Charlotte region remained a home seller’s market in 2020 despite the ongoing pandemic. Lack of inventory, buyer demand and historically low interest rates have resulted in higher home prices, lower days on market, multiple offers for homes in virtually all price ranges.
Charlotte Region 2020 Housing Market At A Glance…
… And What It Means For You…
With a razor-thin 0.8 months of housing inventory at 2020 year-end, there is no doubt that the Charlotte region remained a seller’s market in 2020. This is the most critical aspect of the Charlotte market right now, as it has been for the last several years: the lack of homes for buyers to purchase. Availability of affordable homes is really at critical shortage. The supply of homes, or rather lack thereof, is driving Charlotte area home prices up and the housing affordability index down as demand continues to outpace supply. Distressed property sales represent less than 1% of Charlotte region home sales and buyers looking for a bargain in this segment of the market will be disappointed. Multiple offers again reign supreme in all price points.
Charlotte Region Housing Market Quick Facts At A Glance: 2016 – 2020
- Median Sale Price: up 9.8% in 2020 to $280,000
- Average Sale Price: up 10.3% in 2020 to $334,985
- Days On Market (List to Close): 88 days in 2020 (down 6 days versus 2019)
- Closed Sales: up 5.5% in 2020 to 54,076 units
- Pending Sales: up 9.6% in 2020 to 56,800 units
- Percent Of Original List Price Received: 98% in 2020 (up 1.3% over 2019)
- New Listings: down 1.5% in 2020
- Inventory Of Homes For Sale: down 55% in 2020 to 3,860 units (the lowest level of inventory since 2007)
- Distressed Homes Sold: down 14% in 2020, representing just 0.8% of total sales
Charlotte Region Distressed Property Sales Quick Facts: 2016 – 2020
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This Charlotte, NC region housing market update for 2020 is provided by Nina Hollander and Carolinas Realty Partners, Coldwell Banker, your Greater Charlotte area residential real estate experts. We’ve been opening doors for Charlotte area home buyers and sellers for 20+ years. Let us open the door to your next home… you’ll be glad you did!
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