North Carolina Housing Market: November 2024 Analysis
The North Carolina housing market in November 2024 presents a complex landscape with varied trends across different metrics. The Median Sales Price for homes stands at $374,000, reflecting a slight decrease of 0.2% year-over-year. This decline suggests a stabilization in home prices, potentially offering opportunities for buyers in the market.
In contrast, the Median List Price is $381,700, which has decreased by 0.9% compared to the previous year. This indicates that sellers may be adjusting their expectations to align with current market conditions. However, the median Price Per Square Foot has increased by 0.8% to $204, while the Median List Price per square foot has seen a more significant rise of 4.5% to $212. These figures suggest that while overall prices are slightly down, the value per square foot is appreciating, indicating a demand for quality over quantity.
The number of Homes Sold in November 2024 is 10,548, marking a 2.7% decline from the previous year. This decrease in sales volume could be attributed to various factors, including economic conditions or buyer hesitancy. However, Pending Sales have increased by 1.7% to 9,035, suggesting that there is still active interest in the market, with potential buyers waiting to finalize transactions.
New Listings have decreased by 2.5% to 11,587, while inventory has surged by 20.8% to 37,828. This significant increase in inventory, coupled with a 70.0% rise in Months of Supply to 3.60, indicates a shift towards a more balanced market, potentially easing the competitive pressure seen in previous years. The Median Days on Market have increased by 10.0% to 49 days, further supporting the notion of a cooling market where properties are taking longer to sell.
The average sale to list ratio is 98.0%, showing a slight decrease of 0.3% year-over-year. This suggests that homes are selling closer to their list prices, but with less frequency than before. The percentage of Homes Sold above list price has dropped by 5.0% to 18.6%, indicating a reduction in bidding wars and competitive offers.
Price Drops have increased by 4.9% to 24.1%, reflecting sellers' willingness to adjust prices to meet market demand. Additionally, the percentage of homes going off the market in two weeks has decreased by 6.0% to 28.8%, suggesting that buyers are taking more time to make purchasing decisions.
Overall, the North Carolina housing market in November 2024 is characterized by a cooling trend with increased inventory and longer selling times. While prices per square foot are rising, overall sales prices and volumes are experiencing slight declines. This environment may provide opportunities for buyers to negotiate better deals, while sellers may need to adjust expectations to align with the evolving market dynamics.
