Charlotte Real Estate Market Update: May 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 five key numbers that will give you all the information you need to know about the Charlotte real estate market in May 2023. 

Charlotte Real Estate Prices

Let’s start with prices. In Charlotte, the median sales price is currently $415,000, up from $410,000 this time last year. We’re approaching the peak price of $420,000 in June of last year. After consecutive month-over-month decreases in the second half of last year, prices have stabilized and started to increase in 2023.

Charlotte Sales Price to List Price Ratio

Now let’s look at the sales price to list price ratio. This percentage indicates how close the sales price is to the asking price. Great news! We are up to 100%, which is up from 98.7% in January.

Charlotte Days on Market

Next, we have the average days on market, which tells us how long it takes to sell a house in Charlotte. Currently, we’re down to just 7 days, a significant decrease from 15 days last month and 25 days in January. This is excellent news for the market!

Number of Homes For Sale in Charlotte

Let’s take a look at the number of active homes for sale. Currently, there are 3,304 homes available, similar to 3,339 last month. Ideally, we would like to see an increase in inventory, providing more choices for buyers, especially with days on the market being so low.

Number of Price Reductions in Charlotte

Lastly, let’s examine price reductions. Weekly price reductions are at 136, relatively flat compared to 131 last month. This indicates a neutral sign for prices going forward since price decreases are considered a leading indicator.

Charlotte Real Estate Market Summary

To summarize, it’s been another very positive month for real estate in Charlotte. Prices are up year over year, the sales price to list price ratio has reached 100%, days on market have significantly decreased to just a week, and the number of homes for sale and price reductions remain relatively flat. 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.