Indian Trail has recovered from the negative affects of the corona virus we saw earlier in 2020. Year-over-year, home prices increased while days on market decreased. Housing inventory is razor-thin and Indian Trail will need a significant increase in inventory to maintain this pace of home sales in the coming months. No doubt there’s plenty of pent-up buyer demand for Indian Trail area homes.
Indian Trail (28079 Zip Code) Housing Market Update: November 2020
Latest news on the Indian Trail real estate market in November and what it means for you…
Indian Trail area (28079 zip code), which includes the towns of Indian Trail, Stallings, Hemby Bridge appears to have recovered from the initial effects of the pandemic earlier in the year. Closed sales and home prices increased over November 2019, while days on market and inventory dropped year-over-year.
Average home prices increased 11.7% to $323,225 in November 2020 compared with the same month one year ago. Median home prices increased 9.8% to $316,800 year-over-year. Price per square foot averaged $142 (up $13/square foot), increasing 10.1% year-over-year.
The months supply of homes for sale dropped to 1 month (down 56.5% from 2.3 months in November 2019). Inventory of homes also dropped 56% compared with the same month one year ago. New listings increased in November — by 5.6% compared with the same time frame one year ago, which did little to relieve the critical shortage of inventory in the 28079 zip code.
Closed sales in November increased 31% year-over-year, while pending sales increased 16.1%. The low inventory together with higher home prices and pending sales are a testament to the recovery of the Indian Trail housing market after a dismal performance in the first couple of months of the pandemic.
Average days on market were 22 (down 11 days year-over-year). Median days on market were just 2 (down 20 days year-over-year) in November. This, too, speaks to pent-up buyer demand and a continued recovery for the Indian Trail housing market in November 2020.
At a median selling price of 100% of list price (up 2.2% from November 2019), Indian Trail home buyers should expect minimal room to negotiate, especially in Indian Trail’s hottest communities.
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This Charlotte, North Carolina real estate monthly update for Indian Trail area in the 28079 zip code is provided by Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, your Charlotte metro area residential real estate experts and Indian Trail specialists. We’ve been opening doors for Indian Trail area home buyers and sellers for 20+ years.
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