House hunters in Charlotte might be in for a bit of a break when it comes to finding a home, but prices are still at record highs.
Charlotte homes sat on the market for an average of 27 days before selling in October. That’s 10 days longer than during the same month last year, meaning buyers have a bit more time to consider their options.
The Canopy Realtor Association said Friday that rising interest rates and higher prices are giving some buyers pause. The number of homes sold in October fell for the 10th straight month.
But falling home sales don’t automatically mean falling prices. The average price for a house sold in the Charlotte region topped $458,000 last month, up almost 15%. Meanwhile, the average rate for a 30-year, fixed mortgage is 6.57% in Charlotte, according to Realtor.com.
Still, there are some bright spots for hopeful buyers. Sellers aren’t regularly getting more than their asking price anymore. That was routine a year ago. Lee Allen, a Realtor and president of Canopy, said "the days of multiple offers over the asking price are no longer the norm."
"If there is a silver lining, homebuyers no longer need to move at a frantic pace to find a home. In a number of areas around the region, inventory is increasing," said Allen.
Here are some other key stats from the latest Canopy report on the Charlotte market, which includes Mecklenburg and 11 surrounding counties:
- The inventory of homes for sale on the market is up 42% from last year, to 7,511 homes.
- Home sales fell 30% year-over-year, and are on pace to only equal the number of homes sold in 2019.
- Sellers are listing at higher prices than a year ago but ultimately settling for less than asking: On average, sellers received 96.6% of their asking price, down from 100.5% last year.
