Its looking like a good time to make a move if you are a buyer in the Charlotte market. In Mecklenburg County prices for single family homes have peaked for 2024 and will most like start a slow decline into the fall and winter, as they do seasonally each year. Both the average and median sales prices in July have fallen from June. On top of that, the 30 year fixed mortgage interest rate has fallen to 6.47%, a 1/2 point lower than last year.

This means that the average house payment has come down a bit, making things slightly more affordable. Don’t expect this to last! Housing supply still remains in the category of a sellers market and hot properties are still moving quickly. While prices will likely fall slightly over the next six months due to seasonality, they will also mostly likely rise to even new highs next spring and summer.

The decrease in rates will probably get some homebuyers to get off the fence, resulting in an increase in home sales. Now seems like a great time to act before things get busy (and more competitive) again.

As always, the monthly stats for single family homes are available on our website here. Here’s a quick summary when comparing the stats for July 2024 to the previous month and the same month a year ago:

• Home sales are up 6% from last month and 13% from last year.
• Average sales price is down 2% from last month, but up 12% from last year.
• Median sales price is down 3% from last month, but up 8% from last year.
• Average price per square foot is even with last month, but up 10% from last year.
• Sale to list price ratio at 100% is the same as last month, but down from 101% last year.
• Average time on market is the same as last month, but down 4% from last year.
• Pending sales are down 10% from last month and 9% from last year.
• Supply is up 10% from last month and 94% from last year.
• Mortgage rates at 6.47% are down from 6.77% last month and 6.96% last year.
• Average house payment is down 5% from last month, but up 7% from last year.