Find out what new listings, sales, and inventory levels mean for you.
The July 2024 real estate market report is packed with valuable insights for buyers and sellers. Here’s what you need to know to make informed decisions in today’s market.
New Listings Surge by 19%. In July, the market saw a significant boost in new listings, with 5,063 properties hitting the market. This represents a 19% increase compared to previous months, contributing to a year-to-date rise of 13% in total listings. For buyers, this increase means more opportunities to find the perfect property.
“Despite longer selling times and increased inventory, the market remains strong.”
Pending Sales Reflect Strong Market Activity. Pending sales have also seen a notable uptick, reaching 4,000 for July and 27,000 year-to-date. This indicates that the market is bustling with activity, remaining robust for both buyers and sellers alike. The consistent pace of closed sales, with 24,000 units sold so far in 2024, further underscores the market’s health.
Longer Days on Market: A Shift in Buyer Dynamics. One of the critical metrics to watch is the Days on Market (DOM). In July 2024, properties averaged 34 days on the market, a significant increase from just 15 days two years ago. This extended selling period suggests a growing inventory and more time for buyers to make decisions without feeling rushed. For sellers, this shift highlights the importance of strategic pricing and patience.
Historic Inventory Levels: A Potential Buyer’s Market. Inventory levels have reached unprecedented highs in recent years. July alone saw 8,486 new homes added to the market—a staggering 48% increase. This rise in inventory signals a shift towards a potential buyer’s market, where increased options allow buyers more leverage in negotiations.
Months of Supply Increases, Favoring Buyers. The Months of Supply metric, now at 2.5 months, is up from 1.5 months in previous years. A higher month of supply is typically indicative of a more balanced or buyer-friendly market, with more choices and less pressure on buyers.
Average Sales Price Continues to Climb. Despite longer selling times and increased inventory, the market remains strong, with average sales prices continuing to rise. In Charlotte, the average sales price for 2024 is $510,000, up from $473,000 last year. This trend suggests that while the market offers more options, demand remains strong enough to keep prices on an upward trajectory.
Key Takeaways for Buyers and Sellers. If you’re a seller, you can still achieve top dollar for your property, but it’s essential to be patient and flexible with pricing strategies, especially if showings are slow. On the other hand, if you’re a buyer who was outbid in previous years, you should consider re-entering the market now. With more inventory available and sellers more open to negotiation, this could be the perfect opportunity to secure a property.
Whether you’re looking to buy or sell, it’s essential to have the proper guidance. We’re here to help you find the perfect home or achieve the best value for your property.
For additional support, consider reaching out to Mack Ball at Goosehead Insurance for a free homeowner’s insurance quote. As an independent broker, Mack can help you find the best rates from top providers like State Farm and Allstate. I personally use his services, and he’s a proud sponsor of this market update.
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