Charlotte Real Estate Soars in April 2024 with Average Values Hitting $409K

Market report for Charlotte, North Carolina as of May 2024. Read our report from February to get caught up on the trends. Average house values have climbed significantly from December 2023.

By April 2024, the average value reached an impressive $409,888. This increment is complemented by the rise of the price per square foot, which increased from $228 in January to $243 in April this year.

Below shows market data as compared to May of last year

As for the average sale price of properties, we notice a congruent trend with the listing prices, showing an overall increase. It’s worth noting the slight dip from December 2023 to February 2024, hinting at possible seasonal influences. The recovery that followed in March 2024, leading to an average sale price of $403,580, validates the market’s rebound and suggests investor confidence.

There was a drop in house sales volumes between July 2023 to January 2024, which likely corresponds to the typical seasonal slowdown during the cooler months. The subsequent uplift by April 2024, with 1,826 properties on the market and 6,095 properties sold, demonstrates the cyclical nature of the real estate market and a return to vigorous activity as spring emerges.

Comparative Insights with Nearby Cities

Comparing Charlotte’s real estate landscape against nearby towns and cities such as Matthews, Pineville, and Harrisburg, the contrasts in values become evident:

• Charlotte’s average sale price per square foot stands at $244
• Matthews steals the show with its higher average property value of $625,000 but a slightly lower price per square foot of $240, possibly because of larger property sizes or the inclusion of higher-end properties in its real estate mix
• Pineville and Harrisburg feature lower average values and prices per square foot, at $434,750 and $464,500, and $217 and $206.5, respectively. This variance may stem from different local economic factors, community features, and buyer preferences. April 2024 sees Pineville with an average sale price of $438,473 and Harrisburg with $495,000, showing a relatively small property sales market.

Looking at homes for sale, Charlotte’s larger scope is evident with 1,826 properties on the market, contrasting Matthews’ leaner 83, Pineville’s more modest 30, and Harrisburg’s equal 30. A healthy number of sales complement Charlotte’s sizeable inventory, highlighted by the 6,095 properties sold, as opposed to Matthews’ 322, Pineville’s 86, and Harrisburg’s 195. The broad distinction in volume and value across these cities illustrates regional variation, with Charlotte providing a middle ground of affordability and market activity.