January 2024 Market Update
U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% year-over-year as of the last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing home sales this year compared to 2023.
2023 Tells Us Where We Are Heading
January Housing Market Numbers
New Listings were up in the Charlotte region by 10.1 percent to 3,567. Pending Sales increased 1.8 percent to 3,554. Inventory shrank 6.6 percent to 5,554.
For Buyers:
Understanding the rise in new listings and pending sales provides insight into increased options and potential competition, shaping their purchasing strategy.
For Sellers:
The data signifies a dynamic market with heightened buyer activity, emphasizing the importance of strategic pricing and marketing to stand out amidst reduced inventory levels.
Prices moved lower as Median Sales Price was down 0.8 percent to $371,853. Months Supply of Homes for Sale was up 6.7 percent to 1.6 months, indicating that supply increased relative to demand.
Despite tepid sales activity, the persistent shortage of housing supply has helped propel home values nationwide, with the median existing-home price rising 4.4% year-over-year to $382,600, according to NAR. Total unsold inventory was at 1 million units heading into January, an 11.5% decline from the previous month, for a 3.2 months’ supply at the current sales pace. Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months.
If you’re thinking about buying or selling your home, understanding what’s going on in our local real estate market is vital.
Being aware of the data such as the average sales price, the number of homes sold, and average days on market will arm you with the knowledge you need to create a winning strategy to meet your goals.