Charlotte Region real estate market in July 2021 saw home sales decrease 10.5% year-over-year, although sales were up 12.4% year-to-date. Lack of inventory is dampening sales momentum with demand for homes outpacing supply of homes. Days on market dropped significantly in July 2021, as did the months supply of homes and overall inventory.
Charlotte Region’s Real Estate Sales Strong In July 2021
Latest news on the greater Charlotte region’s real estate market in July 2021 and what it means for you…
July 2021 saw the continuation of the strong housing market in the greater Charlotte region and could be considered as having bounced back from the effects of the pandemic-related lockdowns in Spring 2020. Closed sales activity shows buyer demand exceeding pre-pandemic levels and straining inventory. Pending sales, no doubt, would have been higher in July if the inventory had been available. 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.
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 50% lower than in July 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. Days on market until sale were down 62.2% 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 critically 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, as evidenced by the decrease in closed sales in July 2021.
Charlotte Region Real Estate Snapshot: July 2021
- Closed Sales: down 10.5% year-over-year; up 12.4% year-to-date.
- Homes Sold: 5,189 in July 2021 versus 5,796 in July 2020.
- Pending Sales: up 1.0% year-over-year; up 8.2% year-to-date.
- New Listings: up 5.2% year-over-year; up 6.0% year-to-date.
- Inventory of Homes: down 42.2% year-over-year.
- Months Supply of Homes: down 50.0% with just 0.8 months supply of homes compared with 1.6 months supply in July 2020.
- Days on Market Until Sale: 14 days in July 2021 versus 37 days in July 2020. Year-to-date, days on market down 51.2%.
- Average Sale Price: up 8.6% year-over-year to $396,835. Year-to-date, average sale price up 18.0% to $379,701.
- Median Sale Price: up 16.1% year-over-year to $331,000. Year-to-date, median sale price up 15.4% to $315,000.
- % of Original List Price Received: 101.8%, increasing 3.8% year-over-year. Year-to-date, 100.9% increasing 3.6%.
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This Charlotte region housing market update for July 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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