New data shows encouraging sign on Mecklenburg home sales
Realtors say supply of housing is tight as closings have plunged in last 2 years
The following article appeared in the Feb. 12, 2024, edition of The Charlotte Ledger, an e-newsletter with smart and original local news for Charlotte. We offer free and paid subscription plans. More info here.
After 2+ years of drops, are Mecklenburg home sales about to increase again? Sales declines slowed in January, data says
After two years of steep declines in local home sales, new data shows that the Charlotte area’s housing market could be bottoming out.
The number of homes sold in January in Mecklenburg County fell just 6% compared with a year earlier, following 22 consecutive months of double-digit year-over-year declines. Figures from the Canopy Realtor Association show that there were 793 home sales that closed in January, down from a January peak of nearly 1,400 homes sold in 2021 and 2022.
The last time the number of closings fell by mere single digits year-over-year was in February 2022, according to Canopy data. The last year-over-year increase in closings was in November 2021.
Higher-than-usual interest rates have put a chill on the housing market in Charlotte and around the country, with fewer homeowners selling than a few years ago. Mecklenburg home sales fell 20% in 2023 compared with 2022, The Ledger reported last month.
Realtors say that there’s still demand for new housing but that supplies remain tight, which is mostly keeping home prices from dropping. The median Mecklenburg sales price in January rose 2% compared with a year earlier, to nearly $414,000. Median sales prices rose in the low single digits last year, after double-digit increases for most of 2022. —Tony Mecia
Related Ledger article:
“Mecklenburg home sales fell 20% in 2023” (Jan. 22)
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Executive editor: Tony Mecia; Managing editor: Cristina Bolling; Staff writer: Lindsey Banks; Business manager: Brie Chrisman