Charlotte Real Estate Market Update: September 2023

If you’re interested in the Charlotte real estate market, here are the 5 most important metrics you need to know about that will tell you about the current state of the market. We’ll take a look at the latest data on prices, the sales price to list price ratio, the number of days on market, the number of homes for sale and the percentage of price reductions. We’ll review the trends and I’ll tell you where I think prices will go in the future based on the latest data. Let’s get into it. 

Charlotte Real Estate Prices

Let’s start with prices. In Charlotte, the median sales price is currently $405,000 down from $420,000 last month. This marks two straight months of price decreases and puts us back below last year’s peak of $420,000 in September but still above our low of $375,000 in February. 

Charlotte Sales Price to List Price Ratio

Next let’s take a look at the sales price to list price ratio. We are holding steady at 100% for the 6th straight month! The higher this percentage, the higher the sales price is compared to the asking price. This is positive news.

Charlotte Days on Market

Next up is the number of days on market. Currently, we’re at 7 days on market, which is up from 5 days last month. This means it’s taking on average 7 days to go from listing to contract in Charlotte. Another sign that demand continues to exceed supply. 

Number of Homes For Sale in Charlotte

Now let’s take a look at how many homes are for sale now and how it’s trending. The number of active homes for sale is 3,061, which is down from 3,125 last month. The number of homes for sale has been decreasing since its peak of 4,114 last August indicating that despite higher interest rates, demand is still exceeding supply in Charlotte. 

Number of Price Reductions in Charlotte

Lastly, let’s see how often sellers are reducing their prices in Charlotte. There were 183 price reductions over the past 7 days up from 143 a month ago. Price reductions have been increasing drastically over the past two months and are now above our year to date average of 153. This is a negative sign prices going forward as price decreases are a leading indicator. 

Charlotte Real Estate Market Summary

Overall, September was a negative month for real estate in Charlotte. On the positive side, the sales price to list price ratio is holding steady at 100% and the number of active homes for sale continues to decrease. On the negative side, the median sales price is down for the second month in a row, the number of days on market remains low but is higher and the number of price reductions is way up. Based on all of this, I believe the outlook is neutral to negative 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.