Ballantyne remained a home seller’s market in October 2021. Months supply of inventory was down 41.7% compared with October 2020 with just a 0.7 months supply of homes. Housing inventory was down 45.9% year-over-year, resulting in fewer days on market, higher home prices with sellers receiving a median 101.2% of list price in sale price. Ballantyne area’s inventory is at historic lows. Home prices were higher both year-over-year and month-over-month.
Ballantyne (28277 Zip Code) Home Sales Report: October 2021
Ballantyne remained a seller’s market in October 2021 due to the continued lack of inventory, which dropped 45.9% year-over-year. Months supply of inventory was down 41.7% compared with October 2020 to 0.7 months of housing supply. The drop in housing inventory year-over-year resulted in eight fewer days on market, on average. Closed and pending sales decreased year-over-year due to lack of inventory.
Average Ballantyne home sale prices increased 16.6% to $516,570 in October 2021 compared with the same month one year ago. Average home sale prices also increased approximately $16,000 month-over-month. Median home sale prices have increased 13.8% to $475,000 in October 2021. Median home sale prices increased $40,000 over September 2021. Home sellers received a median 100.2% of list price in final sale price (up 1.2% 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 11 days from two years ago. Average Days on Market were 13 days, down eight days year-over-year and down 23 days since October 2019.
Average Price Per Square Foot increased to $201/square foot in October 2021, up $32/square foot versus one year ago. This is only the second time that average price per square foot was over $200 in Ballantyne. The first time was in August 2021 when average price per square foot reached $202/square foot.
Closed sales decreased 18.2%, while pending sales decreased 24.5% in October 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 down 29.3% 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 October 2021 home listings averaged 17.5 showings per listing, up 20.7% from 14.5 showings in October 2020. In October 2019 the average listing had 9.2 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 0.7 months (down 41.7% from 1.2 months one year ago and 1.7 months two years ago). This, coupled with a 45.9% drop in housing inventory in October, kept Charlotte’s Ballantyne area/28277 zip code a home seller’s market.
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Ballantyne Housing Market Highlights
October 2021 versus October 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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