Charlotte Region real estate market in August 2021 saw home sales increase 3.5% year-over-year and home prices increase 12.2% on average. Lack of inventory is limiting sales momentum with demand for homes outpacing supply of homes. Year-over-year, days on market dropped significantly in August 2021, as did the months supply of homes and overall inventory. All this kept the Charlotte region a home seller’s market.
Charlotte Region Remains A Seller’s Market In August 2021
Latest news on the greater Charlotte region’s real estate market in August 2021 and what it means for you…
August 2021 saw the continuation of the strong housing market in the greater Charlotte region. Buyer demand continues to exceed pre-pandemic levels and to strain inventory. Historically low interest rates and pent-up demand continue to fuel much of the buyer demand, as do the years of steady population growth in the Greater Charlotte area. While closed sales were up 3.5% in August, no doubt with more available inventory they would have been higher.
With Realtor.com recently ranking Charlotte third in the top 10 Metros for 2021, the Greater Charlotte market will most likely remain strong through the remainder of this year to due to razor-thin inventory and the high number of buyers in the market.
Housing inventory remained at critically low levels with new listings not keeping up with demand, despite an increase in inventory. With just 0.8 of a month of supply of homes, we continue to see some of the lowest levels of inventory on record in the Charlotte region. With inventory 38.2% lower than in August 2020, it’s clear that demand has continued to increase relative to supply. This presents a unique opportunity for sellers who are ready to list, as new listings receive high visibility, spend less time on market and sell at premium prices.
Averaging 14 days on market, homes are selling nearly as fast as they are listed and breaking records. Days on market until sale were down 58.8% year-over-year. Multiple offers on homes are remain a factor in 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 low levels of inventory will continue to impact home prices in the coming months. Moving forward in the the fall selling season, lack of adequate inventory to satisfy buyer demand is what could hold the market back in terms of sales momentum.
Charlotte Region Real Estate Snapshot: August 2021
- Closed Sales: up 3.5% year-over-year; up 11.8% year-to-date.
- Homes Sold: 5,356 in August 2021 versus 5,174 in August 2020.
- Pending Sales: up 6.9% year-over-year; up 7.3% year-to-date.
- New Listings: up 5.3% year-over-year (+303 homes); up 6.1% year-to-date.
- Inventory of Homes: down 38.2% year-over-year.
- Months Supply of Homes: down 46.7% with just 0.8 months supply of homes compared with 1.5 months supply in August 2020.
- Days on Market Until Sale: 14 days in August 2021 versus 34 days in August 2020. Year-to-date, days on market down 52.5%.
- Average Sale Price: up 12.2% year-over-year to $393,085. Year-to-date, average sale price up 16.9% to $381,271.
- Median Sale Price: up 14.3% year-over-year to $331,575. Year-to-date, median sale price up 15.7% to $318,300.
- % of Original List Price Received: 101.5%, increasing 3.0% year-over-year. Year-to-date, 100.9% increasing 3.4%.
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This Charlotte region housing market update for August 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.
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