Charlotte Days on Market: Key Trends

• Home Prices Are Rising: Median home price is now $410,000, up 4.5% from last year.

• Faster Sales in Popular Areas: Average days on market (DOM) is 25, but top neighborhoods like South End and NoDa see homes sell in under 20 days.

• Market Stabilizing: Compared to 2023's 9-day median DOM, 2024 shows a slight slowdown, influenced by fluctuating mortgage rates and a 3% drop in inventory.

• Neighborhood Highlights:

  • South End & NoDa: High demand, low inventory, <20 DOM.

  • Myers Park & Ballantyne: Balanced markets, 25-30 DOM.

Quick Comparison Table

Both buyers and sellers need to adapt their strategies. Buyers should act quickly in competitive areas, while sellers can benefit from pricing smartly. Charlotte’s thriving finance, healthcare, and tech industries continue to fuel housing demand, making it a dynamic market to watch.

Housing Market Overview 2024 In Charlotte NC: Home Prices Insights & More

1. Changes in Days on Market Over the Years

The Charlotte housing market has seen notable shifts recently, with days on market (DOM) serving as an important measure of its trends. Between 2023 and 2024, the market has started to stabilize while maintaining relatively fast home sales.

In July 2024, closed sales rose by 6.7%, and pending sales increased by 8.9%, signaling a steadying market ^[3]. Homes now spend an average of 25 days on the market, reflecting a slight uptick compared to previous years ^[1]. Several factors have contributed to this change:

• Market Conditions: Fluctuating mortgage rates have slightly slowed buyer activity, leading to longer DOM.

• Market Forces: Factors like Charlotte's economic growth, supply chain delays, and a tight inventory (down 3% from 2023) have played a role in shaping DOM trends ^[1].

Certain neighborhoods, such as South End and NoDa, continue to outperform the city's averages, showcasing areas with strong demand ^[1]. The market is evolving, balancing quick sales with more measured growth, supported by Charlotte's thriving economy. In July 2024, the median home price climbed to $420,000 - a 4.2% increase from July 2023 - while sales activity adjusted to reflect a more balanced market ^[3].

Key Historical Data:

• 2023: Median DOM was just 9 days ^[2].

• 2024 (Current): Average DOM has risen to 25 days ^[1].

These changes in DOM reveal opportunities for sellers to benefit from relatively fast transactions and for buyers to navigate a competitive market. This broader trend sets the stage for exploring how DOM varies across Charlotte's neighborhoods.

2. Differences in Days on Market by Neighborhood

Charlotte's average Days on Market (DOM) sits at 25 days, but when you zoom into specific neighborhoods, the picture changes significantly. Each area has its own market dynamics that influence how quickly homes sell and how buyers and sellers approach the market.

Fast-Moving Markets
Neighborhoods like South End and NoDa are known for their quick sales. Limited inventory, strong demand, and prime locations make these areas highly competitive ^[1].

Here's a breakdown of DOM by neighborhood and what drives these numbers:

What Impacts Neighborhood DOM?
Several factors shape the DOM in these areas. Limited new construction in places like South End, a 3% drop in citywide inventory since 2023, and strong interest in homes priced between $300,000 and $500,000 are key drivers ^[1].

For buyers, this means acting quickly in high-demand areas. Sellers, on the other hand, can leverage competitive pricing strategies tailored to their neighborhood's specific trends. These local variations highlight the need to align strategies with the unique conditions of each market - a topic we'll dive deeper into in the next section.

Advantages and Disadvantages of Shorter or Longer Days on Market

Charlotte's average of 25 days on the market (DOM) and its 3,200 active listings present both opportunities and challenges for buyers and sellers. With inventory down by 3% compared to last year ^[1], knowing how DOM impacts transactions is key to navigating this market.

How DOM Affects Buyers and Sellers

Shorter and longer DOM scenarios bring different pros and cons for market participants:

Key Strategies for Buyers and Sellers

DOM trends play a big role in shaping pricing and timing strategies. Buyers in fast-moving markets need to act quickly and prepare for competitive bidding. On the flip side, properties with longer DOM may offer buyers a chance to negotiate better terms.

"The Charlotte market is shifting towards a more balanced environment, requiring both buyers and sellers to adjust their strategies accordingly", says Shawn Gerald, a Charlotte-based real estate expert. "Understanding the implications of Days on Market can help clients make smarter decisions."

For successful outcomes, it’s essential to adapt strategies to specific neighborhood trends and current market conditions. With Charlotte’s ongoing growth and changing dynamics ^[1], knowing how to interpret DOM patterns can give both buyers and sellers a competitive edge.

Conclusion

The Charlotte real estate market showcases a dynamic interplay of supply, demand, and pricing, making it essential for anyone involved to grasp these factors for success.

Sales activity is climbing, and home prices are strengthening - signs of a thriving market. This trend is bolstered by Charlotte's growing industries, including finance, healthcare, and tech sectors ^[1]. With these economic pillars in place, the region's housing market is expected to remain stable.

For buyers, quick decision-making is key in sought-after neighborhoods like South End and NoDa. Sellers, on the other hand, should prioritize smart pricing and effective marketing to stay competitive ^[1]. The market's projected 1.7% growth ^[3] signals opportunities for those who can navigate its demands.

Charlotte's solid economic base provides a promising outlook for the housing market. By staying informed on these trends, buyers and sellers can better position themselves to thrive in this competitive environment.