Charlotte Region Real Estate Report: March 2021

Charlotte Region real estate market report March 2021 saw continued strengthening in the greater Charlotte region housing market, despite the ongoing pandemic. Home prices continued to increase. Days on market, inventory, and months supply of homes were substantially lower than in March 2020. With so little inventory, one could almost say that it’s on “life support” these days. Mecklenburg, Union, Lancaster, York and Gaston Counties in the Charlotte region essentially mirrored the overall housing market activity.

Charlotte Regions Real Estate Activity Strengthens In March 2021

Latest news on the greater Charlotte region real estate market in March and what it means for you…

March 2021 saw the continuation of the strong housing market in the greater Charlotte region in 2020, despite the ongoing pandemic. Pending contract and closed sales activity shows buyer interest and demand returning to and exceeding pre-pandemic levels and straining inventory. Historically low interest rates continue to fuel much of the buyer demand, as do the years of steady population growth in the Greater Charlotte area.

With Realtor.com recently ranking Charlotte third in the top 10 Metros for 2021, the Greater Charlotte market will most likely continue to heat up this year to due to razor-thin inventory and the number of buyers in the market.

Housing inventory remained at critically low levels with new listings not keeping up with demand. With just over one-half of a month’s of supply of homes, we continue to see some of the lowest levels of inventory on record in the Charlotte region. This presents a unique opportunity for sellers who are ready to list, as new listings receive high visibility and spend less time on market.

Averaging 24 days on market, homes are selling nearly as fast as they are listed. Multiple offers on homes are again a staple of the Charlotte region real estate market. Both median and average home sale prices were up by double digits across the region year-over-year. The critically low levels of inventory will continue to impact home prices in the coming months. Lack of adequate inventory to satisfy buyer demand is what will hold the market back in terms of sales momentum.

Housing Market Snapshot: Charlotte Region March 2021

Closed Sales: up 3.1% year-over-year.
Homes Sold: 4,746 in March 2021 versus 4,542 in March 2020.
Pending Sales: up 30.3% year-over-year.
New Listings: down 8.1% year-over-year.
Inventory of Homes: down 70.2% year-over-year.
Months Supply of Homes: down 71.4% with just 0.6 months supply of homes compared with 2.1 months supply in March 2020.
Days on Market Until Sale: 24 days in March 2021 versus 46 days in March 2020.
Average Sale Price: up 17.7% year-over-year to $370,706.
Median Sale Price: up 12.1% year-over-year to $305,000.
% of Original List Price Received: 100.1%, increasing 2.9% year-over-year.

Housing Market Snapshot: Mecklenburg County, NC March 2021

Closed Sales: down 2.9% year-over-year.
Homes Sold: 1,944 in March 2021 versus 1,885 in March 2020.
Pending Sales: up 35.8% year-over-year.
New Listings: down 5.1% year-over-year. Year-to-date, new listings are down 5.3% as of March.
Inventory of Homes: down 66.6% year-over-year.
Months Supply of Homes: down 66.7% to a 0.6 month supply of homes compared with 1.8 months supply in March 2020.
Days on Market Until Sale: 23 days in March 2021 versus 39 days in March 2020.
Average Sale Price: up 23.7% to $436,536 year-over-year.
Median Sale Price: up 16.2% to $335,750.

Housing Market Snapshot: Union County, NC March 2021

Closed Sales: up 6.4% year-over-year.
Homes Sold: 382 in March 2021 versus 359 in March 2020.
Pending Sales: up 12.9% year-over-year.
New Listings: down 15.5% year-over-year.
Inventory of Homes: down 73.1% year-over-year.
Months Supply of Homes: down 75% to 0.5 months supply of homes compared with 2 months supply in March 2020.
Days on Market Until Sale: 19 days in March 2021 versus 45 days in March 2020.
Average Sale Price: up 17.3% to $415,531 year-over-year.
Median Sale Price: up 4.8% to $335,000 year-over-year.

Housing Market Snapshot: Lancaster County, SC March 2021

Closed Sales: down 5.9% year-over-year due to lack of inventory.
Homes Sold: 192 in March 2021 versus 204 in March 2020.
Pending Sales: up 35.8% year-over-year.
New Listings: up 1% year-over-year (equal to just to additional houses).
Inventory of Homes: down 75.5% year-over-year.
Months Supply of Homes: down 78.3% to a 0.5 month supply of homes compared with 2.3 months supply in March 2020.
Days on Market Until Sale: 23 days in March 2021 versus 51 days in March 2020.
Average Sale Price: up 13.2% to $346,299 year-over-year.
Median Sale Price: up 11.6% year-over-year to $308,000.

Housing Market Snapshot: York County, SC March 2021

Closed Sales: down 1.2% year-over-year (due to lack of inventory).
Homes Sold: 475 in March 2021 versus 481 in March 2020.
Pending Sales: up 13% year-over-year.
New Listings: down 12.4% year-over-year.
Inventory of Homes: down 76.1% year-over-year.
Months Supply of Homes: down 75% to a 0.5 month supply of homes compared with 2 months supply in March 2020.
Days on Market Until Sale: 18 days in March 2021 versus 49 days in March 2020.
Average Sale Price: up 15.7% year-over-year to $331,835.
Median Sale Price: up 18% year-over-year to $301,000.

Housing Market Snapshot: Gaston County, NC March 2021

Closed Sales: up 9.4% year-over-year.
Homes Sold: 362 in March 2021 versus 331 in March 2020.
Pending Sales: up 33.4% year-over-year.
New Listings: down 8.4% year-over-year.
Inventory of Homes: down 72.2% year-over-year.
Months Supply of Homes: down 76.2% to a 0.5 month supply of homes compared with 2.1 months supply in March 2020.
Days on Market Until Sale: 24 days in March 2021 versus 44 days in March 2020.
Average Sale Price: up 9.8% year-over-year to $266,687.
Median Sale Price: up 11.7% year-over-year to $240,130.

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This Charlotte region housing market update for March 2021 is provided by Nina Hollander with Coldwell Banker Realty, Greater Charlotte area residential real estate expert serving greater Charlotte region home buyers and sellers since 1999.

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

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