Canopy Realtor® Association Market Updates
Reprinted from January 2025 CRRA Monthly Indicators
U.S. existing-home sales advanced for the third straight month in January, climbing 2.2% to a seasonally adjusted annual rate of 4.24 million units, a 10-month high, according to the National Association of REALTORS® (NAR). Sales were up 9.3% year-over-year, driven largely by purchases of homes priced $500,000 and above. Month-over-month, sales rose in the South, Northeast, and the West but fell in the Midwest, with all four regions reporting year-over-year gains.
According to NAR, total housing inventory was 1.15 million units heading into January, a 13.5% decrease from the previous month but a 16.2% increase from the same period one year earlier, for a 3.3-month supply at the current sales pace. Housing supply remains down compared to pre-pandemic levels, and the limited number of homes on the market continues to push sales prices higher nationwide, with the median existinghome price rising 6% year-over-year to $404,400.
In the Charlotte region, New Listings were up by 11.3% to 4,047. Pending Sales held steady at 3,320 while Inventory grew 32.7% to 8,204. Prices moved higher as Median Sales Price was up 2.7% to $385,000. Months Supply of Homes for Sale was up 27.8% to 2.3, indicating that supply increased relative to demand.
A Closer Look
Monthly Average 30-Year Fixed-Rate Mortgage Rates
Residential Closings & Average Sales Price for the entire CMLS Area
A Look at Charlotte's Overall Real Estate Market