Charlotte Region Real Estate Report: February 2021

Charlotte Region real estate market in February 2021 saw a continued strengthening in the greater Charlotte region housing market, despite the ongoing pandemic. Home prices continued to increase. Days on market, inventory, and months supply of homes were substantially lower than in February 2020. With so little inventory, one could almost say that it’s on “life support” these days. Mecklenburg, Union, Lancaster and York Counties in the Charlotte region essentially mirrored the overall housing market activity.

Charlotte Region’s Home Sales Activity Strengthens In February 2021

Latest news on the greater Charlotte region’s real estate market in February and what it means for you…

February 2021 saw the continuation of the strong housing market in the greater Charlotte region in 2020, despite the ongoing pandemic. Pending contract and closed sales activity shows buyer interest and demand returning to and exceeding pre-pandemic levels. Historically low interest rates continue to fuel much of the buyer demand, as do the years of steady population growth in the Greater Charlotte area.

With Realtor.com recently ranking Charlotte third in the top 10 Metros for 2021, the Greater Charlotte market will most likely continue to heat up this year to due to razor-thin inventory and the number of buyers in the market.

Housing inventory remained at critically low levels with new listings not keeping up with demand. With just over one-half of a month’s of supply of homes, we continue to see some of the lowest levels of inventory on record in the Charlotte region. This presents a unique opportunity for sellers who are ready to list, as new listings receive high visibility and spend less time on market.

Averaging 31 days on market, homes are selling nearly as fast as they are listed. Multiple offers on homes are again a staple of the Charlotte region real estate market. Both median and average home sale prices were up by double digits across the region year-over-year. The critically low levels of inventory will continue to impact home prices in the coming months. Lack of adequate inventory to satisfy buyer demand is what will hold the market back in terms of sales momentum.

Housing Market Snapshot: Charlotte Region February 2021

Closed Sales: up 5.9% year-over-year.
Homes Sold: 3,510 in February 2021 versus 3,315 in February 2020.
Pending Sales: up 11.4% year-over-year.
New Listings: down 6.2% year-over-year.
Inventory of Homes: down 64.2% year-over-year.
Months Supply of Homes: down 68.4% with just 0.6 months supply of homes compared with 1.9 months supply in February 2020.
Days on Market Until Sale: 31 days in February 2021 versus 50 days in February 2020.
Average Sale Price: up 11.8% year-over-year to $340,881.
Median Sale Price: up 11.7% year-over-year to $293,495.
% of Original List Price Received: 99.3%, increasing 2.6% year-over-year.

Housing Market Snapshot: Mecklenburg County, NC February 2021

Closed Sales: down 2.9% year-over-year.
Homes Sold: 1,350 in February 2021 versus 1,391 in February 2020.
Pending Sales: up 8.1% year-over-year.
New Listings: down 1.7% year-over-year. Year-to-date, new listings are down 5.8% as of February.
Inventory of Homes: down 58.6% year-over-year.
Months Supply of Homes: down 62.5% to a 0.6 month supply of homes compared with 1.6 months supply in February 2020.
Days on Market Until Sale: 33 days in February 2021 versus 44 days in February 2020.
Average Sale Price: up 16.8% to $397,638 year-over-year.
Median Sale Price: up 16.4% to $320,000.

Housing Market Snapshot: Union County, NC February 2021

Closed Sales: down 14.6% year-over-year.
Homes Sold: 240 in February 2021 versus 281 in February 2020.
Pending Sales: up 26.1% year-over-year.
New Listings: down 10.5% year-over-year.
Inventory of Homes: down 69.5% year-over-year.
Months Supply of Homes: down 72.2% to 0.5 months supply of homes compared with 1.8 months supply in February 2020.
Days on Market Until Sale: 28 days in February 2021 versus 62 days in February 2020.
Average Sale Price: up 12.2% to $388,304 year-over-year.
Median Sale Price: up 11.5% to $340,000 year-over-year.

Housing Market Snapshot: Lancaster County, SC February 2021

Closed Sales: up 7.9% year-over-year.
Homes Sold: 150 in February 2021 versus 139 in February 2020.
Pending Sales: up 2% year-over-year.
New Listings: down 9% year-over-year.
Inventory of Homes: down 68.3% year-over-year.
Months Supply of Homes: down 72.7% to a 0.6 month supply of homes compared with 2.2 months supply in February 2020.
Days on Market Until Sale: 38 days in February 2021 versus 61 days in February 2020.
Average Sale Price: up 6.9% to $330,647 year-over-year.
Median Sale Price: up 3% year-over-year to $319,147.

Housing Market Snapshot: York County, SC February 2021

Closed Sales: up 0.9% year-over-year.
Homes Sold: 337 in February 2021 versus 334 in February 2020.
Pending Sales: up 0.7% year-over-year.
New Listings: down 16% year-over-year.
Inventory of Homes: down 73.7% year-over-year.
Months Supply of Homes: down 73.7% to a 0.5 month supply of homes compared with 1.9 months supply in February 2020.
Days on Market Until Sale: 23 days in February 2021 versus 43 days in February 2020.
Average Sale Price: up 15.7% year-over-year to $331,835.
Median Sale Price: up 18% year-over-year to $301,000.

Want to know what this would mean for your family if you decide to buy or sell a Charlotte region home?

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This Charlotte region housing market update for February 2021 is provided by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Realty, your Charlotte metro area residential real estate experts serving greater Charlotte region home buyers and sellers for 20+ years.

If you’re considering selling or purchasing a home in the Charlotte region, I’d love an opportunity to earn your business, to exceed your expectations, and to show you how:

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