in the 300’s we can see that sellers were quick to reduce their prices in line with buyer expectations and now prices are more in line and as a result we should see further slowing of price decreases or even a reversal and some price growth in the coming months

Charlotte Real Estate Market Summary

So that’s the latest update on the Charlotte real estate market. On the positive side, prices are still up year over year, the sales price to list price ratio remained steady and there was a significant decrease in price reductions. On the negative side, prices decreased month over month, days on market slightly increased and more homes are available for sale. 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.