The average home price in Mecklenburg County may hit another milestone soon, a report from the county says.

“Mecklenburg is experiencing another shortage in homes for sale which will likely push average home prices past $600,000 within the next couple of months,” county economist Michael Simmons said in May’s Mecklenburg County Residential Housing Market report.

The report puts the average home price in the county as of May, the most recent data available, at $592,252, “up 12.1 percent year-over-year.”

“Growth in home prices has picked up due to the shortage in homes with this month being the first to see year-over-year growth in the double digits since November of 2022,” the report said. The same study put the median home price in Mecklenburg County at $445,000 for May. Averages are the result of adding up values and dividing by the number of examples, whereas medians are a middle value.

There was “a notable slump” in year-over-year home sales in the month, the report says. “New listings year-over-year were down 28.5 percent with 1,627 properties up for sale compared to 2,277 properties up for sale over the same period last year. A normal number of listings for the month of May is typically around 2,400,” it said. The report looks at “Mecklenburg County as a whole, and the individual submarkets for the area,” and is based on information from “Canopy MLS, the U.S. Census Bureau, and the Bureau of Economic Analysis.”

What are others saying about Charlotte home prices?

The real estate website Zillow puts the average home value — a measure the company says is “designed to capture the value of a typical property across the nation or the neighborhood, not just the homes that sold — in Mecklenburg County as of June at $404,652. 

In its most recent National Housing Report, the real estate firm RE/MAX said the median home sale price in Greater Charlotte was $398,000, and the median list price was $410,000. And the real estate company Redfin put the May median home sale price in Charlotte at $410,000.This story appears courtesy of our media partner The Charlotte Observer.

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