Constrained supply and mortgage rates continue to drive Charlotte real estate market trends as we wind down the year, the latest MLS data show.
Though inventory is up 42% from September 2023 to 2024, demand continues to outpace supply. “There is no way we can keep up with the growth in this city, so I believe for the first time in many years we have an opportunity to show our buyers a healthy mix of both new and resale homes,” Winnie Simmons shares.
However, we’re no longer in the extreme seller's market we saw in 2020-2022. Well-priced homes in prime locations in perfect condition are still seeing bidding wars — making it a great time for sellers to list. Well-priced, turnkey homes at the luxury price point may have 2-3 offers and at lower price points up to 15, Aubrey Grier says.
That’s certainly not the case for all homes, though. Some homes are sitting on the market longer, which could indicate the asking price is too high or the condition isn’t in line with buyers’ standards, Grier says.
Mortgage rates hit recent lows in September, which gave consumers a confidence boost — new listings and pending sales were both up compared to this time a year ago. “Some first-time home buyers are excited about rates dropping a little bit and are getting a new re-energized outlook on searching for a home,” Anne Stuart Mitchener says.
The rate cut was short lived, but the final months of the year still present opportunities for buyers. Inventory is constrained, but there’s less competition compared to spring, which could yield better home prices, Grier says.
As you begin your search — or try to find the right buyer — Mitchener reminds us patience is key.
