Ballantyne remained a home seller’s market in February 2022. Months supply of inventory was down 50% compared with February 2021 with just a 0.3 months supply of homes. Housing inventory was down 52% year-over-year, resulting in fewer days on market, higher home prices, and sellers receiving a median 103.2% 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: February 2022
Latest news on the Ballantyne real estate market in February 2022 and what it means for you…
Ballantyne (28277 zip code) remained a home seller’s market in February 2022, resulting from the continued lack of inventory, which dropped 52% year-over-year. Months supply of inventory was down 50% compared with February 2021 to 0.3 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 24% to $519,024 in February 2022 compared with the same month one year ago. Month-over-month, average sale prices increased approximately $44,000. Median home sale prices increased 26.3% to $486,682 in February 2022. Month-over-month median home sale prices increased almost $58,000. Median home sale prices are approximately $104,000 higher in February 2022 than they were in February 2020. Home sellers received a median 103.2% of list price in final sale price in February 2022, up 3.2% year-over-year.
Ballantyne homes continued to sell quickly with Median Days on Market just 3 days, down 20 days from two years ago. Average Days on Market were 12 days, down 18 days year-over-year and down 31 days compared with February 2020. Average days on market were also down 2 days month-over-month.
Average Price Per Square Foot increased to $224/square foot in February 2022, up 28.7% over one year ago. This is only the sixth 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 22.1%, while pending sales decreased 12.2% in February 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 15% 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 February 2022 home listings averaged 42 showings per listing, up 59.5% from 26 showings in February 2021. In February 2020, the average listing had 16 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 0.3 months (down 50% from 0.6 months one year ago and 1.1 months in February 2020). This, coupled with a 52% drop in housing inventory in February, 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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