North Carolina Housing Market Trends - July 2024

The North Carolina housing market in July 2024 saw significant changes with rising inventory, steady sales, and moderate price increases. Based on the July 2024 Housing Report, here are the key takeaways for real estate professionals and buyers.

1. Home Listings and Inventory

Active home listings in North Carolina increased by 10.5% year-over-year, with 51,955 listings in July 2024 compared to 46,991 listings in July 2023. The rise in listings provides more options for buyers in a market that remains competitive. The state remains in a seller's market with 4.29 months of inventory, just below the 6-month threshold for a balanced market.

2. Home Sales

Home sales in North Carolina remained relatively steady, with 12,889 homes sold in July 2024 compared to 12,913 homes sold in July 2023, marking a 0.3% decrease year-over-year. While sales numbers are stable, the market is cooling slightly compared to earlier years.

3. Median Sales Price Growth

The median sales price for homes in North Carolina increased by 1.6% year-over-year to $370,000 in July 2024, up from $364,000 in July 2023. This steady price growth reflects strong demand, particularly in key markets such as Charlotte and Raleigh.

4. Price Range Insights

Homes priced between $250,000 and $374,999 continue to see high demand, with competitive sales and lower inventory levels. Luxury homes priced over $1M have experienced slower movement, with inventory levels rising and more months of supply, indicating longer time on the market for higher-end properties.

Conclusion

The North Carolina housing market in July 2024 reflects increasing inventory and steady sales. Sellers continue to benefit from a seller's market, while buyers may find more opportunities as inventory rises. For more detailed data, visit the NC Realtors Market Data website for the full housing report.

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