Charlotte Real Estate Market Update: November 2023

After falling last month, real estate prices are back up this month in Charlotte. In this update, I’ll be sharing how the local market is performing and where it’s headed. We’ll take a look at the latest data on prices, the sales price to list price ratio, the number of days on market and the number of homes for sale. So let’s get started. 

Charlotte Real Estate Prices

Let’s start with prices. Positive news here. In Charlotte, the median sales price is up to $415,000 from $408,000 last month. Prices peaked last June and fell until February and have increased since February and we are just 1% off last year’s peak. 

Charlotte Sales Price to List Price Ratio

Next, how much are sellers discounting asking prices? More positive news here. The sales price to list price ratio is 100% for the 8th straight month. We’re under last year’s average of just under 101%.

Charlotte Days on Market

Next, if you list a property, how long does it take to go into contract? The answer is 8 days, slightly higher than 7 days last month. Does that make it a sellers or buyers market? 8 days is definitely a sellers market. 

Number of Homes For Sale in Charlotte

Finally, how many houses are for sale in Charlotte? 3,193 homes are currently on the market up from 3,044. So Inventory is increasing which can be a negative sign for prices in the months ahead, but the number of homes for sale is 26% below the 5 year average.

Charlotte Real Estate Market Summary

Overall November was a neutral month for real estate in Charlotte. On the positive side, the median sales price is up and the sales price to list price ratio is holding steady at 100%. On the negative side, the number of days on market and the number of active homes for sale are up.   The very hot market is showing some underlying signs of weakening likely due to mortgage rates increasing a half a point over the past 30 days. 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.