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Charlotte’s home inventory problem is getting better — slightly

Axios Charlotte
Axios Charlotte
 27 days ago

Charlotte’s home inventory is still historically low, but it’s slowly improving.

Why it matters: Buyers are exhausted. And more supply would alleviate some of the pressure from a tight market.

State of play: From January to April, inventory hovered around 18 days of supply. Finally in July, that crept up to around 24 days of supply, and it stayed there in August, the latest Canopy MLS data shows.

  • The number of new listings was up 5.3% in August 2021, compared to August 2020.
Data: Canopy MLS Yes, but: Even as the number of new listings increases, demand is still too high for inventory to catch up.
  • In July, closed home sales were down 10.5% and inventory was up — a sign the market was starting to shift.
  • But in August, closed home sales and pending sales were up again from the previous month — and over August 2020 — while inventory remained about the same.

By the numbers:

  • The median home price in August was $331,575, up 14.3% from August 2020.
  • The average home price was $393,085, up 12.2%
  • Homes received 1.5% over asking price on average and sold within two weeks.

Zoom out: Most experts agree Charlotte’s housing market is due for a correction. But no one expects Charlotte’s real estate market to crash — even if it happens in other parts of the country.

Bottom line: Demand is still far outpacing supply in Charlotte, but there have been some slow, subtle shifts of late.

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