Charlotte Region Real Estate Report: August 2020

 

Latest news on how corona virus impacted the Charlotte region’s real estate market in August and what it means for you…

 

August 2020 saw a solid strengthening in the housing market in the Charlotte region despite the ongoing pandemic. In fact one can say “pandemic, what pandemic?”  Pending contract activity shows buyer interest and demand has returned to pre-pandemic levels if not higher due to historically low interest rates.

 

Housing inventory remained at record lows and new listings are not keeping up with demand.  New listings have been down year-over-year since February. At 1.2 months of supply, it is the lowest level 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 34 days on market, homes are selling nearly as fast as they are listed. Multiple offers on homes have once again returned to the Charlotte region real estate market. Lack of inventory no doubt caused a drop in closed sales  — you can’t sell what you don’t have. Lack of inventory also impacted the number of showings in the month of August.

 

Housing Market Snapshot: Charlotte Region August 2020

• Closed Sales: down 1.3%% year-over-year.
• Homes Sold: 4,957 in August 2020 versus 5,020 in August 2019
• Pending Sales: up 26.5% year-over-year 
• New Listings: down 2% year-over-year 
• Inventory of Homes: down 51.3% year-over-year
• Months Supply of Homes:  down 53.8% with just 1.2 months supply of homes compared with 2.6 months supply in August 2019
• Days on Market: 34 days in August 2020 versus 38 days in August 2019
• Average Sale Price: up 13.4% to $350,986 and up 7.6% year-to-date
• Median Sale Price: up 12.8% year-over-year to $290,000 and up 8.3% year-to-date
• Home Showings: down 3.8% year-over-year, but up 12% year-to-date

 

 

 

Housing Market Snapshot:  Mecklenburg County, NC August 2020

• Closed Sales: down 3.3% year-over-year 
• Homes Sold: 2,007 in August 2020 versus 2,075 in August 2019
• Pending Sales: up 21% year-over-year 
• New Listings: down 6.2% year-over-year 
• Inventory of Homes: down 47.1% year-over-year
• Months Supply of Homes: down 52.2% to 1.1 months supply of homes compared with 2.3 months supply in August 2019
• Days on Market: 27 days in August 2020 versus 34 days in August 2019
• Average Sale Price: up 15.7% to $392,814 and up 7.2% year-to-date
• Median Sale Price: up up 16.1% to $313,419 and up 9.3% year-to-date
• Home Showings: down 3.7% year-over-year, but up 11.3% year-over-year

 

Housing Market Snapshot:  Union County, NC August 2020

• Closed Sales: down 2.4% year-over-year 
• Homes Sold:  453 in August 2020 versus 464 in August 2019
• Pending Sales: up 42.8% year-over-year
• New Listings: down 3.2% year-over-year 
• Inventory of Homes: down 54.6% year-over-year
• Months Supply of Homes: down 56% to 1.1 months supply of homes compared with 2.5 months supply in August 2019
• Days on Market: 32 days in August 2020 versus 40 days in August 2019
• Average Sale Price: up 7.6% to $408,901 and up 5.9% year-to-date
• Median Sale Price: up 10% to $345,000 and up 8.2% year-to-date
• Home Showings: down 7.7% year-over-year, but up 22.8% year-to-date

 

Housing Market Snapshot: Lancaster County, SC August 2020

• Closed Sales: up 24% year-over-year 
• Homes Sold: 227 in August 2020 versus 183 in August 2019
• Pending Sales: up 43.1% year-over-year 
• New Listings: up 19.6% year-over-year 
• Inventory of Homes: down 50.7% year-over-year
• Months Supply of Homes: down 50.7% to 1.2 months supply of homes compared with 2.8 months supply in August 2019
• Days on Market: 51 days in August 2020 versus 40 days in August 2019
• Average Sale Price: up 5.2% to $324,801 and up 11.5% year-to-date
• Median Sale Price:  no change year-over-year at $315,000 and up 7.7% year-to-date
• Home Showings: down 3.6% year-over-year, but up 20% year-to-date

 

Housing Market Snapshot: York County, SC August 2020

• Closed Sales: down 9.5% year-over-year 
• Homes Sold: 502 in August 2020 versus 555 in August 2019
• Pending Sales: up 15.9% year-over-year 
• New Listings: down 1.8% year-over-year 
• Inventory of Homes: down 58.2% year-over-year
• Months Supply of Homes: down 58.3% to 1 month of supply of homes compared with 2.4 months supply in August 2019
• Days on Market: 37 days in August 2020 versus 38 days in August 2019
• Average Sale Price: up 15.1% to $344,434 and up 6.5% year-to-date
• Median Sale Price: up 17.5% to $317,250 and up 6.4% year-to-date
• Home Showings: down 2.3% year-over-year and down 2.3% year-to-date

 

 

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

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This Charlotte region housing market update for August 2020 is provided  by  Nina Hollander and Carolinas Realty Partners with Coldwell Banker Realty, your Charlotte metro area residential real estate experts serving Charlotte area home buyers and sellers for 20+ years.

 

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 how:

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