Ballantyne remained a home seller’s market in January 2022. Months supply of inventory was down 50% compared with January 2021 with just a 0.3 months supply of homes. Housing inventory was down 54.2% year-over-year, resulting in fewer days on market, higher home prices, and sellers receiving a median 100.6% 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: January 2022
Ballantyne (28277 zip code) remained a home seller’s market in January 2022 as we began a new year, resulting from the continued lack of inventory, which dropped 54.2% year-over-year. Months supply of inventory was down 50% compared with January 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 12.3% to $474,741 in January 2022 compared with the same month one year ago. Median home sale prices increased 18.5% to $428,799 in January 2022. Home sellers received a median 100.6% of list price in final sale price in January 2022.
Ballantyne homes continued to sell quickly with Median Days on Market just 4 days, down 1 day compared with 5 days one year ago and down 31 days from two years ago. Average Days on Market were 14 days, down 4 days year-over-year and down 32 days compared with January 2020. Average days on market were also down 7 days month-over-month.
Average Price Per Square Foot increased to $213/square foot in January 2022, up 26.8% over one year ago. This is only the fifth time that average price per square foot was over $200 in Ballantyne and the second highest price per square foot recorded for the Ballantyne area.
Closed sales decreased 16.5%, while pending sales decreased 23.2% in January 2022 compared with one year ago (primarily due to lack of inventory and new listings). Meanwhile, despite an uptick in interest rates in January, low interest rates continued to generate buyer demand as buyers looked to lock in rates before they rise further. New listings decreased 35.8% 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 January 2022 home listings averaged 33 showings per listing, up 52.1% from 22 showings in January 2021. In January 2020, the average listing had 15 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 January 2020). This, coupled with a 54.2% drop in housing inventory in January, kept Charlotte’s Ballantyne area/28277 zip code a home seller’s market.
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Ballantyne Housing Market Highlights
January 2022 versus January 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, your 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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