Charlotte home sales slow even as average prices rise
Homes sales continued to decline across the Charlotte region in November, continuing an 11-month trend according to a new report by Canopy Realtor Association.
According to the report, 3,113 homes sold in Mecklenburg and the 15 surrounding counties in November. That's a 36% decrease from the same month in 2021.
New listings also declined 27% in the Charlotte region, to 3,350 in November 2022, compared to 4,590 the year prior.
The reports comes asinflation remains highin the U.S., though consumer prices have fallen from a peak during the summer. Consumers are holding off on big purchases and saving their cents. And interest rates for a 30-year, fixed loan in the Charlotte region are averaging 6.2%, according to Realtor.com, driving up monthly payments for purchasers.
But prices are still going up, even as the number of homes sold falls. The median home sales price in the Charlotte region rose 8.1% from last November, to about $381,000. The average sales price (which is influenced more by higher-priced sales) similarly rose 8.6%, to $443,290.
There are some bright spots for potential buyers. Prices appeared to be softening in some outlying counties and suburbs. Median prices have dipped in Cleveland, Lincoln and Chester Counties as well as Matthews and Waxhaw as more homes were listed for sale.
Homes are also staying on the market for a little longer than they did last year, but not by much. The report found the average home sale in the Charlotte region took 75 days from listing to closing in November 2021. Last month, that increased two weeks, to 89 days.