Ballantyne Real Estate Report: February 2022

Latest news on the Ballantyne real estate market in February 2022 and what it means for you…

Ballantyne (28277 zip code) remained a home seller’s market in February 2022, resulting from the continued lack of inventory, which dropped 52% year-over-year. Months supply of inventory was down 50% compared with February 2021 to 0.3 months of housing supply. Closed and pending sales decreased year-over-year due to lack of inventory and new listings.

 

Average Ballantyne home sale prices increased 24% to $519,024 in February 2022 compared with the same month one year ago. Month-over-month, average sale prices increased approximately $44,000.  Median home sale prices increased 26.3% to $486,682 in February 2022. Month-over-month median home sale prices increased almost $58,000. Median home sale prices are approximately $104,000 higher in February 2022 than they were in February 2020. Home sellers received a median 103.2% of list price in final sale price in February 2022, up 3.2% year-over-year.

 

Ballantyne homes continued to sell quickly with Median Days on Market just 3 days, down 20 days from two years ago. Average Days on Market were 12 days, down 18 days year-over-year and down 31 days compared with February 2020. Average days on market were also down 2 days month-over-month.

 

Average Price Per Square Foot increased to $224/square foot in February 2022, up 28.7% over one year ago. This is only the sixth time that average price per square foot was over $200 in Ballantyne and the highest price per square foot recorded for the Ballantyne area.

 

Closed sales decreased 22.1%, while pending sales decreased 12.2% in February 2022 compared with one year ago (primarily due to lack of inventory and new listings). Meanwhile, despite an uptick in interest rates, low interest rates continued to generate buyer demand as buyers looked to lock in rates before they rise further. New listings decreased 15% year-over-year and sold as quickly as they came on market.

 

One indicator of how much demand there is for homes is the average number of showings per listing. In February 2022 home listings averaged 42 showings per listing, up 59.5% from 26 showings in February 2021. In February 2020, the average listing had 16 showings. It’s more buyers chasing fewer listings that is generating the higher levels of home showings.

 

Ballantyne’s months supply of homes remained razor-thin at less than half a month at 0.3 months (down 50% from 0.6 months one year ago and 1.1 months in February 2020).  This, coupled with a 52% drop in housing inventory in February, kept Charlotte’s Ballantyne area/28277 zip code a home seller’s market.

 

Want to know what this would mean for your family if you decide to buy or sell a Ballantyne home?

 

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Ballantyne Housing Market Highlights

February 2022 versus February 2021

 

 

MEDIAN SALE PRICE TRENDS IN BALLANTYNE AREA

 

 

13 HOTTEST SELLING BALLANTYNE AREA NEIGHBORHOODS

 

 SEARCH ALL BALLANYNE AREA HOMES 

 

 

FREE Home Buyer Guide: “Things To Consider When Buying A Home”

 

WONDERING WHAT YOUR BALLANTYNE AREA HOME IS WORTH?

FREE Home Seller Guide: “Things To Consider When Selling Your House,”

 

THINKING OF SELLING YOUR HOME? CHECK OUT THE COLDWELL BANKER MARKETING ADVANTAGE

 

This Charlotte, North Carolina monthly real estate update for Charlotte’s Ballantyne area 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 20+ years.

 

If you’re considering selling or purchasing a home in the Charlotte metro area, I’d love an opportunity to earn your business, to exceed your expectations, and to show you why experience matters and how:

 “The Right Broker Makes All The Difference.”