HomeSight Appraisal

A dramatic drop in New Listings (-6.9% YOY) for the week ending 4/19, but inventory overall is still well above the same time last year with a 45.2 % YOY gain, as well as 42.1% YOY gain in months of housing supply. Median sales price begins to move up again (+2.5%) for March after having slowed to 0% YOY increase for February. It will be interesting to watch the New Listing category to see if the drop is an anomaly and will average out higher, or if it is the beginning of a trend as we continue battling stubborn mortgage rates through this Spring market.

February 2025 Charlotte Region Monthly Indicators by CANOPY REALTOR® ASSOC.

"U.S. existing-home sales fell for the first time since September, slipping 4.9% month over-month to a seasonally adjusted annual rate of 4.08 million units, according to the National Association of REALTORS® (NAR), as elevated home prices and higher interest rates continue to impact buyer activity. Despite the drop, sales were up 2% compared to the same period last year, marking the fourth consecutive monthly year over-year increase.

New Listings were up in the Charlotte region by 4.0 percent to 4,428. Pending Sales increased 2.6 percent to 3,669. Inventory grew 35.9 percent to 8,498. Prices were stable as Median Sales Price remained flat at $385,000. Months Supply of Homes for Sale was up 33.3 percent to 2.4., indicating that supply increased relative to demand.

The limited number of properties for sale has continued to push home prices higher nationwide. At last measure, the national median existing-home price was $396,900, a 4.8% increase from one year earlier, with prices up in all four regions, according to NAR. Meanwhile, total housing inventory heading into February stood at 1.18 million units, up 3.5% month-over-month and 16.8% year-over-year, for a 3.5-month supply at the current sales pace."

After a negative reaction to the recent sudden rapid rise in mortgage rates, new listings coming onto the market made a dramatic reversal and recovery rising almost 16% year over year, continuing the accumulation of available inventory. While median and average sales prices continue to rise, days on market also rise and the percentage of list price vs actual sales price continues its drop with sellers, on average, receiving 95.9% of their list price. In effect, all data points to a continued move towards a more normally balanced market on the horizon with some data pointing to more buyer strength and a continued strong seller position, but not the exaggerated seller market that we have seen over the past few years. Looking forward to a much more balanced market for Spring 2025 if these healthy trends continue!

HomeSight Appraisal now covers the Wilmington, NC region including Brunswick, New Hanover, Pender, Onslow & Duplin counties! Contact us at 704-752-6252 or [email protected] for your appraisal needs in the Charlotte NC, Wilmington NC or Orlando FL regions.