Indian Trail has recovered well 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: October 2020
Latest news on the Indian Trail real estate market in October 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. Closed sales and home prices increased over October 2019, while days on market and inventory dropped year-over-year.
Average home prices increased 15.5% to $305,444 in October 2020 compared with the same month one year ago. Median home prices increased 14.6% to $300,000 year-over-year. Price per square foot averaged $139 (up $15/square foot), increasing 12.1% year-over-year.
The months supply of homes for sale dropped to 1.1 months (down 54.2% from 2.4 months in October 2019). Inventory of homes also dropped 52% compared with the same month one year ago. New listings increased in October — by 14% compared with the same time frame one year ago.
Closed sales in October increased 2.6% year-over-year, while pending sales increased 32.4%. The low inventory along 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 26 (down 7 days year-over-year). Median days on market were 8 (down 7 days year-over-year) in October. This, too, speaks to pent-up buyer demand and a continued recovery for the Indian Trail housing market in October 2020.
At a median selling price of 100% of list price (up 2.2% from October 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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