Mecklenburg County, NC Real Estate Report:
1st Quarter 2020
Latest news on the Mecklenburg County real estate market and what it means for you...
First Quarter 2020 Mecklenburg County, North Carolina home sales kept the County a seller's market with just 1.4 months of inventory. Mecklenburg County includes the seven cities and towns of Charlotte, Pineville, Matthews, Mint Hill, Davidson, Huntersville, Cornelius.
During the first quarter of 2020, Mecklenburg County saw both inventory and months supply of homes decrease substantially compared with the first quarter of 2019. Both median and average sale prices increased during the first quarter of 2020 compared with the same time period in 2019. These price increases can be attributed to the razor-thin inventory. Days on market were 41 -- down 11.4% versus the same period one year ago. Mecklenburg County homes continued to sell quickly and closed sales in the first quarter of 2020 were up 11.4% compared to the same quarter one year ago.
Clearly, these first quarter numbers do not reflect the outbreak of COVID-19 in March. Shelter at home orders in Mecklenburg County did not go into effect till late in the third week of March.What remains to be seen will be the impact of COVID-19 on Mecklenburg County's housing market in the second quarter of 2020.
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Mecklenburg County Housing Market Highlights
Quarter 1, 2020 vs Quarter 1, 2019
In the First Quarter of 2020, Mecklenburg County saw a:
- 8.7% increase in average sale prices (to $345,859) year-over-year.
- 10.7% increase in median sale price (to $278,500) year-over-year.
- 30.4% decrease in inventory of homes for sale year-over-year with just 2,443 homes for sale.
- 11.4% increase in closed sales year-over-year (4,393 closed sales).
- 36.4% decrease in the months supply of homes (1.4 months supply) year-over-year.
- Days on market year-over-year decreased 11.4% (41 days on market).
- 97.3% percent of original price received, indicating a small window of opportunity for buyers to negotiate on price.
Median Sales Price Trends For Mecklenburg County Homes
DETAILED REPORT FOR MECKLENBURG COUNTY HOUSING MARKET
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This quarterly Mecklenburg County housing market 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 Mecklenburg County home buyers and sellers for 20+ years.
If you're considering selling or purchasing a home in Mecklenburg County, I'd love an opportunity to earn your business, exceed your expectations, and to show you how:
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