Charlotte Region Real Estate Report: May 2021

Charlotte Region real estate market in May 2021 saw continued strengthening. Charlotte’s housing market has essentially bounced back after the pandemic-related lockdowns in April and May 2020, which put real estate activity on pause. Home prices continued to increase. Days on market, inventory, and months supply of homes were substantially lower than in May 2020. With so little inventory, one could say that it’s on “life support” these days. Mecklenburg, Union, Lancaster, York and Gaston Counties in the Charlotte region essentially mirrored the overall housing market activity.

Charlotte Region’s Home Sales Activity Remains Strong In May 2021

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

May 2021 saw the continuation of the strong housing market in the greater Charlotte region in 2021 and could be considered as having bounced back from the effects of the pandemic-related lockdowns in April and May 2020. Closed sales activity shows buyer interest and demand returning to and exceeding pre-pandemic levels and straining inventory. Pending sales would have been much higher in May if the inventory had been available. 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 high number of buyers in the market.

Housing inventory remained at critically low levels with new listings not keeping up with demand, despite a year-over-year increase. 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, spend less time on market and sell at premium prices.

Averaging 16 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 May 2021

Closed Sales: up 26.4% year-over-year.
Homes Sold: 4,784 in May 2021 versus 3,785 in May 2020.
Pending Sales: up 1.7% year-over-year (but up 15% year-to-date).
New Listings: up 8.5% year-over-year.
Inventory of Homes: down 62% 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 May 2020.
Days on Market Until Sale: 16 days in May 2021 versus 36 days in May 2020.
Average Sale Price: up 27.4% year-over-year to $394,924.
Median Sale Price: up 21.8% year-over-year to $323,00.
% of Original List Price Received: 101.6%, increasing 4.1% year-over-year.

Housing Market Snapshot: Mecklenburg County, NC May 2021

Closed Sales: up 43.9% year-over-year.
Homes Sold: 1,982 in May 2021 versus 1,377 in May 2020.
Pending Sales: down 7.5% year-over-year.
New Listings: up 6.8% year-over-year. Year-to-date, new listings are up a scant 3.2% as of May.
Inventory of Homes: down 59.8% year-over-year.
Months Supply of Homes: down 66.7% to a 0.6 month supply of homes compared with 1.8 months supply in May 2020.
Days on Market Until Sale: 16 days in May 2021 versus 31 days in May 2020.
Average Sale Price: up 32.4% to $461,752 year-over-year.
Median Sale Price: up 20.7% to $350,000.

Housing Market Snapshot: Union County, NC May 2021

Closed Sales: up 16.9% year-over-year.
Homes Sold: 401 in May 2021 versus 343 in May 2020.
Pending Sales: up 20.0% year-over-year.
New Listings: up 17.8% year-over-year.
Inventory of Homes: down 65.9% year-over-year.
Months Supply of Homes: down 73.7% to 0.5 months supply of homes compared with 1.9 months supply in May 2020.
Days on Market Until Sale: 13 days in May 2021 versus 37 days in May 2020.
Average Sale Price: up 11.8% to $432,019 year-over-year.
Median Sale Price: up 8.2% to $355,000 year-over-year.

Housing Market Snapshot: Lancaster County, SC May 2021

Closed Sales: up 9.6% year-over-year.
Homes Sold: 182 in May 2021 versus 166 in May 2020.
Pending Sales: down 9.9% year-over-year.
New Listings: up 1.1% year-over-year.
Inventory of Homes: down 73.7% year-over-year.
Months Supply of Homes: down 76.2% to a 0.5 month supply of homes compared with 2.1 months supply in May 2020.
Days on Market Until Sale: 14 days in May 2021 versus 59 days in May 2020.
Average Sale Price: up 14.9% to $372,344 year-over-year.
Median Sale Price: up 11.2% year-over-year to $350,096.

Housing Market Snapshot: York County, SC May 2021

Closed Sales: up 1.0% year-over-year.
Homes Sold: 493 in May 2021 versus 488 in May 2020.
Pending Sales: up 4.7% year-over-year.
New Listings: up 32.5% year-over-year.
Inventory of Homes: down 64.0% year-over-year.
Months Supply of Homes: down 70.6% to a 0.5 month supply of homes compared with 1.7 months supply in May 2020.
Days on Market Until Sale: 16 days in May 2021 versus 30 days in May 2020.
Average Sale Price: up 21.1% year-over-year to $371,017.
Median Sale Price: up 17.2% year-over-year to $320,000.

Housing Market Snapshot: Gaston County, NC May 2021

Closed Sales: up 13.2% year-over-year.
Homes Sold: 335in May 2021 versus 296 in May 2020.
Pending Sales: down 5.8% year-over-year.
New Listings: up 8.1% year-over-year.
Inventory of Homes: down 67.0% year-over-year.
Months Supply of Homes: down 70.6% to a 0.5 month supply of homes compared with 1.7 months supply in May 2020.
Days on Market Until Sale: 16 days in May 2021 versus 42 days in May 2020.
Average Sale Price: up 23.9% year-over-year to $280,515.
Median Sale Price: up 22.9% year-over-year to $251,990.

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

We can help.

Call us today at 704-779-0813 or contact us here.

There’s absolutely NO OBLIGATION. A consultation with Carolinas Realty Partners is FREE.

MEDIAN HOME SALE PRICE TRENDS IN THE CHARLOTTE REGION

HOMEOWNERS TODAY HAVE TREMENDOUS EQUITY

EXPERT FORECAST ON THE 2021 HOUSING MARKET

LOOKING FOR YOUR DREAM HOME IN THE CHARLOTTE AREA?

FREE Home Buyer Guide: “Things To Consider When Buying A Home”

3 REASONS TO BUY A HOME IN 2021

WONDERING WHAT YOUR CHARLOTTE AREA HOME IS WORTH IN TODAY’S MARKET?

HOMEOWNERS TODAY HAVE TREMENDOUS EQUITY

FREE Home Seller Guide: “Things To Consider When Selling Your House”

THINKING OF SELLING YOUR HOME? CHECK OUT THE COLDWELL BANKER MARKETING ADVANTAGE

SEARCH ALL CHARLOTTE AREA HOMES FOR SALE

This Charlotte region housing market update for April 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:

“The Right Broker Makes All The Difference.”