LATEST NEWS ON CHARLOTTE'S BALLANTYNE HOUSING MARKET...
WHAT YOU NEED TO KNOW...
WHAT IT MEANS FOR YOU...
The Ballantyne area housing market continued to cool in the month of January with lower closed and pending sales, higher days on market, lower list to sale price ratio, and more inventory. At the same time, home prices increased year-over-year and decreased slightly from December 2022. New listings increased from December (more than likely a seasonal factor at play here), but continue to be down year-over-year and down compared with Quarter 4-2022, as a whole.
With closed and pending sales down, Ballantyne's housing market is returning to more of a pre-pandemic rate of sales and the "feeding frenzy" we saw in 2021 and in the first half of 2022 has abated.
BALLANTYNE AREA HOUSING MARKET HIGHLIGHTS
JANUARY 2023
BALLANTYNE HOME SALE PRICES UP YEAR-OVER-YEAR
Median sale price in January 2023 was $502,500, up 1.82% from $493,500 in the previous month of December 2022. It was 15.52% higher than the average price of $425,000 in January 2022. The January 2023 median sale price was at its highest level compared with January 2022 and January 2021.
Average sale price in January 2023 was $512,104, down 1% from $517,268 in the previous month of December 2022. The average sale price was 7.84% higher than $474,862 in January 2022. The January 2023 average sale prices was at its highest level compared with January 2022 and January 2021.
Average Price Per Square Foot was $221 in January 2023, equal to the previous month of December 2022 and 2.31% higher than in January 2021.
BALLANTYNE HOMES LIST TO SALE PRICE RATIO DECREASED YEAR-OVER-YEAR
Home sellers received 97.38% of list price in final sale price in January 2023, equal to the previous month of December 2022, but down 101.7% from January 2022. This is a clear indication that last year's feeding frenzy is over, with Ballantyne home buyers having a window of opportunity to negotiate on price.
BALLANTYNE AVERAGE DAYS ON MARKET UP YEAR-OVER-YEAR | DOWN MONTH-OVER-MONTH
Average days on market for Ballantyne area homes in January were 41 days, down 6.82% from 44 days in the previous month of December 2022. Average days on market were 26 days higher than in January 2022. The January 2023 average days on market were at their highest compared with January 2022 (15 days) and January 2021 (20 days).
BALLANTYNE SALES DECREASED IN JANUARY 2023
The number of properties sold in January 2023 was 46, down 14.8% from 54 homes in the previous month of December 2022. Compared with January 2022, the number of properties sold was 40.3% lower. The January 2023 sales were at their lowest level compared with January 2022 (77 sold properties) and January 2021 (91 sold properties).
BALLANTYNE INVENTORY UP YEAR-OVER-YEAR | NEW LISTINGS DOWN YEAR-OVER-YEAR
Ballantyne's inventory of properties for sale in January 2023 was 295, down 7.2% from 318 properties in the previous month of December 2022 and 15.7% higher than the 255 properties for sale in January 2022. The months supply of inventory of 6.4 months was at its highest level compared with January 2022 and January 2021.
The number of new listings in Ballantyne area in January 2023 was 48, up from 32 in the previous month of December 2022. New listings were 23.8% lower compared with January 2022. New listings were at their lowest level compared with January 2022 (63 new listings) and January 2021 (93 new listings).
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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 22+ 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:
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