Charlotte, North Carolina Region Real Estate Report:
Latest news on the Charlotte region real estate market and what it means for you...
Charlotte region ended 2019 as a seller's market and has remained a seller's market in the first two months of 2020 with inventory remaining extremely tight, dropping 31.3% in February 2020 compared with February 2019.
Lack of inventory resulted in higher home list and sale prices year-over-year. Average sale prices increased 9% to $304,569 and median sale prices increased 11.9% year-over-year to $262,640. Both average and median sale prices also increased month-over-month.
Closed sales increased 3.6%, while pending sales were up 24.8% year-over-year in February. Year-to-date 2020, closed sales have increased 7.7% and pending sales increased 21.3% year-over-year.
Homes continue to sell quickly with average days on market 50 days, down 4 days from one year ago. Cumulative days on market were down 4 days to 60 year-over-year. The days from list to close dropped 7 days to 99 year-over-year.
The housing affordability index continued to decrease, as well ~ down 10.9% year-over-year.
Months supply of homes remained very low at 1.5 months (down 40% year-over-year from 2.5 months one year ago) and even lower for homes priced under $200,000.
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Charlotte Region Housing Market Highlights
February 2020 versus February 2019
MEDIAN HOME SALE PRICE TRENDS IN THE CHARLOTTE REGION
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This monthly Charlotte, NC region housing market update is provided by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Residential Brokerage, your Charlotte metro area residential real estate experts serving Charlotte area home buyers and sellers for 20+ years.
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Originally published at: https://www.greathomesincharlotte.com