Mike Hege's Market Report
Charlotte, NC
Single-Family Homes
Pridemore Team at Compass | 704-491-9445 | mike.hege@compass.com
Charlotte, NC
Sat Jul 27 2024
This week the median list price for Charlotte, NC is $476,000 with the market action index hovering around 45. This is less than last month's market action index of 47. Inventory has increased to 1,371.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Real-Time Market Profile
| Median List Price | $476,000 | |
| Median Price of New Listings | $458,500 | |
| Per Square Foot | $250 | |
| Average Days on Market | 64 | |
| Median Days on Market | 35 | |
| Price Decreased | 47% | |
| Price Increased | 5% | |
| Relisted | 5% | |
| Inventory | 1,371 | |
| Median Rent | ||
| Market Action | 45 | |
| Strong Seller's Market | ||
The market plateau is seen across the price and value. The price per square foot and median list price have both been reasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves from these levels.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $1,350,000 | 3,870 | 0.25 - 0.5 acre | 4 | 4 | 19 | 51 | 30 | 45 |
| $580,000 | 2,331 | 0.25 - 0.5 acre | 4 | 2.5 | 23 | 51 | 34 | 35 |
| $419,900 | 1,976 | 8,000 - 10,000 sqft | 3 | 2.5 | 21 | 51 | 42 | 35 |
| $330,000 | 1,392 | 8,000 - 10,000 sqft | 3 | 2 | 30 | 55 | 50 | 28 |