The North Carolina housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price remains stable at $367,300, showing no change from the previous year. However, the Median List Price has increased by 2.4% year-over-year, reaching $402,200, indicating a slight upward pressure on asking prices.

Price Per Square Foot metrics reveal a more pronounced increase, with the median Price Per Square Foot rising by 2.8% to $206, and the Median List Price per square foot climbing by 4.6% to $219. These figures suggest that while overall sales prices have stabilized, sellers are optimistic about the value of their properties on a per-square-foot basis.

Sales activity has experienced a downturn, with the number of Homes Sold decreasing by 7.9% year-over-year to 9,404 units. Pending Sales have also dropped significantly by 12.3%, totaling 9,682. This decline in sales activity is further reflected in the New Listings, which have decreased by 5.2% to 13,450. Despite the reduced sales and listings, inventory has surged by 21.2% to 35,319, contributing to a substantial increase in the Months of Supply, which has risen by 90% to 3.8 months. This indicates a shift towards a more balanced market, with increased availability of homes for potential buyers.

The Median Days on Market have extended by 13% to 64 days, suggesting that homes are taking longer to sell compared to the previous year. The average sale to list ratio has slightly decreased by 0.5% to 97.9%, indicating that homes are selling closer to their list prices, but with less frequency of bidding wars. The percentage of Homes Sold above list price has dropped by 5% to 16.8%, further emphasizing the cooling competitive environment.

Price adjustments have become more common, with 28% of listings experiencing Price Drops, marking a 5.8% increase from the previous year. Additionally, the percentage of homes going off the market within two weeks has decreased by 7.1% to 33.2%, reflecting a slower pace in the market.

Overall, the North Carolina housing market in February 2025 is characterized by stable sales prices, increased inventory, and a slower sales pace. While sellers are optimistic about listing prices, the market is adjusting to a more balanced state with longer selling times and more frequent price reductions.