Indian Trail remained a home seller’s market in October 2021. Year-over-year, home prices increased significantly, while days on market decreased. Housing inventory remains at less than a one month’s supply of homes, despite an increase in new listings, albeit a small increase. Indian Trail homes sold as fast as they came on the market and both average and median home sale prices were up.
Indian Trail (28079 Zip Code) Housing Market Update: October 2021
Latest news on the Indian Trail real estate market in October 2021 and what it means for you…
Indian Trail area (28079 zip code), which includes the towns of Indian Trail, Stallings, Hemby Bridge remains a home seller’s market. In fact, it’s been six years since Indian Trail could be considered a balanced market. Home prices increased by double digits over October 2020. Pending sales also increased year-over-year. Meantime, days on market and inventory dropped year-over-year, despite a small increase in new listings in October.
Average home prices increased 34.6% to $410,765 in October 2021 compared with the same month one year ago. Average home prices also increased month-over-month by almost $45,000. Median home prices increased 29.7% to $389,00 year-over-year Price per square foot averaged $178 (up $38/square foot), increasing 27.1% year-over-year.
The months supply of homes for sale dropped to 0.8 months (down 42.9% from 1.4 months in October 2020 and down from 2.4 months in October 2019). The months supply of inventory was also 0.1 months lower than in September 2021. Despite a 4.1% increase in new listings, inventory of homes dropped 35.6% year-over-year. Homes sold about as fast as they came on the market.
Closed sales in October 2021 decreased 15.7% year-over-year, while pending sales increased 15.9%. Lack of inventory and minimal new listings no doubt had a negative impact on closed sales.
Average days on market were 25 (down 2 days year-over-year). Median days on market were just 3 in October (flat year-over-year and down 17 days from October 2019). During October, homes listed for sale had 12.4 showing on average, an increase of 13.8% from 10.9 showings over October 2020 and 6 showings in October 2019. All this speaks to pent-up buyer demand for Indian Trail homes.
At a median selling price of 101.2% of list price (up 1.2% from October 2020), Indian Trail home buyers should expect minimal room to negotiate, especially in Indian Trail’s hottest selling communities.
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This Charlotte, North Carolina real estate monthly update for the 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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