North Carolina Housing Market Trends - August 2024

The North Carolina housing market continued to evolve in August 2024, with rising inventory and declining sales. Based on the August 2024 Housing Report, here are the key insights for buyers, sellers, and real estate professionals.

1. Home Listings and Inventory

Active home listings in North Carolina increased by 12.9% year-over-year, with 53,008 listings in August 2024, up from 46,920 listings in August 2023. This increase in inventory provides buyers with more options, though the state remains in a seller’s market with 4.41 months of inventory, still below the balanced market threshold of 6 months.

2. Home Sales

Home sales decreased significantly by 10.8% year-over-year, with 12,544 homes sold in August 2024, down from 14,054 homes sold in August 2023. This decline reflects a cooling market, influenced by higher home prices and changing economic conditions.

3. Median Sales Price Growth

The median sales price for homes in North Carolina remained steady at $370,000 in August 2024, representing a 3.3% year-over-year increase from $358,000 in August 2023. Despite fewer sales, prices continue to rise due to sustained demand in key areas such as Charlotte and Raleigh.

4. Price Range Insights

Homes priced between $250,000 and $374,999 continue to see strong demand, while luxury homes priced over $1M are experiencing slower sales with increasing months of inventory, indicating a softer market for high-end properties.

Conclusion

The North Carolina housing market in August 2024 is showing increased listings and stable prices, though sales are declining. Sellers continue to benefit from a seller’s market, while buyers may find more opportunities as inventory rises. For the latest and most comprehensive data, please visit the NC Realtors Market Data.

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