Q2MarketReport &AreaResults
Prepared for the Charlotte region and all markets we serve.
Dear Friends, Clients, and Colleagues,
Welcome to Our Second Quarter Real Estate Newsletter As we reach the peak summer selling season, several trends have emerged that are shaping the real estate market in North Carolina The state remains a premier year-round destination, attracting buyers to our major markets with longterm ownership goals who are eager to start making memories in desirable neighborhoods. These buyers are less concerned about timing their purchase and more focused on finding the right home to enjoy for years to come.
On the other hand, some potential buyers are hesitant, held back by high mortgage interest rates and inflation-related uncertainties. These buyers, often with short-term goals, are missing out on some excellent opportunities as they wait on the sidelines.
If you're considering selling, now could be the perfect time. Buyers across North Carolina are more selective than they have been in recent years. However, when they find the right home, they are ready to make a move. For sellers with high-quality homes in great neighborhoods, this is an excellent time to be in the market. Correctly pricing your home in line with the current market is crucial, as overpricing can lead to longer days on the market and a more challenging sales process.
As we look move into the third quarter, we anticipate these trends to continue. For a more indepth analysis and personalized advice, please reach out. We’re here to help you navigate the evolving real estate market and make informed decisions
Our commitment is to go beyond expectations, providing unparalleled support to both buyers and sellers in fulfilling their real estate ambitions.
Our professional REALTORS® are always available to guide you through the entire process and address any questions you may have. Your success is our top priority!
Eb Moore, President & CEO ERA Live Moore Real Estate & Our
Family of Companies.
“If you're considering selling, now could be the perfect time. Buyers across North Carolina are more selective than they have been in recent years.”
- Eb Moore
Charlotte Skyline
CHARLOTTE AREA
SUMMARY
In the second quarter of 2024, the Charlotte region's real estate market displayed a consistent pattern of moderate increases in both median and average sales prices. While inventory levels rose, there was a noticeable slowdown in closed sales, indicating a cooling market. These trends set a benchmark for other markets in the area, reflecting a broader trend of stabilization after years of rapid growth.
Mecklenburg County, which encompasses the city of Charlotte, mirrored these trends but with some notable distinctions. The county saw year-on-year increases in both median and average sales prices, coupled with an increase in inventory. However, closed sales have declined, similar to the broader Charlotte region. What stands out is that Mecklenburg County, traditionally known for offering more affordable housing options, now has a higher average sales price than the overall Charlotte region, signaling a significant shift in the market dynamics.
Overall, the second quarter highlights a shift towards a more balanced market with rising prices and inventories but fewer transactions. This environment suggests a transition period where both buyers and sellers are adjusting to the new normal, characterized by less frantic activity and more measured price growth.
CHARLOTTE REGION
RESIDENTIAL SALES SUMMARY
Modest or consistent median and Average Sales Price increases, a sizable increase in Inventory, and a slow down in Closed Sales continue to define much of the Charlotte Region and establish a baseline for our other markets.
The Median Sales Price in Q2 2024 for a single family home in Charlotte was $399,900 for a year over year increase of 4.7%
As of July 2024 the Average Month's Rent in Charlotte for a 2 bedroom was $1,934
Charlotte Occupied Housing Units 53% of homes are owner-occupied households and 47% are renter-occupied households
The Median Sales Price in Q2 2024 for a single family home in Mecklenburg County was $460,000 for a year over year increase of 4.5%
MECKLENBURG CO.
RESIDENTIAL SALES SUMMARY
Charlotte's home county shows a Median and Average Sales Price increase, year-on-year, with an increase in inventory and a reduction in Closed Sales that closely tracks with Charlotte. The county, once a respite for buyers seeking affordability, now holds a higher Average Sales Price than the Charlotte Region.
CHARLOTTE-AREA COUNTIES
RESIDENTIAL SALES SUMMARY
Cabarrus County is one of Charlotte's largest neighboring counties and home to the county seat of Concord and the pretty towns of Mt. Pleasant, Midland, & Kannapolis. Union County features the charming and in-demand town of Waxhaw–growing in both popularity and Increasing in Average Sales Price
Cabarrus Co.
Union Co.
CHARLOTTE-AREA COUNTIES,
RESIDENTIAL SALES SUMMARY
The major metro area surrounding Charlotte includes seven different counties, each with its distinctive towns, cities, and townships. Charlotte’s surrounding counties provide greater inventory at various price points with something for everyone- from charming rural communities to vibrant market towns and commercial areas.
York Co.
Lancaster Co.
THE TRIAD | WINSTON SALEM
RESIDENTIAL SALES SUMMARY
In Q2 of 2024, the Median Sales Price in Winston-Salem, NC was $287,500K, trending down year-over-year by -2.9%. This laid-back city poised for continued growth is located in Forsyth County in the north-central part of North Carolina. The metro area lies along the Carolina Core in the heart of North Carolina, a 120+ mile stretch running between Winston-Salem, Fayetteville, Greensboro, & High Point. The Triad's continued big draw? Affordability!
