LATEST NEWS ON THE BALLANTYNE HOUSING MARKET...
WHAT YOU NEED TO KNOW...
WHAT IT MEANS FOR YOU...
While there's been lots of talk about housing markets showing signs of slowing down as a result of increases in interest rates and inventory increasing, in May 2022 we still saw NO SLOWDOWN in Charlotte's Ballantyne area where homes sold in 11 days, median and average home prices reached record levels, and new listings and inventory remained critically low. Home sellers continued to received a substantial amount (105.3%) over asking price in final sale price.
As a result, Ballantyne (28277 zip code) remained a home seller's market in May2022, resulting from the continued lack of inventory, which dropped 47.9% year-over-year. Months supply of inventory was down 42.9% compared with May 2021 to 0.4 months of housing supply. Months supply of inventory remained flat month-over-month. Closed and pending sales decreased year-over-year due to lack of inventory and new listings.
BALLANTYNE AREA HOUSING MARKET HIGHLIGHTS
MAY 2022 VERSUS MAY 2021
BALLANTYNE'S AVERAGE HOME SALE PRICES IN MAY 2022 WERE $240,000 HIGHER THAN IN MAY 2020
Average Ballantyne home sale prices increased 27.9% to $639,757 in May 2022 compared with the same month one year ago. Month-over-month, average sale prices increased approximately $22,000. Median home sale prices increased 25.4% to $550,000 in May 2022. Median home sale prices were $180,000 higher in May 2022 than they were in May 2020, while average home sale prices were about $240,000 higher than they were two years prior in May.
BALLANTYNE HOMES CONTINUED TO SELL OVER ASKING PRICE
Home sellers received a median 105.3% of list price in final sale price in May 2022, up 2.4% year-over-year. Ballantyne area home buyers had virtually no opportunity to negotiate on price in April 2022.
Average Price Per Square Foot increased to $240/square foot in May 2022, up 25.7% over one year ago. The $240/square foot sets a new record for Ballantyne area homes.
BALLANTYNE HOMES CONTINUED TO SELL QUICKLY
Ballantyne homes continued to sell quickly with Median Days on Market just 3 days, flat year-over-year, and down five days from two years ago. Average Days on Market were 11 days, up 2 days year-over-year and down 16 days compared with May 2020.
BALLANTYNE SALES WERE DOWN DUE TO LACK OF INVENTORY
Closed sales decreased 6.8%, while pending sales decreased 19.3% in May 2022 compared with one year ago (primarily due to lack of inventory and new listings). Meanwhile, despite an uptick in interest rates, buyer demand remained high as buyers looked to lock in rates before they rise further. New listings decreased 19.5% year-over-year. .
BALLANTYNE'S MONTHS SUPPLY & HOUSING INVENTORY AT RECORD LOWS
Ballantyne's months supply of homes remained razor-thin at less than half a month at 0.4 months. This, coupled with a 47.9% drop in housing inventory in May, kept Charlotte's Ballantyne area/28277 zip code a home seller's market.
Want to know what this would mean for your family if you're planning to buy or sell a Ballantyne home?
We can help.
Call us today at 704-779-0813 or contact us here.
There’s absolutely NO OBLIGATION.
A consultation with Carolinas Realty Partners is FREE.
MEDIAN SALE PRICE TRENDS IN BALLANTYNE AREA
13 HOTTEST SELLING BALLANTYNE AREA NEIGHBORHOODS
SEARCH ALL BALLANYNE AREA HOMES
FREE Home Buyer Guide: “Things To Consider When Buying A Home”
WONDERING WHAT YOUR BALLANTYNE AREA HOME IS WORTH?
FREE Home Seller Guide: “Things To Consider When Selling Your House,”
THINKING OF SELLING YOUR HOME? CHECK OUT THE COLDWELL BANKER MARKETING ADVANTAGE
This Charlotte, North Carolina monthly real estate update for Charlotte's Ballantyne area is provided by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Realty, Ballantyne area specialists and neighbors and Greater Charlotte residential real estate experts. We've been opening doors for Ballantyne 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 why experience matters and how:
"The Right Broker Makes All The Difference."
Read the original post at www.GreatHomesInCharlotte.com
Comments(34)