Charlotte Region Real Estate Report: October 2020

 

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

 

October 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 due to historically low interest rates fueling much of the buyer demand

 

Housing inventory remained at record lows and new listings are not keeping up with demand despite an increase in new listings in October. At 1.2 months of supply, 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 25 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.

 

Housing Market Snapshot: Charlotte Region October 2020

• Closed Sales: up 11.2% year-over-year.
• Homes Sold: 5,029 in October 2020 versus 4,523 in October 2019
• Pending Sales: up 20.2% year-over-year 
• New Listings: up 6.6% year-over-year (down 3.7% year-to-date)
• Inventory of Homes: down 47.6% year-over-year
• Months Supply of Homes:  down 50% with just 1.2 months supply of homes compared with 2.4 months supply in October 2019
• Days on Market Until Sale: 25 days in October 2020 versus 40 days in October 2019
• Average Sale Price: up 16% to $354,248  and up 9.5% year-to-date
• Median Sale Price: up 14.1% year-over-year to $289,900 and up 9.5% year-to-date
• Home Showings: up 23.2% year-over-year

 

 

 

Housing Market Snapshot:  Mecklenburg County, NC October 2020

• Closed Sales: up 3.5% year-over-year 
• Homes Sold: 1,993 in October 2020 versus 1,925 in October 2019
• Pending Sales: up 20.1% year-over-year 
• New Listings: up 10.7% year-over-year 
• Inventory of Homes: down 40.7% year-over-year
• Months Supply of Homes: down 42.9% to 1.2 months supply of homes compared with 2.1 months supply in October 2019
• Days on Market Until Sale: 22 days in October 2020 versus 37 days in October 2019
• Average Sale Price: up 13.3% to $389,072 and up 8.9% year-to-date
• Median Sale Price: up 14.5% to $307,975 and up 10.1% year-to-date
• Home Showings: up 23.5% year-over-year

 

Housing Market Snapshot:  Union County, NC October 2020

• Closed Sales: up 15.4% year-over-year 
• Homes Sold:  443 in October 2020 versus 384 in October 2019
• Pending Sales: up 23.3% year-over-year
• New Listings: up 6% year-over-year 
• Inventory of Homes: down 56.8% year-over-year
• Months Supply of Homes: down 60.9% to 0.9 months supply of homes compared with 2.3 months supply in October 2019
• Days on Market Until Sale: 25 days in October 2020 versus 44 days in October 2019
• Average Sale Price: up 27.2% to $423,246 and up 9.1% year-to-date
• Median Sale Price: up 19.6% to $345,000 and up 9.6% year-to-date
• Home Showings: up 31.3% year-over-year

 

Housing Market Snapshot: Lancaster County, SC October 2020

• Closed Sales: up 47.9% year-over-year 
• Homes Sold: 216 in October 2020 versus 146 in October 2019
• Pending Sales: up 10.6% year-over-year 
• New Listings: up 1.5% year-over-year 
• Inventory of Homes: down 46.5% year-over-year
• Months Supply of Homes: down 53.8% to 1.2 months supply of homes compared with 2.6 months supply in October 2019
• Days on Market Until Sale: 24 days in October 2020 versus 40 days in October 2019
• Average Sale Price: up 9.7% to $330,739 and up 10.6% year-to-date
• Median Sale Price:  up 8.8% year-over-year to $333,893 and up 7.7% year-to-date
• Home Showings: up 10.9% year-over-year

 

Housing Market Snapshot: York County, SC October 2020

• Closed Sales: down 14.7% year-over-year 
• Homes Sold: 530 in October 2020 versus 462 in October 2019
• Pending Sales: up 4.4% year-over-year 
• New Listings: down 4.1% year-over-year 
• Inventory of Homes: down 58% year-over-year
• Months Supply of Homes: down 659.1% to 0.9 months of supply of homes compared with 2.2 months supply in October 2019
• Days on Market Until Sale: 23 days in October 2020 versus 38 days in October 2019
• Average Sale Price: up 15.4% to $349,584 and up 8.9% year-to-date
• Median Sale Price: up 12.3% to $305,500 and up 7% year-to-date
• Home Showings: up 7.9% 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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MEDIAN HOME SALE PRICE TRENDS IN THE CHARLOTTE REGION

 

 

 

 

 

 

 

 

 

 

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This Charlotte region housing market update for October 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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