Ballantyne remained a home seller’s market in November 2021. Months supply of inventory was down 55.6% compared with November 2020 with just a 0.4 months supply of homes. Housing inventory was down 50% year-over-year, resulting in fewer days on market, higher home prices with sellers receiving a median 100.4% 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: November 2021
Ballantyne remained a seller’s market in November 2021 resulting from the continued lack of inventory, which dropped 50% year-over-year. Months supply of inventory was down 55.6% compared with November 2020 to 0.4 months of housing supply. The months supply of inventory was also down month-over-month by 0.3 months. Closed and pending sales decreased year-over-year due to lack of inventory.
Average Ballantyne home sale prices increased 16.9% to $520,564 in November 2021 compared with the same month one year ago. Median home sale prices have increased 16.3% to $462,000 in November 2021. Home sellers received a median 100.4% of list price in final sale price (up 1% year-over-year).
Ballantyne homes continued to sell quickly with Median Days on Market just 4 days, flat compared with one year ago and down 8 days from two years ago. Average Days on Market were 18 days, down one day year-over-year and down 19 days compared with November 2019.
Average Price Per Square Foot increased to $210/square foot in November 2021, up $39/square foot versus one year ago. This is only the third 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 32.1%, while pending sales decreased 6.7% in November 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 increased slightly by 7.5% 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 November 2021 home listings averaged 20.6 showings per listing, up 39.2% from 14.8 showings in November 2020. In November 2019 the average listing had 8.8 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 0.4 months (down 55.6% from 0.9 months one year ago). This, coupled with a 50% drop in housing inventory in November, kept Charlotte’s Ballantyne area/28277 zip code a home seller’s market.
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Ballantyne Housing Market Highlights
November 2021 versus November 2020
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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