Buying a house in Charlotte, NC
Charlotte is a competitive market for homebuyers.
The North Carolina housing market isn’t that competitive. The median home sales price in September 2024 has decreased in the past 3 months to $377,700. That’s up 3.8% and $14,000 higher than September 2023 of last year. That is higher than the national median home sales price of $428,818. Homes typically sell after 44 days on market, which is slower than the national average and higher than 35 days in September 2023 a year prior.
The median home price in North Carolina was $377,700 in September 2024, up 3.8% from last year.
The real estate market in North Carolina had 38,663 homes for sale in September and is up from 37721 homes for sale the month prior and up from 29,236 homes in September 2023.
There were 11147 homes sold in September 2024, trending down from 12038 homes sold a year ago.
Homes in North Carolina are staying on the market for 44 days. That’s 9 days slower than the median in September 2023, which means that the market is less competitive today.
It is considered a seller’s market right now. Housing inventory is up since last year, which means supply is less constrained. Mortgage rates are 6.9%, making the average house payment $2,579, which is $1.6K higher than a year before.
Total months of housing supply available for sale is 3.5 months, up 45.8% from 2.4 month(s) in September 2023.
The Months of Supply housing metric is an estimate of how long it would take to sell all the homes for sale relative to the number of homes sold each month. Historically, 5 to 6 months is the average. You may also hear this metric referred to as the "absorption rate."
Lower months of housing supply typically signal a seller’s market whereas when months of supply is greater than 6 months typically signal a buyer’s market.
Sales to Listing Ratios are an indicator of supply and demand. It is all the completed sales in the past month divided by the total number of active listings.
In a balanced real estate market, the total number of home sales to active listings ratio is between 0.12 and 0.2 while markets with a ratio higher than 0.2 favors seller’s, as homes are selling fast and there is limited inventory, while markets below 0.12 favor home buyers because there is a larger supply of homes to purchase.
Home values have increased by 3% since last year, and the number of days it takes to sell a home has increased from 36 days in September 2023 to 44 days in September 2024.
The best time to sell your home in North Carolina is in May, when homes sell fastest and for the most money.
Sellers typically pay the commission of both the listing and buyer’s agents, which typically total 5-6% of the home sale price. That’s $22,662 paid in commission to the real estate agents. You’d also need to factor in closing costs, plus other fees and your mortgage payoff amount, to calculate the net proceeds from your home sale.
Homes in North Carolina have a median price of $377,700, which means you’ll need $37,770 for a 10% down payment. Housing costs have increased 3% in the past year. When you’re several months out and have your down payment saved, make sure to get pre-approved for a mortgage and find a real estate agent.
Home values are only one part of the home affordability equation. When buying a house in North Carolina, don’t forget to also account for closing costs, which are typically 3-4% of the home cost. In addition to a down payment of $37,770 you should have $15,108 as well as budget for cash reserves, moving expenses and ongoing homeownership costs for home maintenance and repairs or HOA fees.
North Carolina home values are 0.5% more expensive than South Carolina and 13.5% cheaper than the national median home value.
The North Carolina real estate market has a median sale price of $377,700, which is 13.5% lower than the national median sale price of $428,818. Compare other markets or nearby cities, as they can vary significantly.
North Carolina | South Carolina | National |
---|---|---|
Median home sale | Median home sale | Median home sale |
$377,700 | $375,700 | $428,818 |
Days on market | Days on market | Days on market |
44 | 73 | 39 |
Monthly house payment | Monthly house payment | Monthly house payment |
$2,579 | $2,526 | $2,548 |
Cost to buy a house | Cost to buy a house | Cost to buy a house |
$52,878 | $52,598 | $60,035 |
Cost to sell a house | Cost to sell a house | Cost to sell a house |
$26,439 | $26,299 | $30,017 |
Navigating the North Carolina housing market can be tricky, but you don’t have to go it alone. When you're ready to learn more, reach out to a local North Carolina real estate agent to get the process started. We recommend interviewing multiple candidates and coming prepared with a list of all your questions.
Buying a house in Charlotte, NC
Charlotte is a competitive market for homebuyers.
Charlotte housing market: Everything you need to know
Charlotte homebuyers and sellers both have reason to be hopeful.
Sell your home fast in Charlotte
Home prices in Charlotte are on the decline.
The capital city of North Carolina is a popular area, with high home prices to match.
Sell your home fast in Raleigh, NC
Homes in North Carolina’s capital are taking longer to sell than they did last year.
Raleigh housing market: Everything you need to know
This capital city has a booming population and a real estate market to match.