North Carolina Housing Market: September 2024 Analysis
The North Carolina housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in the state stands at $377,700, reflecting a slight decrease of 1.0% compared to the previous year. This decline in sales price contrasts with the Median List Price, which has increased by 1.1% year-over-year to $397,500. This divergence suggests a potential gap between seller expectations and buyer willingness, possibly influenced by broader economic conditions.
Examining the Price Per Square Foot, the median price has risen to $207, marking a 3.3% increase from last year. Similarly, the Median List Price per square foot has seen a more significant rise of 4.4%, reaching $215. These increases indicate a steady demand for space, even as overall sales prices have slightly declined.
The volume of Homes Sold in September 2024 was 11,147, representing a notable decrease of 8.4% from the previous year. This decline in sales volume is accompanied by a slight drop in Pending Sales, down 0.9% year-over-year to 10,026. New Listings have remained relatively stable, with a marginal increase of 0.3%, totaling 14,183. However, the inventory has surged by 24.5%, reaching 38,663 homes, which has contributed to a significant increase in the Months of Supply, now at 3.5 months, up 90.0% from last year. This increase in inventory and supply suggests a shift towards a more balanced market, potentially easing the competitive pressures seen in previous years.
The Median Days on Market for homes in North Carolina is now 44 days, an 8.0% increase from the previous year. This longer time on the market may reflect the increased inventory and the slight cooling of buyer urgency. The average sale to list ratio has decreased slightly to 98.1%, down 0.7% year-over-year, indicating that homes are selling closer to their list prices but with less frequency above the list price. The sold above list ratio has dropped significantly by 9.4%, now at 18.9%, further emphasizing the shift in market dynamics.
Price Drops have become more common, with 29.3% of listings experiencing reductions, a 4.5% increase from last year. This trend suggests that sellers are adjusting their expectations in response to the changing market conditions. Additionally, the percentage of homes going off the market within two weeks has decreased by 9.3%, now at 34.6%, indicating a slower pace of transactions.
Overall, the North Carolina housing market in September 2024 is characterized by a mix of rising list prices and increased inventory, alongside declining sales volumes and longer market times. These trends suggest a market in transition, with potential opportunities for buyers as the balance between supply and demand shifts.
