CHARLOTTE AREA RESIDENTIAL SALES SUMMARY

Heading into Charlotte's spring real estate market, we continued to see a reduction in Closed Sales across the region in Q1 Charlotte is expected to see marginal growth in the 2nd quarter. Growth rates are ranging from -0.1% to 0.2% per month.

This means that North Carolina's housing market is stabilizing after the red-hot housing market brought on by COVID Throughout 2023, home values are predicted to increase, albeit at a slower pace than in previous years. Overall, Charlotte's housing market looks to remain robust in 2023, experiencing moderate to strong growth in housing prices. Although it is still a seller's market due to the lower inventory, the market is expected to remain steady For those looking to sell their homes, it is a good time to do so For buyers, it is essential to act quickly to secure your dream home.

Key observations from the first Quarter of 2023 are:

Homes in the Charlotte region have, on average, sold for 95.5% of the asking price in this active seller's market during the first quarter of 2023 Down -5 4% on Q1, 2022

First quarter sales results saw inventory in the Charlotte area rise by a considerable 61 7% over Q1 2022, with Month's Supply coming in at 1 3, a 105 1% increase

The shortest time to have an offer accepted on a home in Charlotte (on average) is 48 days, over 113 1% higher than 2022 results

In both Charlotte City and Mecklenburg County, home prices continue to rise, with median sales prices