CHARLOTTE AREA RESIDENTIAL SALES SUMMARY

Wrapping up the year in Charlotte's real estate market, we continued to see a reduction in Closed Sales across the Charlotte region in the fourth quarter, with buyers in no hurry to purchase, fueled by increasing inventory that affords buyers more time before deciding to buy. Lower mortgage rates bode well for buyers, while sellers can take comfort in the 9 8%+ increase in Median Sales Price A move toward a more balanced market is the theme in 2023, as we expect the demand from homebuyers to remain steady.

Key observations from the fourth Quarter of 2022 are:

Homes in the Charlotte region have, on average, sold for 95 7% of the asking price in this active seller's market during the fourth quarter of 2022 Down -4 6% on Q4 2021

Fourth quarter sales results saw inventory in the Charlotte area rise a staggering 54% over Q4 2021, with Month's Supply coming in at 1 6

The shortest time to have an offer accepted on a home in Charlotte (on average) is 34 days, over 76 6% higher than 2021 results

In both Charlotte City and Mecklenburg County, home prices continue to rise, with median sales prices increasing 9 8% over last year's Q4 results Charlotte's Average Sales Price is now $446,386, an increase of more than 11%!