Ballantyne Real Estate Report: March 2022
Ballantyne remained a home seller’s market in March 2022. Months supply of inventory was down 33.3% compared with March 2021 with just a 0.4 months supply of homes. Housing inventory was down 37.5% year-over-year, resulting in fewer days on market, higher home prices, and sellers receiving a median 105.3% of list price in sale price. Ballantyne area’s inventory is at historic lows, resulting in lower closed and pending sales.
Ballantyne (28277 Zip Code) Home Sales Report: March 2022
Latest news on the Ballantyne real estate market in March 2022 and what it means for you…
Ballantyne (28277 zip code) remained a home seller’s market in March 2022, resulting from the continued lack of inventory, which dropped 37.5% year-over-year. Months supply of inventory was down 33.3% compared with March 2021 to 0.4 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 15.6% to $547,207 in March 2022 compared with the same month one year ago. Month-over-month, average sale prices increased approximately $28,000. Median home sale prices increased 24.5% to $517.900 in March 2022. Month-over-month median home sale prices increased almost $31,000. Median home sale prices were some $156,000 higher in March 2022 than they were in March 2020, while average home sale prices were about $134,000 higher than they were two years prior in March.
Home sellers received a median 105.3% of list price in final sale price in March 2022, up 3.9% year-over-year. Month-over-month, sellers received 2.1% more in March than in February 2022. Ballantyne area home buyers had virtually no window of opportunity to negotiate on price in March 2022,
Ballantyne homes continued to sell quickly with Median Days on Market just 3 days, flat year-over-year and down six days from two years ago. Average Days on Market were 16 days, down four days year-over-year and down 24 days compared with March 2020.
Average Price Per Square Foot increased to $225/square foot in March 2022, up 23.6% over one year ago. This is only the seventh 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 15.5%, while pending sales decreased 8.9% in March 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 2.9% 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 March 2022 home listings averaged 41 showings per listing, up 39.1% from 30 showings in March 2021. In March 2020, the average listing had 12 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 0.4 months (down 33.3% from 0.6 months one year ago and 1.4 months in March 2020). This, coupled with a 37.5% drop in housing inventory in March, kept Charlotte’s Ballantyne area/28277 zip code a home seller’s market.
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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 20+ years.
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