North Carolina Housing Market Trends - June 2024

The North Carolina housing market experienced notable shifts in June 2024, marked by increasing inventory, declining sales, and rising prices. Based on the June 2024 Housing Report, here are key insights to understand the current market dynamics.

1. Home Listings and Inventory

Active home listings in North Carolina increased by 12.2% year-over-year, with 52,188 listings in June 2024, up from 46,519 listings in June 2023. The rise in listings provides more options for buyers in a market that has been short on supply. Despite the increase, the state remains in a seller's market with 4.23 months of inventory, still below the balanced market threshold of 6 months.

2. Home Sales

Home sales in North Carolina declined by 19.1% year-over-year, with 12,698 homes sold in June 2024 compared to 15,694 homes sold in June 2023. The drop in sales can be attributed to several factors, including higher prices and economic shifts affecting buyer sentiment.

3. Median Sales Price Growth

The median sales price for homes in North Carolina rose by 4% year-over-year to $374,700 in June 2024, up from $360,000 in June 2023. This steady rise in prices reflects continued demand for homes, especially in highly sought-after areas.

4. Price Range Insights

Homes priced between $250,000 and $374,999 remain in high demand, with competitive sales and lower inventory. Luxury homes, particularly those priced over $1M, are experiencing slower sales, with months of inventory stretching out beyond the balanced market range, reflecting a cooling in the high-end market.

Conclusion

The North Carolina housing market in June 2024 shows a mix of increasing inventory, declining sales, and rising prices. Sellers are still benefiting from the market conditions, while buyers may find more opportunities as inventory rises. For more detailed statistics, visit the NC Realtors Market Data website for the full housing report.

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