For the first time since December 2018, both the median and average sales prices for single-family homes in Mecklenburg County have dipped compared to the same month a year ago. In July, both measures declined by about 3% year-over-year. The average sales price now stands at $675,487, while the median price is at $500,000.

It’s not unusual to see seasonal softening as summer winds down, but after years of steady growth, this marks the first real signal that the pace of appreciation is easing. Still, one month of modest decline isn’t a cause for alarm—it’s simply too early to call it a trend.

By another key metric, housing supply, Charlotte remains firmly in a seller’s market. With just 2.7 months of inventory, demand continues to outweigh supply, keeping competition strong for well-positioned homes.

Last month, I noted that the broader economy remained healthy, supported by record-high stock market levels, resilient employment, and manageable inflation. Recently, however, Federal Reserve Chair Jerome Powell suggested that interest rate cuts could be on the horizon. If that leads to lower mortgage rates, it could spur stronger buyer activity in the months ahead.

After such a long stretch of growth, some cooling in the housing market is both expected and healthy. A period of moderation may provide balance and new opportunities—for both buyers and sellers—as Charlotte’s real estate market moves into its next phase.

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

• Home sales are down 8% from last month and 2% from last year.
• Average sales price is down 7% from last month and 3% from last year.
• Median sales price is down 7% from last month and 3% from last year.
• Average price per square foot is down 5% from last month and even with last year.
• Sale to list price ratio at 99% is even with last month, but down from 100% last year.
• Average time on market is up 25% from last month and 40% from last year.
• Pending sales are down 1% from last month, but up 9% from last year.
• Supply is even with last month but up 17% from last year.
• Mortgage rates at 6.58% are down slightly from last month and about even with last year.
• Average house payment is down 9% from last month and 1% from last year.

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