Sales Market
Latest: April 2024
The Charlotte housing market in 2024 has demonstrated robust growth, with median home prices experiencing a notable increase. As of early 2024, the median home sale price was approximately $409,486, reflecting a year-over-year growth of about 3.7%. This rise in prices is indicative of the high demand for homes in the region​ (Redfin)​​ (Norada Real Estate Investments)​.
Pricing Trends:
The market has seen a steady appreciation in property values. For instance, the median listing price in early 2024 hovered around $419,900, up by approximately 5% from the previous year. Homes in Charlotte have also maintained a high sale-to-list price ratio, close to 99.68%, suggesting that homes generally sell near their asking prices​ (Realtor)​.
Sales Activity:
Charlotte's real estate market has been quite active, with homes selling relatively quickly. The average days on the market for homes was around 54 days, which is consistent with the previous year's figures. This quick turnover rate underscores the strong buyer demand and the competitive nature of the market​ (Realtor)​.
Inventory and Listings:
The number of homes for sale and new listings in the market has also seen an increase. In early 2024, there were over 7,000 homes available for sale, with about 2,112 new listings entering the market. This influx of new listings suggests a healthy flow within the market, providing buyers with a variety of choices​ (Norada Real Estate Investments)​.
Market Outlook:
The Charlotte housing market is projected to remain vibrant with a forecasted growth of about 3.0% in home values over the next year. The area continues to attract both investors and first-time homebuyers due to its economic stability and the potential for property value appreciation​ (Norada Real Estate Investments)​.
Rental Market
Latest: April 2024
In 2024, Charlotte's rental market reflects a moderate cost of living with overall rental prices being slightly lower than the national average. Despite a recent decrease, the average rental prices remained stable with the median rent around $1,819, showing a month-over-month decrease of $20​ (Redfin)​.
Rental Prices:
Charlotte's average rent across all home types stands at approximately $1,886, which has seen a slight decline of 6% compared to the national average​ (Apartment List)​​ (Redfin)​. For individual apartment types, the average rent ranges from about $1,449 for a studio to $1,827 for larger apartments​ (Apartment List)​.
Neighborhood Variance:
Rental costs vary widely across different neighborhoods in Charlotte. More affordable areas offer rents as low as $1,394 in neighborhoods like Arbor Glen, while upscale areas like South End have higher rents, around $2,150​ (RentCafe)​. Notable price fluctuations include areas like Plaza Midwood and NoDa, which have seen significant increases in rent, reflecting the popularity and demand in these neighborhoods​ (Redfin)​.
Economic Factors:
The rental market in Charlotte benefits from a relatively lower cost of living compared to the national average, with particularly lower costs in housing and utilities which are 12% and 10% lower respectively​ (Zumper - Apartments for Rent & Houses)​. This makes Charlotte an attractive location for renters looking for affordable living options without compromising on urban amenities.
Charlotte, NC, USA