Ballantyne remained a home seller’s market in April 2022. Months supply of inventory was down 42.9% compared with April 2021 with just a 0.4 months supply of homes. Housing inventory was down 48.4% year-over-year, resulting in just five average days on market, much higher home prices, and sellers receiving a median 105.9% 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: April 2022
Ballantyne (28277 zip code) remained a home seller’s market in April 2022, resulting from the continued lack of inventory, which dropped 48.4% year-over-year. Months supply of inventory was down 42.9% compared with April 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 21% to $618,330 in April 2022 compared with the same month one year ago. Month-over-month, average sale prices increased approximately $71,000. Median home sale prices increased 18.2% to $520,147 in April 2022. Median home sale prices were some $132,000 higher in April 2022 than they were in April 2020, while average home sale prices were about $196,000 higher than they were two years prior in April.
Home sellers received a median 105.9% of list price in final sale price in April 2022, up 3.1% year-over-year. Ballantyne area home buyers had virtually no window of opportunity to negotiate on price in April 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 were 5 days, down 5 days year-over-year and down 19 days compared with April 2020. Average days on market dropped 11 days month-over-month.
Average Price Per Square Foot increased to $239/square foot in April 2022, up 29.9% over one year ago. The $239/square foot sets a new record for Ballantyne area homes.
Closed sales decreased 4.6%, while pending sales decreased 4.8% in April 2022 compared with one year ago (primarily due to lack of inventory and new listings). Meanwhile, despite an uptick in interest rates, buyer demand remained high as buyers looked to lock in rates before they rise further. New listings decreased 16.1% 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 April 2022 home listings averaged 28.1 showings per listing. More buyers chasing fewer listings generated the high levels of home showings.
Ballantyne’s months supply of homes remained razor-thin at less than half a month at 0.4 months (down 42.9% from 0.7 months one year ago). This, coupled with a 48.4% drop in housing inventory in April, kept Charlotte’s Ballantyne area/28277 zip code a home seller’s market.
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Ballantyne Housing Market Highlights
April 2022 versus April 2021
MEDIAN SALE PRICE TRENDS IN BALLANTYNE AREA
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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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