Charlotte, North Carolina Region Real Estate Report:
March 2020
Charlotte region ended 2019 as a seller's market and has remained a seller's market in the first three months of 2020 with inventory remaining extremely tight, dropping 25.3% in March 2020 compared with March 2019.
The impact of the COVID-19 pandemic was not yet felt in March, but we are prepared to see some impact in April once the effect of shelter-in-place orders can be measured.
Lack of inventory resulted in higher home sale prices year-over-year. Average sale prices increased 8.7% to $315,243 and median sale prices increased 11.3% year-over-year to $271,500. Both average and median sale prices also increased month-over-month. Year-to-date 2020, average home sale prices increased 9.2%, while median sale prices increased 11.4%.
Closed sales increased 5.5%, while pending sales were down 2.8% year-over-year in March. That slight decrease might just be the first evidence of COVID-19 impact. Year-to-date 2020, closed sales have increased 8.2% and pending sales increased 7.3%.
Homes continue to sell quickly with average days on market 45 days, down 6 days from one year ago and down 5 days from one month ago. Cumulative days on market were down 7 days to 54 year-over-year. The days from list to close dropped 7 days to 95 year-over-year and by 4 days month-over-month.
The housing affordability index continued to decrease, as well ~ down 10.3% year-over-year and 10% year-to-date.
Months supply of homes remained very low at 1.7 months (down 32% year-over-year from 2.5 months one year ago). New listings were up slightly by 1.8% year-over-year and 1.4% year-to-date.
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How The Charlotte Region Housing Market Performed In
March 2020 versus March 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 Realty, your Charlotte metro area residential real estate experts serving Charlotte area home buyers and sellers for 20+ years.
If you're considering selling or purchasing a home in the Charlotte metro area, I'd love an opportunity to earn your business, to exceed your expectations, and to show you how:
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Original blog post can be read at https://www.GreatHomesInCharlotte.com
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