North Carolina Housing Market Analysis - August 2024
The North Carolina housing market in August 2024 presents a balanced landscape with varying trends across key metrics. Below is a detailed analysis of the current state of the market.
Median Sales and List Prices
The Median Sales Price for homes in North Carolina stands at $381,300, reflecting a slight decrease of 0.4% year-over-year (YoY). Conversely, the Median List Price has seen a modest increase of 1.3% YoY, now at $395,700. This divergence suggests a potential softening in buyer willingness to meet seller expectations.
Price Per Square Foot
The median Price Per Square Foot has risen to $209, marking a 4.3% increase YoY. Similarly, the Median List Price per square foot has climbed to $217, up by 5.8% YoY. These increases indicate a steady appreciation in property values on a per-square-foot basis, despite the overall dip in Median Sales Price.
Sales and Inventory
The number of Homes Sold in August 2024 is 13,129, which is a 5.7% decline YoY. Pending Sales have also dropped by 8.0% YoY, now totaling 10,654. On the other hand, New Listings have seen a slight increase of 0.5% YoY, reaching 15,748. Inventory levels have surged by 26.8% YoY, now at 37,721 homes. This increase in inventory has contributed to a significant rise in the Months of Supply, now at 2.90 months, an 80.0% increase YoY. The higher inventory and Months of Supply suggest a shift towards a more balanced market, potentially favoring buyers.
Market Dynamics
The Median Days on Market for homes in North Carolina is now 40 days, a 7.0% increase YoY. The average sale to list ratio has slightly decreased to 98.2%, down by 0.9% YoY. The percentage of Homes Sold above list price has dropped to 20.7%, a significant 10.6% decline YoY. Additionally, the percentage of Price Drops has risen to 31.7%, up by 6.9% YoY. The percentage of homes going Off Market Within Two Weeks has decreased to 35.5%, an 11.7% drop YoY. These metrics collectively indicate a cooling market where buyers have more negotiating power and sellers may need to adjust their expectations.
In summary, the North Carolina housing market in August 2024 is characterized by a slight decline in Median Sales Prices and a notable increase in inventory and Months of Supply. While property values per square foot continue to appreciate, the overall market dynamics suggest a shift towards a more balanced environment, with increased buyer leverage and longer time on market for sellers.
