Ballantyne real estate market in September 2022 saw higher home prices and new listings down. Homes continued to sell relatively quickly. Sellers saw a lower median list price to final sale price at 99.4%. Closed and pending sales were down. The “feeding frenzy” of 2021 and first half of 2022 appears to have come to an end in Ballantyne.
Ballantyne (28277 Zip Code) Real Estate Report: September 2022
The Ballantyne housing market definitely cooled in the month of September. However, with just 1.4 months of inventory we are no where near being a buyer’s market.
While inventory increased significantly and the months supply of homes doubled to 1.4 months, Ballantyne homes sold quickly and at higher prices year-over-year. Home sellers received a median 99.4% of list price in sale price. Foot traffic was definitely down, with the average home seeing 10.2 showings in September 2022 compared with 18.9 showings in September 2021. With closed and pending sales down, Ballantyne’s housing market is returning to more of a pre-pandemic rate of sales and the “feeding frenzy” we saw in 2021 and earlier in 2022 has abated.
BALLANTYNE AREA HOUSING MARKET HIGHLIGHTS
SEPTEMBER 2022 VERSUS SEPTEMBER 2021
BALLANTYNE HOME SALE PRICES UP YEAR-OVER-YEAR
Average Ballantyne home sale prices increased 19.1% to $596,845 in September 2022 compared with the same month one year ago. Median home sale prices increased 8.3% to $475,000 year-over-year in September 2022. Month-over-month, Ballantyne’s average home sale prices were down about $5,000. Average home sale prices were about $144,000 higher in September 2022 than in September 2020. Homeowners continue to sit on significant equity.
BALLANTYNE HOMES LIST TO SALE PRICE RATIO DROPPED SLIGHTLY IN SEPTEMBER 2022
Home sellers received a median 99.4% of list price in final sale price in September, down 0.7% year-over-year and down 0.6% month-over-month. This is a clear indication that last summer’s feeding frenzy might be over and that Ballantyne home buyers do have a window of opportunity, albeit a small one, to negotiate on price.
Average Price Per Square Foot increased to $228/square foot in September 2022, up 14.5% over one year ago.
BALLANTYNE HOMES CONTINUED TO SELL QUICKLY DESPITE AN INCREASE IN DAYS ON MARKET
Ballantyne homes continued to sell quickly with Median Days on Market just 8 days, four days higher year-over-year and three days higher month-over-month. Average Days on Market were 17 days year-over-year, up six days compared with September 2021. Average days on market were seven days higher than in August 2022. This is another indication that the market has slowed.
BALLANTYNE SALES WERE DOWN IN SEPTEMBER
Closed sales decreased 29.6%, while pending sales decreased 26.4% in September 2022 compared with one year ago. Ballantyne saw its lowest level of closed sales since February 2022 and its lowest level of pending sales since December 2021. With monthly mortgage payments increasing 50% in the Charlotte area compared with one year ago, buyers are pulling back from the market.
Ballantyne foot traffic through listings was also down in September 2022, down 46% year-over-year. At 10.2 showings per home listing, this was the lowest level of foot traffic we’ve seen since April 2020.
BALLANTYNE MONTHS SUPPLY OF HOMES DOUBLED, BUT STILL LOW & NEW LISTINGS DOWN IN SEPTEMBER 2022
Ballantyne’s months supply of homes at 1.4 months keeps it a seller’s market and we would need several more months of inventory to consider Ballantyne a balanced market, much less a buyer’s market. The months supply of homes increased from 0.7 months in September 2021 and remained flat versus August 2022. New listings, meantime, were down 23.3% compared with the same month one year ago. Only January 2022 had fewer new listings come on the market.
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MEDIAN SALE PRICE TRENDS IN BALLANTYNE AREA
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This Charlotte, North Carolina monthly Ballantyne real estate report 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 22+ years.
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