Inventory Snapshot: How Many Homes Are Available in Raleigh and Charlotte?
July active listing data sheds light on market trends.
Buyers and sellers can use inventory data to better understand the market and make informed real estate decisions. Especially in the North Carolina market, where national trends are often not reflected, a quick look at current inventory data can tell a rich story. In Raleigh and Charlotte, July market data suggests ongoing competition for a small inventory pool.
Raleigh Inventory
Rockethomes data reveals that Raleigh saw 1,483 active listings in July 2023, compared to 1,345 in June of 2023 — a 10.3% month over month increase. Of the 483 homes sold in July, 36% were sold over asking price, revealing a continued trend toward bidding wars and fierce competition for desirable homes. Homes sold in an average of 13 days for a median of $407K.
Charlotte Inventory
The data in Charlotte tells a similar story. There were 3,330 homes listed in July, an 11% decrease from the 3,748 listings from June. 39% of the 949 homes sold for above list price, meaning people were more than willing to compete for homes in great condition and in hot locations. The median home price in July was $399,505 and homes sold in 21 days on average.
Latest Trends
With quick sales and many homes bringing in more than asking price, it’s clear that the market is still competitive in both Raleigh and Charlotte. High interest rates are keeping homeowners locked into their current investments, making it difficult for buyers to find starter homes. At the same time, budgets are tighter and homes aren’t moving quite as quickly as they did a year ago despite high demand.
This gridlock of homeownership has prompted many buyers in Raleigh and Charlotte to explore alternative routes to their first or next home. For many, the idea of compromising on an existing home that will likely need fixing or remodeling is less than appealing. Add this to the reality of the competitive market, and the high price tags become difficult to justify. Instead, many buyers are opting to purchase a lot and build their own custom home.
The custom home route allows for endless personalization, all according to your priorities and preferences. Instead of cramming your ideal lifestyle into an existing home, why not build a new home that responds to your routines and habits? With Atmos, building your dream home is a streamlined process with guidance at every step of the way. Get started today!
