The higher mortgage interest rates now hovering near 7% seem to have stabilized some over the past year and appear to be defining a new normal. Stats such as pending sales, inventory, and interest rates remain mostly unchanged from a year ago in the Charlotte market. The biggest difference in Charlotte since last year? Prices keep rising and have reached yet a new record. In June, the average price for a single family home in Mecklenburg County hit $707,495, an increase of 12% from the same month last year. The median home price hit $529,995, increasing 6% in the same period.

The number of home sales has fallen by 17% from last year. The reduced sales seem to be a function of lower demand fueled by higher prices and rates. We might have expected that higher prices and rates would eventually lead to greater supply, but that has not been the case yet. Housing supply remains in a sellers market with only a 2 month supply in Charlotte. Low supply is what’s been pushing prices higher.

I am very connected to a group of agents all over the country. Based on conversations I’ve been having with friends in this network, I’m hearing that there are some markets around the country that are starting to experience a slow down and even some price softening. Not so, at least for now in Charlotte.

Prices are seasonal and it seems that we are near the top for 2024. We’ll see what happens over the next month or two as autumn approaches. Will the new record set in June go higher or have we reached the top?

Comparing single family home sales in Mecklenburg County from June with the previous month and the same month last year, here’s a sneak peak:

• Home sales are down 12% from last month and 17% from last year.
• Average sales price is up 5% from last month and 12% from last year.
• Median sales price is up 6% from last month and 6% from last year.
• Average price per square foot is even with last month, but up 6% from last year.
• Sale to list price ratio at 100% is the same as last month but down from 101% last year.
• Days on market remains unchanged from last month and last year.
• Pending sales are down 1% from last month and 3% from last year.
• Mortgage rates at 6.77% are down slightly from last month and about the same as last year.
• Average house payment is up 3% from last year and 11% from last year.

You can always find the most up to date stats on our website here.