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🏡 Charlotte Real Estate Market Update – April 2024 🏡

The real estate market in the Charlotte Region is showing some interesting trends this April. Here’s a quick breakdown of what’s happening:

Key Highlights for April 2024:
More Homes Available: The number of new homes listed for sale has gone up by 17%, which means more options for buyers!

Slight Increase in Pending Sales: Homes under contract (pending sales) have increased by 3.6%. More people are taking steps to buy homes.

Slight Decrease in Homes Sold: The actual number of homes sold has dropped by 2.9%, but it’s still a strong market.

Home Prices Are Up: The median price of homes has increased by 4%, now at $390,000. This means home values are generally rising.

Higher Average Sale Prices: The average price of homes sold has gone up by 9.2% to $500,246, indicating that people are buying more expensive homes.

Quick Sales: Homes are selling faster, with the average time on the market down to 37 days.

More Homes to Choose From: The inventory of homes for sale has increased by 24.5%, and there’s now a 1.9-month supply of homes, up 35.7%. This is good news for buyers looking for more options.

Year-to-Date Trends:
New Listings Are Up: More homes have been listed for sale this year compared to last year, up by nearly 11%.

Steady Price Increases: The median sales price has risen by 4.3%, now at $384,980.

Higher Average Prices: The average sales price for homes this year is $476,553, an increase of 8.8%.

Sellers Getting Their Asking Price: On average, sellers are getting 97.1% of their asking price, up by 1%.

Quicker Sales: Homes are selling faster this year, taking about 41 days on average to sell, which is down by nearly 11%.

What This Means for You:
For Buyers: There are more homes available now than before, so you have more choices. Prices are rising, so it’s a good time to buy before they go up even more. Homes are selling quickly, so be ready to move fast!

For Sellers: It’s a great time to sell your home. Prices are up, and homes are selling quickly. More buyers are out there looking, so you’re likely to get a good price.

If you’re thinking about buying or selling a home in the Charlotte area, now is an exciting time with lots of opportunities. Contact us to learn more and get personalized advice!

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