Ballantyne Real Estate Report: July 2022
Ballantyne real estate market continued to favor home sellers in July 2022 with higher home prices and months supply of inventory at just over one month. Homes continued to sell quickly. Sellers saw 101.5% of list price in final sale price. Closed and pending sales were down, however, most likely due 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) Home Sales Report: July 2022
Latest news on the Ballantyne real estate market in July 2022 and what it means for you…
Home sellers remained essentially in the driver’s seat in the Ballantyne area (28277 zip code) in July 2022. While inventory increased by 25 homes and the months supply of homes rose to 1.2 months, Ballantyne homes sold quickly and at higher prices year-over-year. Home sellers received 101.5% of list price in sale price. Foot traffic was definitely down, with the average home getting 12.9 showings in July 2022 compared with 20.4 showings in July 2022. With closed and pending sales down, it’s clear that we might be returning to more of a pre-pandemic rate of sales and that the “feeding frenzy” we saw last summer has abated.
Average Ballantyne home sale prices increased 3.5% to $546,232 in July 2022 compared with the same month one year ago. Median home sale prices increased 6.9% to 481,000 in July 2022. This is the slowest rate of sale price appreciation we’ve seen in a long time. Median home sale prices were $31,000 higher in July 2022 than they were in July 2021. Average home sale prices were about $87,5000 higher than they were two years prior in July. Homeowners continue to sit on significant equity.
Home sellers received a median 101.5% of list price in final sale price in July, down 0.9% year-over-year and down 2.1% 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 July 2022.
Ballantyne homes continued to sell quickly with Median Days on Market just 3 days, flat year-over-year, and down two days from two years ago. Average Days on Market also dropped four days year-over-year and down 16 days compared with July 2020. Average days on market were one day higher than in June 2022.
Average Price Per Square Foot increased to $238/square foot in July 2022, up 23.3% over one year ago. This is the third highest price per square foot recorded for the Ballantyne area.
Closed sales decreased 33.3%, while pending sales decreased 18.8% in July 2022 compared with one year ago. With monthly mortgage payments increasing 50% in the Charlotte area compared with one year ago, no doubt 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 1.2 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 0.8 months in July 2021 and 0.9 months in June 2022. New listings, meantime, were flat year-over-year.
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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 22+ years.
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