Charlotte remains a home seller’s market. Why a leading Realtor says buyers shouldn’t wait
For those looking to purchase a home in the Charlotte region, the time may be now. No, it’s not a buyer’s market and yes, interest rates are still in the 6% range.
But with low housing inventory and ever-increasing home prices, waiting is a dangerous game.
That’s one of the key takeaways from a recent 2025 housing market forecast presented by Allen Tate Realtors, one of the region’s largest residential real estate firms.
“It will be more expensive tomorrow than today,” said Allen Tate President Gary Scott. “When prices appreciate and interest rates rise, housing affordability gets squeezed…Why buyers don’t have an advantage is there’s just not (enough) inventory to choose from.
“It continues to be a seller’s market, there’s no question. But we believe it’s a great time to buy only because prices continue to appreciate.”
In the past five years, the median sale price of a home in Charlotte has increased by about 64%, going from $250,000 to $410,000, according to data from Redfin.
This year, Scott predicts home prices in the region will increase between 5% to 8%. Waiting to buy, Scott said, will ultimately lead to a loss in wealth in terms of house appreciation.
Here’s a breakdown of the rest of the firm’s thoughts on trends for 2025.
It’s a seller’s market
To determine the market’s landscape, there’s a few factors to consider: inventory, number of sales, days on the market, pricing and interest rates.
Some numbers in the region, Scott said, may lead folks to believe it’s a buyer’s market.
New home listings, days on the market and timeframe from list to close have all increased, while closing sales have decreased in the Charlotte region year-to-year last month, according to Canopy MLS data.
Those are all indications of a buyer’s market. More homes are available, they are sitting on the market for a while and sales are taking a long time to close.
Canopy’s data covers the 16-county region surrounding Charlotte including Alexander, Anson, Cabarrus, Catawba, Cleveland, Gaston, Iredell, Lincoln, Mecklenburg, Rowan, Stanly and Union. It also includes Chester, Chesterfield, Lancaster and York counties in South Carolina.
However, inventory and pricing supersede those statistics, Scott said. And while inventory is slightly increasing, it still isn’t enough to meet buyer demand.
In February, there was a 2.4-month supply of inventory in the region, according to Canopy. That’s up from 1.8 months last year, but a buyer’s market would need an inventory supply of about six months.
Then there’s pricing.
In February, the average sale price for a home in the region was $476,652. The average list price was $544,563.
Sellers received almost 96% of their original asking price, according to Canopy. It’s a strong indication that sellers are in control.
And interest rates are too fickle to wait for a lower percentage.
Rates have sat in the 6% range since mid-January. As of mid-March, the rate is 6.8% in Charlotte. While rates will fluctuate, they won’t drop down into the 3% to 4% range, housing experts previously said.
Ultimately, it will be a seller’s market for some time, Scott said.
To buy, to sell, what now?
As Scott said, waiting for lower prices or lowered interest rates to purchase a home is a risky game. Instead, the firm says both buyers and sellers should enter the market but be prepared.
For buyers, that looks like connecting with local real estate agents and loan officers for advice and financial options.
For sellers, it’s about capitalizing on the increased appreciation their properties have seen. Sellers should be flexible and make sure their house is in proper condition, especially in the first few weeks of listing when activity will be at its highest.
But ultimately, Scott said both buyers and sellers should be patient.
“Unfortunately, we’ve got a ways to go to get back into the balance that we’d all like to see between the two parties in the transaction,” said Stephanie Gossett, Allen Tate’s regional vice president. “We’re heading in the right direction toward a healthier market and our market today is way healthier than it was even this time last year.
“But we’ve still got more people who want to live here than the homes to be.”
