Ballantyne Real Estate: August 2022
Ballantyne real estate market continued to favor home sellers in August 2022 with higher home prices and new listings down. Homes continued to sell quickly. Sellers saw median 100% of list price in final sale price. Closed and pending sales were down, however, due at least in part to buyers pulling back in the face of interest rate increases. The “feeding frenzy” of summer 2021 seems to have come to an end in Ballantyne.
Ballantyne (28277 Zip Code) Real Estate Report: August 2022
Latest news on the Ballantyne real estate market in August 2022 and what it means for you…
Home sellers were still in the driver’s seat in the Ballantyne area (28277 zip code) in August 2022. While inventory increased significantly and the months supply of homes rose to 1.4 months, Ballantyne homes sold quickly and at higher prices year-over-year and month-over-month. Home sellers received a median 100% of list price in sale price. Foot traffic was definitely down, with the average home seeing 11.6 showings in August 2022 compared with 18.8 showings in August 2021. With closed and pending sales down, Ballantyne’s housing market is returning to more of a pre-pandemic rate of sales and the “feeding frenzy” we saw last summer has abated.
Average Ballantyne home sale prices increased 13.3% to $602,052 in August 2022 compared with the same month one year ago. Median home sale prices increased 23.2% to $560,500 in August 2022, setting a new record. Median home sale prices were $106,000 higher in August 2022 than they were in August 2021 and $80,000 higher versus July 2022. Average home sale prices were about $147,000 higher than in the same month one year ago and $150,000 higher than they were two years prior in August. Homeowners continue to sit on significant equity.
Home sellers received a median 100% of list price in final sale price in August, down 3.2% year-over-year and down 1.5% month-over-month. This is another indication that last summer’s feeding frenzy might be over. Nonetheless, Ballantyne area home buyers had minimal opportunity to negotiate on price in August 2022.
Ballantyne homes continued to sell quickly with Median Days on Market just 5 days, two days higher year-over-year and month-over-month. Average Days on Market were flat at 10 days year-over-year and down 17 days compared with August 2020. Average days on market were three days higher than in July 2022.
Average Price Per Square Foot increased to $232/square foot in August 2022, up 14.9% over one year ago.
Closed sales decreased 27.7%, while pending sales decreased 31.2% in August 2022 compared with one year ago. With monthly mortgage payments increasing 50% in the Charlotte area compared with one year ago, some of the drop in closed and pending sales is a result of buyers pulling back from the market.
Ballantyne’s months supply of homes at 1.4 months keeps it a seller’s market and we would need several more months of inventory to consider Ballantyne a balanced market, much less a buyer’s market. The months supply of homes increased from 0.7 months in August 2022 and 1.2 months in July 2022. New listings, meantime, were down 9% compared with the same month one year ago.
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This Charlotte, North Carolina monthly Ballantyne real estate report is provided by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Realty, Ballantyne area specialists and neighbors and Charlotte metro area residential real estate experts. We’ve been opening doors for Ballantyne home buyers and sellers for 22+ years.
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