Market update: Mecklenburg County

Mecklenburg County closed sales declined 21.5 percent year-over-year as nearly 1,600 homes sold compared to the little over 2,000 homes that sold in September 2021. Pending contract activity showed buyers writing fewer contracts than last year, with the total at 1,369 a decrease of 29.8 percent year-over-year. The new listing activity showed sellers listed 1,674 homes for sale compared to 2,168 listed a year ago, representing a 22.8 percent decline in listing activity. Buyers will however enjoy a modest increase in supply and inventory. At report time inventory rose 25.8 percent year-over-year, leaving 2,448 homes for sale or 1.5 months of supply.  Last September Mecklenburg County had just one month of collection. The slight increase in supply has done little however to ease rising prices.  Both the median sales price ($420,000) and the average sales price ($515,107) rose 18.3 percent and 21.2 percent year-over-year, while the average list price rose 25 percent to $557,719. This brought the original list price to sales price measure to 97.5 percent, which is down a bit from last September when sellers received 101.4 percent of asking prices. Homes are still selling quickly, but time on the market also increased.  Days on the market until sale showed homes averaged 21 days on market compared to 15 days this time last year.