North Carolina Housing Market Trends - April 2024
The North Carolina housing market saw positive growth in April 2024, with rising listings, steady sales, and increases in median home prices. Based on the April 2024 Housing Report, here are key takeaways for anyone tracking real estate in the state.
1. Home Listings and Inventory
Active home listings in North Carolina increased by 6.8% year-over-year, with 50,403 listings in April 2024, up from 47,173 listings in April 2023. This marks a significant rise in listings, providing more opportunities for buyers in a competitive market.
The state remains in a seller's market with 4.09 months of inventory, slightly below the 6-month threshold for a balanced market. However, the rising inventory is a positive sign for buyers looking to enter the market.
2. Home Sales
Sales in North Carolina increased by 1.8% year-over-year, with 12,970 homes sold in April 2024, compared to 12,729 homes sold in April 2023. This small but positive growth in sales suggests that the demand for homes remains strong despite economic challenges.
3. Median Sales Price Growth
The median sales price for homes in North Carolina rose to $362,500 in April 2024, reflecting a 3.5% year-over-year increase from $350,000 in April 2023. Home prices have steadily increased, signaling ongoing demand and limited supply in certain areas.
4. Price Range Insights
Homes priced between $250,000 and $374,999 continue to see strong demand, with competitive sales and lower inventory levels. Luxury homes priced over $1M are seeing higher months of inventory, indicating a slower market for higher-end properties.
Conclusion
The North Carolina housing market in April 2024 is showing resilience, with rising listings, steady sales, and growing prices. Sellers continue to benefit from the demand, while buyers may find more opportunities as inventory levels rise. For more detailed statistics, visit the NC Realtors Market Data website for the full housing report.
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