Charlotte homebuyers face challenging housing market as inventory woes linger

CHARLOTTE — Hurdles remain for Charlotte-area homebuyers as summer ramps up.

Housing supply in the Charlotte market, though up from a year ago, has seemingly plateaued at a 1.3-month level since March, according to Canopy Realtor Association’s monthly report on residential real estate in the 16-county region. While that is above the 0.9-month level recorded in May 2022, it is still well below what’s considered a balanced market — meaning sellers continue to have the upper hand.

The number of new home listings in the Charlotte region rose 5% in May from April — up by 219 properties — to total 4,568. New listings, though, fell 25.4% — down by 1,459 properties — from the 5,808 homes listed by sellers in May 2022.

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There were 4,667 homes for sale across the region as of June 5, down by a handful of properties over the month. Inventory rose 6.7% from the 4,374 homes for sale a year ago.

That’s coupled with ongoing ups and downs for mortgage interest rates, which have remained at or above 6% all year.

Read the full report here.

(WATCH BELOW: Charlotte launches $6.5M housing grant)