The Charlotte real estate market reached a new milestone in May, with single-family home prices in Mecklenburg County hitting record levels.

According to the Canopy Association of Realtors, the average sales price climbed to $762,051, while the median price reached $561,645. Both figures represent an 11% increase compared to May of last year, underscoring continued strength in our local market.

To put that into perspective, the national median sales price for single-family homes in May was $422,300, based on data from the National Association of Realtors. For many years, Charlotte closely tracked national trends. That is no longer the case.

Charlotte has grown in popularity, and demand has outpaced the national market. The result is clear. We are now operating in a higher price tier than we have historically, and Charlotte is increasingly being viewed as a more expensive and competitive city. The secret is out….Charlotte is a great place to make a life!

Inventory Is Rising and That Matters

One of the most notable shifts this month is on the supply side.

Inventory is up 20% compared to the same time last year. While we are still in a seller’s market, this increase is meaningful. Buyers are beginning to see more options, which creates a more balanced and less frantic environment than what we experienced over the past few years.

We are also seeing this reflected in activity. Pending sales have increased, signaling that buyers are starting to re-engage with the market. Even with higher prices and current interest rates, many buyers appear to be adjusting expectations and moving forward with their plans.

Seasonality Is Starting to Play a Role

As we move through May, we are approaching the end of the traditional spring selling season.

In most years, buyer activity begins to taper off as schools let out and families shift their focus to summer schedules, vacations, and travel. While serious buyers remain active year-round, it is common to see a seasonal slowdown in the months ahead.

What This Means for Buyers and Sellers

For sellers, strong price growth continues to create opportunity, especially with demand still healthy. At the same time, increased inventory means pricing and positioning are more important than they were during the peak frenzy.

For buyers, rising inventory is a positive development. More choices and a slight shift in market dynamics may create better opportunities than we’ve seen recently, even in the face of higher home prices.

We’re Here to Help

Whether you are thinking about buying, selling, or just trying to make sense of the market, we are here to help you navigate it with clarity and confidence.

If you are considering a move, feel free to reach out. We would welcome the opportunity to talk through your goals and help you build a plan that makes sense for you.

And as always, here’s a summary of the stats for single family homes in Mecklenburg County in April compared to the previous month and again to the same month last year:

• Home sales are up 10% from last month but down 8% from last year.
• Average sales price is up 12% from last month and 11% from last year.
• Median sales price is up 12% from last month and 11% from last year.
• Average price per square foot is up 5% from last month and 5% from last year.
• Sale to list price ratio at 99% is even with last month and last year.
• Average time on market is down 26% from last month and up 8% from last year.
• Pending sales are up 14% from last month and 12% from last year.
• Supply is up 11% from last month and 16% from last year.
• Mortgage rates at 6.36% are up from 6.30% last month and down from 6.81% last year.
• Average house payment is up 13% from last month and 6% from last year.

You can always find the detailed stats on our website here.