Charlotte, NC Region Housing Market Report:
1st Quarter 2020
Latest news on the Charlotte region real estate market and what it means for you...
First Quarter 2020 Charlotte, North Carolina region's home sales continued the trends we've seen since 2015. Home buyers continued to find the housing market very competitive with higher home prices and a lack of properties to buy, especially in affordable homes priced under $300,000. Buyers looking for a bargain remained "hard pressed" to find one.
Meantime, home sellers continud to sell their homes quickly and for top dollar, when priced right for condition and location. The "story" of the first quarter 2020 might well be about the continued decreases in the supply of homes available for sale across the region with a resulting increases in home prices in the region. It's worth pointing out that this "story" is now an "old" story, because that was also the story of 2016, 2017, 2018, and 2019. With inventory at 1.7 months of supply, Charlotte region remained a seller's market in the first quarter of 2020.
What remains to be seen will be the impact of COVID-19 on the Charlotte region's housing market in the second quarter of 2020.
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Charlotte Region Housing Market Highlights
Quarter 1, 2020 vs Quarter 1, 2019
In the first quarter of 2020, the Charlotte Region had a:
- 9.2% increase in average sale prices (to $307,174) year-over-year.
- 11.4% increase in median sale price (to $262,500) year-over-year.
- 25.3% decrease in inventory of homes for sale year-over-year.
- 8.2% increase in closed sales year-over-year.
- 31.5% decrease in the months supply of homes (1.7 months supply) year-over-year.
- Days on market year-over-year were 47 (down 9.6% year-over-year).
- 96.8% of original price received (up 0.7% year-over-year).
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Median Home Sale Price Trends For Charlotte Region
This quarterly Charlotte, NC region housing market Quarter 1, 2020 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 Charlotte region 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, exceed your expectations, and to show you how:
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