Ballantyne remained a seller’s market in May 2020. Months supply of inventory was sharply down (47.8%) compared with May 2019 to 1.2 months. Housing inventory was down 47.1% year-over-year, resulting in much lower days on market and higher home prices. COVID-19 restrictions contributed to lack of inventory and lower closed and pending sales in May.
Ballantyne Real Estate Report: May 2020
Latest news on the Ballantyne area real estate market and what it means for you…
Average Ballantyne home sale prices increased 6.9% in May 2020 compared with the same month one year ago. Median home sale prices increased 15.6% in May. Home sellers received 98.6% of list price in final sale price (up almost a full percent year-over-year).
Ballantyne homes continue to sell quickly with Median Days on Market at just 7 days, down 9 days compared with one year ago. Average Days on Market were 26 days, down 19 days year-over-year. Average Price Per Square Foot increased by $15/square foot to $162/square foot in May 2020 compared with one year ago.
Closed sales decreased 50.6%, while pending sales decreased 9.2% in April year-over-year in the Ballantyne area. Some of the decrease in lower pending sales can be attributed to low inventory and part to the impact from shelter-at-home orders which went into effect in the third week of March, prohibiting in-person home showings in Charlotte until late May. These same restrictions clearly affected closed sales, as well. Ballantyne home showings increased to 2,891 in May 2020 compared with only 789 showings in April 2020. While showings were still lower than in May 2019 (3,772 showings), the May 2020 showings were a significant improvement month-over-month.
Ballantyne’s months supply of homes remained razor-thin at 1.2 months (down from 2.3 months one year ago). This coupled with a 47.1% drop in housing inventory and a drop of 31.1% in new listings in May, kept Charlotte’s Ballantye area/28277 zip code a seller’s market.
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Ballantyne Housing Market Highlights: May 2020 Versus May 2019
Median Home Price Trends In Ballantyne
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Previous Ballantyne Housing Market Updates
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This Charlotte, North Carolina real estate monthly update for Ballantyne is brought to you by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Residential Brokerage, your Ballantyne area specialists and neighbors and Charlotte metro area residential real estate experts. We’ve been opening doors for Ballantyne area home buyers and sellers for 20+ years and have been your Ballantyne neighbors since 2001.
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- Ballantyne Real Estate Report: May 2020
- Ballantyne Housing Market Highlights: May 2020 Versus May 2019
- Median Home Price Trends In Ballantyne
- Find Your Ballantyne Dream Home
- What Is Your Ballantyne Home Worth?
- Search For Ballantyne Homes For Sale
- Previous Ballantyne Housing Market Updates
- Whether You're Buying Or Selling A Ballantyne Home...