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Charlotte, NC

Local housing market sees biggest drops in inventory at this price point

WSOC Charlotte
WSOC Charlotte

CHARLOTTE — As Charlotte’s housing market continues to roll along, inventory remains a challenge for local homebuyers.

The 4,069 homes for sale in the greater Charlotte area as of Sept. 5 represented a 38.2% drop from more than 6,500 properties during the same time a year ago, according to the monthly report Canopy Realtor Association released today on local residential real estate activity. That left the 16-county region with a 0.8-month supply of available homes, compared to a 1.5-month level last year.

[ 9 Investigates: What’s driving Charlotte’s competitive housing market ]

The inventory situation has been getting some relief in the form of new home listings, indicating confidence in the market from sellers. Just shy of 6,000 homes came on the market in August — a 5.3% increase year over year, according to Canopy MLS data.

That was offset by steady demand for local housing, with homes selling quickly after hitting the market. Residential properties, which include single-family homes, townhouses and condos, averaged 14 days on the market in August — 20 fewer days than the same month in 2020. Pending sales rose 6.9% year over year, as 5,902 homes went under contract last month.

The largest number of homes available on the Charlotte market as of Sept. 5 were within the $350,000 to $500,000 price bracket — 971. That was followed by the 909 homes for sale priced between $500,001 and $999,999.

There were just 626 homes on the local market at or below $190,000 — nearly half of, or down 44% from, the 1,113 properties at that price level during the same time last year.

The price range with the biggest year-over-year drop, however, was $250,000 to $350,000. The 739 residences for sale between those prices represented a 49.4% decrease from 1,461.

Check out a complete breakdown here, based on Canopy stats.

(WATCH BELOW: Nonprofit helping solve Charlotte’s affordable housing crisis by saving, moving homes)

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