North Carolina Housing Market Trends - February 2024

The North Carolina housing market continued to show both resilience and change in February 2024, marked by fluctuations in listings, sales, and prices. Based on the February 2024 Housing Report, here are key insights for real estate professionals, buyers, and sellers to understand the market trends.

1. Home Listings and Inventory

The number of active home listings in North Carolina decreased by 5.1% year-over-year, with 42,973 listings in February 2024, down from 45,272 listings in February 2023. This slight drop in listings signals tighter inventory, but the state remains in a seller’s market with 3.46 months of inventory, still below the 6-month mark for a balanced market.

2. Home Sales Decline

Home sales showed a 5.9% year-over-year decrease, with 9,550 homes sold in February 2024 compared to 10,148 homes sold in February 2023. This decline reflects ongoing market adjustments and changing buyer demand as interest rates and economic factors affect the market.

3. Median Sales Price Growth

The median sales price saw significant growth, increasing by 10.5% year-over-year to $310,036, compared to $281,000 in February 2023. This steady increase shows that despite fewer sales, demand for homes remains strong, especially in highly competitive regions such as Raleigh and Charlotte.

4. Price Range Insights

Homes priced between $250,000 and $374,999 continue to see strong demand with competitive sales and inventory levels. Meanwhile, luxury homes priced over $1M are seeing higher levels of inventory, with some properties experiencing more than 6 months of supply, signaling a slowdown in higher-end transactions.

5. Economic and Demographic Factors

North Carolina’s job market continues to attract new residents, particularly in tech, healthcare, and finance sectors. Cities like Charlotte and Raleigh are seeing a steady influx of younger professionals, keeping housing demand robust despite economic pressures and higher home prices.

Conclusion

The North Carolina housing market in February 2024 shows a mix of reduced sales and increased prices, with inventory remaining tight. Sellers continue to benefit from rising prices, while buyers face a competitive market. Keeping an eye on inventory growth and pricing trends will be key in the coming months.

For more detailed statistics, visit the NC Realtors Market Data website for the full housing report.

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