Ballantyne remained a home seller’s market in May 2022. Months supply of inventory was down 42.9% compared with May 2021 with just a 0.4 months supply of homes. Housing inventory was down 47.9% year-over-year, resulting in much higher home prices, and sellers receiving a median 105.3% 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: May 2022
Latest news on the Ballantyne real estate market in May 2022 and what it means for you…
Ballantyne (28277 zip code) remained a home seller’s market in May 2022, resulting from the continued lack of inventory, which dropped 47.9% year-over-year. Months supply of inventory was down 42.9% compared with May 2021 to 0.4 months of housing supply. We saw no increase in months supply of inventory month-over-month. Closed and pending sales decreased year-over-year due to lack of inventory and new listings.
Average Ballantyne home sale prices reached new record highs, increasing 27.9% to $639,757 in May 2022 compared with the same month one year ago. Month-over-month, average sale prices increased approximately $11,000. Median home sale prices also set records, increasing 25.4% to $550,000 in May 2022. Month-over-month, home median home sale prices increased approximately $30,000. Median home sale prices were some $180,000 higher in May 2022 than they were in May 2020, while average home sale prices were about $240,000 higher than they were two years prior in May.
Home sellers received a median 105.3% of list price in final sale price in May 2022, up 2.4% year-over-year. Ballantyne area home buyers had virtually opportunity to negotiate on price in May 2022.
Ballantyne homes continued to sell quickly with Median Days on Market just 3 days, flat year-over-year, and down five days from two years ago. Average Days on Market were 11 days, up two days year-over-year and down 16 days compared with May 2020. Average days on market increased six days month-over-month.
Average Price Per Square Foot increased to $240/square foot in May 2022, up 25.7% over one year ago. The $240/square foot sets a new record for Ballantyne area homes.
Closed sales decreased 6.8%, while pending sales decreased 19.3% in May 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 19.5% year-over-year and essentially sold as quickly as they came on market.
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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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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