Union County, NC remained a home seller’s market in the second quarter of 2020 with inventory and months supply of homes less than half of what we had in the same quarter in 2019. Lack of inventory, coupled with buyer demand exceeding supply, increased home prices in the second quarter and reduced days on market.
Latest news on the Union County real estate market and what it means for you…
Second Quarter 2020 Union County, North Carolina home sales kept the county a seller’s market with just 1.2 months of inventory. Union County includes the towns of Waxhaw, Weddington, Marvin, Indian Trail, Stallings, Monroe, Hemby Bridge, Lake Park, Wesley Chapel, Wingate, Marshville, Fairview, Unionville, Matthews, and Mineral Springs.
During the second quarter of 2020, Union County saw inventory and months supply of homes shrink significantly compared with the same time frame one year ago. In fact, both inventory and months supply of homes were half that of what we saw in the same quarter one year ago. Days on market also decreased. Closed sales decreased due to lack of inventory during the pandemic. Meantime, the median and average sale prices of homes increased due to demand far exceeding supply of homes for sale. Demand for affordable homes in the 28173 zip code, encompassing Waxhaw, Weddington, and Marvin towns, has not abated.
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Union County Housing Market Highlights
Quarter 2, 2019 versus Quarter 2, 2019
In the second quarter of 2020, Union County saw a:
- 7.5% increase in average sale prices (to $392,382) year-over-year.
- 8.0% increase in median sale price (to $334,875) year-over-year.
- 47.8% decrease in inventory of homes for sale year-over-year.
- 16.1% decrease in closed sales year-over-year.
- 50.6% decrease in the months supply of homes (1.2 months supply) year-over-year.
- Days on market year-over-year dropped 26.8% to 36 average days on market.
- 97.8% percent of original price received, up 0.5% year-over-year.
HISTORICAL MEDIAN SALE PRICES FOR UNION COUNTY HOMES
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This quarterly Union County housing market update is provided by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Realty, your Charlotte metro area residential real estate experts. We’ve been opening doors for Union County home buyers and sellers for 20+ years.
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