Charlotte Real Estate Market Update: January 2023

If you’re a homeowner or aspiring homeowner in Charlotte, you’ve come to the right place. In this update, I’m going to give you 5 points you need to know about the Charlotte real estate market in January 2023.

Charlotte Real Estate Prices

Let’s dive into the prices in Charlotte. Over the past year, the average sales price has risen 6% from a median sales price of $385,000 this time last year to the current value of $407,500. Despite this year over year increase, prices are down about 8% from their peak in June when we got as high as $445,000. So although prices are still up year over year, prices peaked in June and have been sliding during the second half of 2022 due to recent interest rate increases. 

Charlotte Sales Price to List Price Ratio

Now let’s look at the average sales price to list price ratio, which is 96.1% in Charlotte. This means that sellers are getting 96.1% of their asking price while buyers are paying 3.9% below the listed price. To provide some context, the average sales price to list price ratio over the past 10 years in Charlotte was 97.4% so the current ratio remains consistent with the recent historic average.

Charlotte Days on Market

Next, let’s see the average days on market, which currently sits at 22 days. This means that, on average, homes are on the market for approximately 3 weeks before going under contract. The 10 year average this time of year is the same at 22 days. As a rule of thumb less than 120 days is considered a sellers market and we are well within that. 

Number of Homes For Sale in Charlotte

Taking a look at the inventory in Charlotte, there are currently 2,099 homes for sale, a slight increase compared to 1,996 homes available at this time last year so inventory is slightly up from last year. It’s worth noting that the 10-year average for this time of year is significantly higher at 2,686 homes so inventory is below recent historical averages. 

Number of Price Reductions in Charlotte

Finally, let’s look at price reductions in Charlotte. This month 228 sellers reduced their prices on a weekly basis, which is lower than the recent average of 253. Price reductions serve as a leading indicator and the lower number suggests a positive outlook for the market in 2023.

Charlotte Real Estate Market Summary

So there you have it—the latest insights into the Charlotte real estate market. In summary, a very positive month. Prices are up, the sales price to list price ratio has increased, days on market has decreased, price reductions have also declined, and inventory remains 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.