North Carolina Housing Market Trends - March 2024

The North Carolina housing market continued to evolve in March 2024, with both positive and challenging trends for buyers and sellers. Based on the March 2024 Housing Report, here are the key takeaways for anyone interested in the market's dynamics:

1. Home Listings and Inventory

The number of active home listings in North Carolina increased by 5.5% year-over-year, with 48,689 listings in March 2024, up from 46,106 listings in March 2023. This increase in listings indicates more sellers entering the market, leading to a slight relief for buyers who had been facing inventory shortages in previous months.

Despite the increase in listings, the state remains in a seller’s market with 3.9 months of inventory, still below the 6-month threshold for a balanced market. This means that demand continues to outpace supply, supporting the steady rise in home prices.

2. Home Sales Decline

Home sales have decreased by 13.3% year-over-year, with 12,356 homes sold in March 2024, compared to 14,238 homes sold in March 2023. This decline in sales reflects a cooling market, with higher prices and economic factors likely playing a role in reducing the number of transactions.

3. Median Sales Price Growth

The median sales price in North Carolina rose by 7.1% year-over-year to $312,881 in March 2024, up from $292,000 in March 2023. This price growth reflects strong demand despite fewer sales, particularly in high-demand areas such as Raleigh and Charlotte.

4. Price Range Insights

Homes priced between $250,000 and $374,999 continue to experience strong demand and competitive sales, while luxury homes priced over $1M have seen higher inventory levels, suggesting slower movement in the high-end market. This is reflected in the increased months of inventory for higher-priced homes, with some categories seeing up to 12 months of supply.

Conclusion

The North Carolina housing market in March 2024 presents a mix of rising prices, fewer sales, and increased listings. Sellers continue to benefit from a seller's market, while buyers may face continued competition in mid-range price categories. For more detailed data, visit the NC Realtors Market Data website for the full housing report.

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