THE TRIAD | GREENSBORO
RESIDENTIAL SALES SUMMARY
U.S. News and World Reports ranked Greensboro #94 in the nation for Best Places to Live and #71 in Best Places to Retire. Part of the Piedmont Triad, with a low cost of living and a Q2 2024 Median Sales Price of $325,500, it's one of North Carolina's more affordable metro areas. Inventory in Greensboro has been on the rise, with an increase in new listings of 11.2% year-overyear.
THE TRIAD | HIGH POINT
RESIDENTIAL SALES SUMMARY
High Point is located alongside Greensboro and Winston-Salem in the Piedmont Triad region of North Carolina, the nation’s 33rd largest metro area with a population exceeding 1 7 million Home of High Point University and the famous annual High Point Market, the world's largest home furnishings trade show High Point offers outstanding value for homebuyers, while sellers can expect to receive 98 3% of List Price
THE TRIAD | WILKES COUNTY
RESIDENTIAL SALES SUMMARY
Wilkes County is widely known for its county seat, Wilkesboro, and its largest town, North Wilkesboro The area is widely known for MerleFest, an annual "traditional plus" music festival held in Wilkesboro each spring Wilkesboro home-buyers enjoy a relatively low sales price compared to larger metro areas in North Carolina and an increase in the number of homes available for buyers seeking value and proximity to Winston Salem
McDowell County RESIDENTIAL
SALES SUMMARY
A predominately rural region, McDowell County boasts a wide array of natural beauty and scenic attractions, drawing tourists to it's waterfalls, hiking trails, mountain biking, and myriad outdoor pursuits Quaint shops can be found from the market town of Marion, to the charming country town of Old Fort Aside from Wilkes County, McDowell and Burke Counties offer some of the most affordable housing in the state!
Burke County
In the foothills of North Carolina's Blue Ridge Mountains sits Burke County and the attractive market town of Morganton Linville Gorge, Fonta Flora State Trail, and a portion of the Pisgah National Forest are just a few of the attractions drawing tourists to the area Laid-back living, smalltown life, and affordable housing, keep families and professionals here, calling Burke County "home "
ASHEVILLE RESIDENTIAL SALES SUMMARY
Asheville continues to see Average and Median Sales Prices increase, while Month's Supply rose a considerable 31.7%. Not surprisingly, Asheville’s Closed Sales have dropped more than 3.1% on Q2 2023 figures. Expect prices to continue rising and Days on the Market to decrease during the Q3 Summer season, similar to many other popular metros in North Carolina.
Asheville (Region)
In the pastoral setting of Buncombe County, Asheville's home county, the Q2 Average Sales Price for homes was up a considerable 10.8% year-on-year. On average, homes in Buncombe County are on the market for 39 days. While Buncombe County offers greater selection and opportunities for first-time buyers, its new developments and luxury communities have put upward pressure on home prices, outpacing Asheville.
RALEIGH & TRIANGLE AREA
RESIDENTIAL SALES SUMMARY
The second quarter of 2024 for the Raleigh, Durham, and the entire Triangle Region has shown a mix of growth and challenges in the real estate market. In Raleigh, new listings increased by 3.1%, reaching 795, and the median sales price rose by 5.4% to $468,865. Despite these positive trends, the average sales price slightly decreased by 1.8% to $594,289, and the total dollar volume dipped by 0.8% to $390 million. However, closed sales showed a modest increase of 1.2%, indicating stable demand in the market.
Durham experienced a slight decline in new listings, down by 1.0% to 403, but saw a significant 7.0% rise in the median sales price to $449,265. Closed sales, however, faced a notable drop of 20.8% to 312, and the total dollar volume decreased by 17.2% to $164 million. The average sales price also showed a positive trend, increasing by 4.8% to $525,409. The number of days on market until sale significantly dropped by 64.3%, indicating faster turnover of properties.
The Triangle Region overall saw an 8 2% increase in new listings, reaching 4,379, and a modest 1 6% rise in the median sales price to $416,623 However, closed sales declined by 10 9% to 3,364, and the total dollar volume fell by 9.0% to $1.694 billion. The average sales price showed a 2.2% increase to $504,052. The inventory of homes for sale grew by 9.9%, indicating a healthier supply side, and the days on market until sale dropped significantly by 56.4%, reflecting quicker sales.
Overall, the second quarter for these regions has been marked by increased property prices and a higher number of new listings, despite some drops in closed sales and total dollar volume. These trends suggest a competitive market with quick turnovers and rising prices, indicating strong demand but also potential affordability challenges for buyers.
THE TRIANGLE AREA | RALEIGH
RESIDENTIAL SALES SUMMARY
Raleigh’s real estate market has continued its forward momentum, with prices at record highs Home values have been rising marginally, pushing the Average Sales Price of Raleigh homes to $594,289, which is down just -1 8% on Q2 2023, but still indicates an upward trend on pricing This marks another month in Raleigh with increased monthly sales, and a rise in inventory of available homes for sale.
THE TRIANGLE AREA | DURHAM
RESIDENTIAL SALES SUMMARY
Triangle Area real estate markets remain active, with Durham and Wake County areas showing particular demand. That's still positive news for sellers, for now. For buyers, reduced inventory will add more balance to this highly competitive market. Sellers will be happy to see Average Sales Prices increased in June by more than 4.8% on Q2 2023's figures and Days on Market dropping -64.3%!
THE
WE EMPOWER DREAMS THROUGH REAL ESTATE
