Ballantyne remained a home seller’s market in July 2021. Months supply of inventory was down 50% compared with July 2020 with just a 0.7 months supply of homes. Housing inventory was down 49.4% year-over-year, resulting in fewer days on market, higher home prices with sellers receiving a median 102.5% of asking price in final sale price. Lack of inventory in the face of continued buyer demand dampened closed and pending sales.
Ballantyne (28277 Zip Code) Home Sales Report: July 2021
Latest news on the Ballantyne real estate market in July 2021 and what it means for you…
Ballantyne remained a seller’s market in July 2021 due to the continued lack of inventory, which dropped 49.4% year-over-year. Months supply of inventory was down 50.0% compared with July 2020 to 0.7 months of housing supply. The drop in housing inventory year-over-year resulted in 12 fewer days on market, on average. Closed and pending sales both decreased year-over-year.
Average Ballantyne home sale prices increased 24.8% to $532,613 in July 2021 compared with the same month one year ago. Average home sale prices in Ballantyne were about $96,000 higher than just two years ago. Median home sale prices increased 15.4% to $454,000 in July 2021. Median home sale prices increased approximately $64,000 since 2019. Average sale prices were also up month-over-month in July 2021. Home sellers received a median 102.5% of list price in final sale price (up 3.1% year-over-year).
Ballantyne homes continued to sell quickly with Median Days on Market just 3 days, down 2 days compared with one year ago and down 8 days from two years ago. Average Days on Market were 11 days, down 12 days year-over-year. It should be noted that average days on market for Ballantyne area homes were 26 days just two years ago.
Average Price Per Square Foot increased to $194/square foot in July 2021, up $33/square foot versus one year ago.
Closed sales decreased 16.9%, while pending sales decreased 5.4% in July 2021 compared with one year ago (primarily due to lack of inventory and new listings). Meanwhile, historically low interest rates continue to generate buyer demand. New listings were up 0.7% 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 July 2021 home listings averaged 21.3 showings per listing, up 47.9% from 14.4 showings in July 2020. In July 2019 the average listing had 9.8 showings.
Ballantyne’s months supply of homes remained razor-thin at 0.7 months (down 50.0% from 1.4 months one year ago and 2.1 months two years ago). This, coupled with a 49.4% drop in housing inventory in July, 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, 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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