North Carolina Real Estate Commissions: What You Can Expect in 2024

Understanding real estate commissions is essential when buying or selling a home in North Carolina, as it plays a significant role in budgeting and negotiating effectively. In 2024, new rules have altered how commissions are communicated nationwide, bringing greater transparency to both buyers and sellers. These updates are designed to help individuals make more informed choices when navigating real estate fees.

Whether you’re purchasing your first home or have experience selling, this Redfin guide will walk you through North Carolina’s real estate commission structure and what you can expect in today’s market.

Current state of the North Carolina housing market

Before diving into real estate commissions in North Carolina, let’s take a closer look at the current housing market in the state.

Median Home Sale Price
$382,500

Housing Supply
52,131 (+23.3% YoY)

Homes Sold Above List Price
23.8% (-10.1 pts YoY)

Understanding real estate commissions in North Carolina

What are real estate commissions?

Real estate commissions are the fees paid to agents by homebuyers or sellers for helping complete a property transaction. These fees are settled at closing and are usually calculated as a percentage of the home’s sale price.

Who pays the commission?

Traditionally, sellers have been responsible for covering both their agent’s commission and the buyer’s agent fees from the sale proceeds. However, as of August 17, 2024, buyers must now agree to their agent’s fee in writing before beginning home tours.

While buyers can still request that the seller pay their agent’s commission during the offer process, this change means the amount a seller might pay for a buyer’s agent can vary, and is entirely negotiable. 

Average real estate commission rates in North Carolina

In North Carolina, commission rates can vary depending on the specifics of the deal and the terms negotiated between both parties. While there are typical expectations for commission percentages, these fees are entirely negotiable, giving buyers and sellers the opportunity to work out arrangements that best meet their needs.

Factors such as the property’s location, market trends, and the services provided by the agent can all impact the final commission amount. This flexibility provides room to tailor fees based on budget and specific goals. Below is an overview of commission rates for some of North Carolina’s major cities based on median home sale prices.

City
Median Home Sale Price
1.5% Real Estate Commission
3% Real Estate Commission
5% Real Estate Commission

Charlotte
$422,000
$6,330
$12,660
$21,100

Raleigh
$425,000
$6,375
$12,750
$21,250

Greensboro
$280,000
$4,200
$8,400
$14,000

At Redfin, our priority is delivering the best possible value to consumers. To achieve this, we offer sellers a listing fee starting as low as 1%.* For homebuyers, our fees vary by region but remain highly competitive, helping your offer stand out and increasing your chances of success in the market.

Can you negotiate real estate commissions in North Carolina? 

Yes you can! Since there are no federal or state laws in the U.S. dictating real estate commission rates, agents are often open to negotiating lower fees depending on the specifics of the transaction, the services required, and the relationship with the client.

When discussing real estate commissions in North Carolina, it’s important to assess the level of service your agent will provide, their marketing approach, and their familiarity with the local market. Sellers with highly desirable properties or homes that are expected to sell quickly might find more room to negotiate lower rates. If the agent is representing both the buyer and seller in a dual agency scenario, there may be further opportunities for commission discounts, as only one agent is involved.

Tips for a successful negotiation

Compare agent offerings: Review multiple agents and their commission structures before making a decision.
Consider performance-based incentives: Negotiate a higher commission for a quicker sale or better sale price.
Use property desirability: Agents may be more willing to lower their commission if your property is in a sought-after area.

North Carolina real estate commission FAQs

What are the changes to real estate commission? Two significant updates have reshaped the way commissions are handled. First, buyers must now agree to their agent’s commission in writing before touring homes. Additionally, many markets no longer display buyer agent compensation on MLS listings.  Learn more about the real estate commission changes here. 

How do the changes impact buyers in North Carolina? Buyers now sign an agreement with their agent outlining commission terms before starting their home search. However, buyers can still request that the seller covers their agent’s fees in the offer.

How do the changes impact sellers in North Carolina? Sellers continue to negotiate compensation with their listing agent, determining what, if any, buyer’s agent commission they are willing to offer.

How do you find a real estate agent in North Carolina? If you’re ready to start your home search, or sell your house, Redfin is here to help. Connect with a Redfin agent today. 

How can you avoid fees? Selling a home without an agent can help save on commission fees, but For Sale By Owner (FSBO) transactions require more effort, as the seller must handle marketing, showings, and paperwork themselves.

*Listing fee subject to change, minimums apply. Any buyer’s agent fee the seller chooses to cover not included. Listing fee increased by 1% of sale price if buyer is unrepresented. Sell for a 1% listing fee only if you also buy with Redfin within 365 days of closing on your Redfin listing. We will charge a 1.5% listing fee, then send you a check for the 0.5% difference after you buy your next home with us. Learn more here.

The post North Carolina Real Estate Commissions: What You Can Expect in 2024 appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.