November 2020 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 November 2019. Individual counties in the greater Charlotte region — Mecklenburg, Union, Lancaster and York — essentially mirrored the overall housing market activity.

Charlotte Region’s Home Sales Activity Strengthens In November 2020

 

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

 

Charlotte Region Housing Market Snapshot November 2020November 2020 continued to see a strong housing market in the greater Charlotte region, despite the ongoing pandemic. Pending contract and closed sales activity shows buyer interest with demand returning to and exceeding pre-pandemic levels. Historically low interest rates continue to fuel much of the buyer demand

 

Housing inventory remained at record lows with new listings not keeping up with demand, despite an increase in new listings in November. With just a one month 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 24 days on market, homes are selling nearly as fast as they are listed. Multiple offers on homes have once again returned to the Charlotte region real estate market. Both median and average home sale prices were up by double digits across the region year-over-year.

 

 

Housing Market Snapshot: Charlotte Region November 2020

  • Closed Sales: up 10.8% year-over-year.
  • Homes Sold: 4,243 in November 2020 versus 3,830 in November 2019.
  • Pending Sales: up 26.42% year-over-year. 
  • New Listings: up 7.9% year-over-year (down 2.9% year-to-date).
  • Inventory of Homes: down 52.4% year-over-year.
  • Months Supply of Homes:  down 54.5% with just 1 months supply of homes compared with 2.2 months supply in November 2019.
  • Days on Market Until Sale: 24 days in November 2020 versus 42 days in November 2019.
  • Average Sale Price: up 16% year-over-year to $349,562 and up 9.9% year-to-date.
  • Median Sale Price: up 13.7% year-over-year to $290,000 and up 9.8% year-to-date.
  • Home Showings: up 10.9% year-over-year.

 

Charlotte Region Housing Market Update November 2020

 

 

Housing Market Snapshot:  Mecklenburg County, NC November 2020

  • Closed Sales: up 11.2% year-over-year. 
  • Homes Sold: 1,701 in November 2020 versus 1,530 in November 2019.
  • Pending Sales: up 17.5% year-over-year. 
  • New Listings: up 1.6% year-over-year. 
  • Inventory of Homes: down 47.3% year-over-year.
  • Months Supply of Homes: down 50% to a 1 month supply of homes compared with 2 months supply in November 2019.
  • Days on Market Until Sale: 22 days in November 2020 versus 37 days in November 2019.
  • Average Sale Price: up 13% to $39,816 year-over-year and up 9.3% year-to-date.
  • Median Sale Price: up 12.7% to $310,00 and up year-over-year 10.7% year-to-date.
  • Home Showings: up 8.7% year-over-year.

 

Housing Market Snapshot:  Union County, NC November 2020

  • Closed Sales: up 18.2% year-over-year. 
  • Homes Sold: 376 in November 2020 versus 318 in November 2019.
  • Pending Sales: up 21.3% year-over-year.
  • New Listings: down 6.4% year-over-year.
  • Inventory of Homes: down 63.6% year-over-year.
  • Months Supply of Homes: down 66.7% to 0.7 months supply of homes compared with 2.1 months supply in November 2019.
  • Days on Market Until Sale: 20 days in November 2020 versus 46 days in November 2019.
  • Average Sale Price: up 23.9% to $423,783 year-over-year and up 10.3% year-to-date.
  • Median Sale Price: up 19.6% to $352,832 year-over-year and up 10.6% year-to-date
  • Home Showings: down 7.9% year-over-year

 

Housing Market Snapshot: Lancaster County, SC November 2020

  • Closed Sales: up 18.5% year-over-year. 
  • Homes Sold: 179 in November 2020 versus 151 in November 2019.
  • Pending Sales: up 38.6% year-over-year. 
  • New Listings: flat year-over-year. 
  • Inventory of Homes: down 57.8% year-over-year.
  • Months Supply of Homes: down 64% to a .9 month supply of homes compared with 2.5 months supply in November 2019.
  • Days on Market Until Sale: 29 days in November 2020 versus 45 days in November 2019.
  • Average Sale Price: up 12.2% to $349,080 year-over-year and up 10.8% year-to-date.
  • Median Sale Price:  up 7.6% year-over-year to $321,875 and up 7.3% year-to-date.
  • Home Showings: up 2.1% year-over-year

 

Housing Market Snapshot: York County, SC November 2020

  • Closed Sales: up 4.4% year-over-year. 
  • Homes Sold: 427 in November 2020 versus 409 in November 2019.
  • Pending Sales: up 33.6% year-over-year. 
  • New Listings: up 18.7% year-over-year. 
  • Inventory of Homes: down 58.1% year-over-year.
  • Months Supply of Homes: down 57.1% to a 0.9 month supply of homes compared with 2.1 months supply in November 2019.
  • Days on Market Until Sale: 24 days in November 2020 versus 43 days in November 2019.
  • Average Sale Price: up 7.7% year-over-year to $326,132 and up 8.8% year-to-date.
  • Median Sale Price: up 9.1% year-over-year to $300,000 and up 7.2% year-to-date.
  • Home Showings: up 11.7% year-over-year

 

 

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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  THE WINTER HOUSING MARKET FORECAST WON’T BE CHILLY

 

 

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

 

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This Charlotte region housing market update for November 2020 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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Summary
Charlotte Region Real Estate Report: November 2020
Article Name
Charlotte Region Real Estate Report: November 2020
Description
November 2020 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 November 2019. Individual counties in the greater Charlotte region -- Mecklenburg, Union, Lancaster and York -- essentially mirrored the overall housing market activity.
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