Charlotte region ended March 2020 a seller’s market with inventory remaining extremely tight and the months supply of housing dropping 32% to just 1.7 months of inventory. Year-over-year home prices increased, days on market decreased, inventory decreased, closed sales increased. New listings increased marginally by 1.8%. A small decrease in pending sales might be a harbinger of things to come as shelter-in-place orders reduce market activity due to COVID-19.
Whether you’re planning a simple refresh of your home or a full-scale renovation, it’s important to stay up-to-date on the latest trends in home design. Home sellers who make tasteful updates can generate a higher level of buyer interest and in many case a higher selling price. Home buyers should consider which features of a home will need updating immediately or in the the near future so that renovation costs can be factored into their overall home purchasing budget.
Tega Cay, South Carolina real estate report for February 2020. Tega Cay remained a seller’s market in February with less inventory, fewer days on market, and a drop in months supply of homes to 2.6 from 3.4 months one year ago.. Both closed and pending sales increased significantly, although closed home sale prices were down a bit in February 2020.
Fort Mill’s housing market remained a seller’s market in February 2020 evidenced by decreasing inventory of homes, lower months supply of housing, fewer days on market and fewer new listings coming on the market. Closed sales were down slightly in February, no doubt due to lack of inventory. Buyer demand for homes in Fort Mill continues to outpace supply causing an increase in both average and median home prices compared with February 2019.
The Indian Land housing market remained a seller’s market with just 2.1 months supply of inventory overall, despite an increase in new listings of 31.3% in February 2020. Resale inventory is razor-thin at just 1.4 months. Average and median home sale prices up year-over-year. Average and median days on market dropped year-over-year. Closed and pending sales increased significantly year-over-year.
It’s still tight inventory in the Waxhaw area, encompassing the towns of Waxhaw, Weddington, and Marvin in the 28173 zip code. New construction inventory was significantly down (47.7%) in February 2020. Resale inventory was also significantly down (almost 32.7%) in February year-over-year to just 1.6 monts. Both average and median home sale prices increased in February year-over-year, as did closed and pending sales.