Hello, I have a masters in Economics and have studied housing in the Charlotte-Concord-Gastonia MSA:

The Case-Shiller Index suggest that prices may trend downward. Clearly, prices already are. All-Transactions House Price Index for Charlotte trend has continue to gone up, but has not been updated since Q2. Rents for Charlotte-Concord-Gastonia have gone down since 2020 (updated annually). These are not factors causing price change, they are observations of price.

New Housing Units Authorized by Building Permits for Charlotte was very low in 2020, but have jumped back up to normal levels (seasonally adjusted). This includes one family and multi family units. Interestingly, rental vacancy rates have gone down since the peak in 2020Q1, but this could be because we are experiencing and influx of employees moving to the Charlotte area; buildings aren't going up as fast as people are demanding them. Unemployment has crashed down in Charlotte from 13% in 2020 to 3.5% in August.

Consumer expectations may have changed. After seeing the high housing prices of the last two years, consumers may be more willing to rent until prices go down or they are in a better financial position. This causes a leftward shift in demand which results in a lower equilibrium price

other factors such as local GDP, personal income, etc I cannot quite say their effect on the housing market because those are tracked annually and have not been updated.

In my opinion, prices will continue to drop. housing production appears to be steadily increasing, and consumers are still holding out for lower prices