Charlotte Region’s Real Estate Market Report, July 2023
From Rachel Brumfield, Allen Tate Corporate Services
The July 2023 Charlotte Region Market Report is now ready to view. The market continues to slowly normalize, with new listings down by 30% from July of last year. The Average Sales prices continue to climb, although at a much slower pace than the previous year (up by only 4%). The Percentage of Original List Price Received has also been dropping, down by 2% from July of last year. The Months Supply of Inventory has also dropped by 12.5% as compared to last year as well.
Tiffany Johannes, president of Canopy Realtor Association was interviewed last month by WCNC and said, “We’re not seeing what we saw last year and the year before. “But this year, we’re seeing more of a normalized market out there.” Despite the slight slowdown, she said Charlotte is still one of the hottest markets in the country. “We are in the top eight markets in the country right now, if you look at where people are moving and where they want to be,” she said. With a normalized market, Johannes said it means houses are staying on the market a few days longer than they did in the last few years. “Put that in perspective, 43 days versus 14 to 20 days last year. So, homes are on the market a little bit longer,” she said. And even though sellers aren’t always getting bids above the asking price, they’re still getting most of it. “We were getting over asking this time last year, and we’re pulling out about 98% on average across our markets in Charlotte today,” Johannes said.
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