Editor’s Note: This article reviews Charlotte housing-market conditions during 2024. For more recent information, read our current Charlotte real estate market outlook.
Charlotte’s real estate market changed gradually during 2024. Mortgage rates and affordability remained important concerns, but an increase in new listings gave buyers more properties to consider than they had during the previous year.
According to the year-end Canopy MLS Charlotte Region market report, prices continued to appreciate while annual sales activity remained relatively steady.
Charlotte Home Prices Continued to Rise in 2024
The median sales price across the Charlotte Region reached $392,007 in 2024, an increase of 3.5% from 2023. The average sales price rose 6.8% to $493,487.
The median and average measure different aspects of the market. A higher average can be influenced by luxury and higher-priced transactions, while the median represents the midpoint of all reported sales.
These regional figures did not mean that every Charlotte property appreciated at the same rate. Price performance varied by neighborhood, property type, condition, price range and local supply.
Inventory Improved and Buyers Gained More Choice
One of the most significant changes during 2024 was the growth in available inventory. New listings increased 12% for the year compared with 2023.
By December 2024, the Charlotte Region had 8,111 homes for sale, a 24.7% increase from December 2023. The months’ supply of inventory increased from 1.9 months to 2.3 months.
This gave buyers more opportunities to compare properties and reduced some of the urgency created by extremely limited inventory. Supply was still constrained relative to a traditionally balanced market, however, and desirable homes could continue to attract strong interest.
Annual Sales Activity Remained Relatively Steady
A total of 41,886 residential properties closed across the Charlotte Region in 2024. That represented a 0.7% increase over 2023. Pending sales increased 1.5% for the year.
Homes took slightly longer to sell. Average days on market increased from 36 days in 2023 to 39 days in 2024. By December, the monthly average had reached 50 days, compared with 35 days in December 2023.
Sellers received an average of 96.7% of their original list price during 2024, compared with 97.2% the previous year. The difference reinforced the importance of accurate pricing, property condition and effective marketing.
What the 2024 Market Meant for Buyers and Sellers
For Charlotte Buyers
Increasing inventory gave buyers more options, but higher purchase prices and borrowing costs continued to affect affordability. Buyers needed to compare the complete monthly payment, available cash, property condition and expected ownership period before making an offer.
For Charlotte Sellers
Home values remained resilient, but sellers could not assume every property would sell immediately or receive multiple offers. Homes that were priced according to recent comparable sales and presented well were generally better positioned to attract qualified buyers.
For Real Estate Investors
Charlotte’s population growth and diverse economy continued to support long-term interest in the region. Nevertheless, investment decisions still required property-specific analysis of acquisition costs, financing, rent, vacancies, maintenance, insurance, taxes and potential resale value.
Regional appreciation alone was not sufficient to determine whether an individual property represented a suitable investment.
Frequently Asked Questions
Did Charlotte home prices decline in 2024?
Not across the region as a whole. Canopy MLS reported that the annual median sales price increased 3.5% and the average sales price increased 6.8%. Individual properties and communities may have performed differently.
Was Charlotte a buyer’s or seller’s market in 2024?
Inventory improved and buyers gained more choices, but the region ended December with only 2.3 months of supply. Conditions depended heavily on the location, property type, price range and condition of the home.
Are these figures still current?
No. These statistics summarize the Charlotte Region during 2024. Buyers and sellers should review current neighborhood and property-level data before making a real estate decision.
Current Charlotte Real Estate Resources
For information beyond this historical 2024 review, explore these Stone Realty Group resources:
Need Current Charlotte Market Guidance?
Historical statistics provide useful context, but real estate decisions should be based on current conditions and recent comparable sales. Stone Realty Group can prepare a property-specific analysis for buyers, sellers and investors throughout the Charlotte area.
Connect with Stone Realty Group for current Charlotte market data and personalized real estate guidance.