For Week Ending September 14, 2024
For the second week in September, the Charlotte Region real estate market is continues to thrive as falling interest rates increased borrower demand nationwide. The Mortgage Bankers Association reported a 14.2% rise in mortgage loan applications compared to the previous week. Purchase applications grew by 5%, while refinance applications soared 24% over the same period.
In the Charlotte region, new listings rose 12.5% to 1,185, and pending sales increased 23.1% to 902. Inventory also saw a 48.5% jump, reaching 9,251 homes.
Although inventory has increased, with months of supply at 2.7 (up 58.8%), the market stays competitive. Homes are taking longer to sell, averaging 35 days on the market. Overall, Charlotte’s real estate landscape shows a healthy balance of supply and demand. This trend makes the area attractive for both buyers and sellers.
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