For Week Ending September 28, 2024
In the Charlotte Region real estate market, new listings dropped slightly from last week from 1160 to 1046, while pending sales dropped last week from 935 to 818. Inventory continues to increase again this week from 9,441 to 9,554 homes.
The average rate on a 30-year fixed mortgage dropped to 6.08% in the week ending September 26, 2024, the lowest in two years, says Freddie Mac. Over the past year, rates have fallen by 1.5 percentage points. This has boosted buying power, with Realtor.com reporting that the typical buyer can now afford a home priced $74,000 higher than the median sales price in October 2023 for the same monthly payment.
Although inventory continues to increase, months of supply remains steady at 2.7 and the market remains competitive. Homes are 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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