The North Carolina housing market in January 2025 presents a complex landscape with varied trends across different metrics. The Median Sales Price has decreased by 1.9% year-over-year, settling at $367,600. This decline contrasts with the Median List Price, which has increased by 7.2% to $393,900, indicating a potential gap between seller expectations and buyer willingness.

In terms of Price Per Square Foot, the Median Sales Price per square foot has risen by 2.2% to $202, while the Median List Price per square foot has seen a more significant increase of 4.9%, reaching $216. This suggests that while sellers are optimistic about pricing, buyers are negotiating more effectively, leading to a smaller increase in the actual sales Price Per Square Foot.

The number of Homes Sold has increased by 3.1% year-over-year, totaling 8,899 units. However, Pending Sales have decreased by 9.2%, indicating a potential slowdown in future transactions. New Listings have seen a modest increase of 1.7%, with 12,616 properties entering the market. Inventory levels have surged by 21.3%, reaching 34,013 units, contributing to a significant 60% increase in Months of Supply, now at 3.8 months. This increase in inventory and supply suggests a shift towards a more balanced market, potentially easing the competitive pressure seen in previous years.

The Median Days on Market have increased by 14%, with homes now taking an average of 63 days to sell. This extended time on the market may be a reflection of the increased inventory and the gap between list and sales prices. The average sale to list ratio has slightly decreased by 0.3%, now at 97.6%, indicating that homes are selling closer to their list prices than before. The percentage of Homes Sold above list price has decreased by 2.7%, now at 15.9%, further highlighting the shift in market dynamics.

Price Drops have increased by 1.9%, with 27.5% of listings experiencing reductions, suggesting that sellers are adjusting their expectations in response to market conditions. Additionally, the percentage of homes going off the market within two weeks has decreased by 4.7%, now at 28.7%, indicating a slower pace of transactions.

Overall, the North Carolina housing market in January 2025 reflects a shift towards a more balanced environment, with increased inventory and supply, alongside a moderation in price growth. Buyers may find more opportunities as the market adjusts, while sellers may need to recalibrate their pricing strategies to align with current conditions.