Latest news on the greater Charlotte region's real estate market in November and what it means for you...
November 2020 continued to see a strong housing market in the greater Charlotte region, despite the ongoing pandemic. Pending contract and closed sales activity shows buyer interest with demand returning to and exceeding pre-pandemic levels. Historically low interest rates continue to fuel much of the buyer demand.
Housing inventory remained at record lows with new listings not keeping up with demand, despite an increase in new listings in November. With just a one month of supply of homes, we continue to see some of the lowest levels of inventory on record in the Charlotte region. This presents a unique opportunity for sellers who are ready to list, as new listings receive high visibility and spend less time on market. Averaging 24 days on market, homes are selling nearly as fast as they are listed. Multiple offers on homes have once again returned to the Charlotte region real estate market. Both median and average home sale prices were up by double digits across the region year-over-year.
Housing Market Snapshot: Charlotte Region November 2020
- Closed Sales: up 10.8% year-over-year.
- Homes Sold: 4,243 in November 2020 versus 3,830 in November 2019.
- Pending Sales: up 26.42% year-over-year.
- New Listings: up 7.9% year-over-year (down 2.9% year-to-date).
- Inventory of Homes: down 52.4% year-over-year.
- Months Supply of Homes: down 54.5% with just 1 months supply of homes compared with 2.2 months supply in November 2019.
- Days on Market Until Sale: 24 days in November 2020 versus 42 days in November 2019.
- Average Sale Price: up 16% year-over-year to $349,562 and up 9.9% year-to-date.
- Median Sale Price: up 13.7% year-over-year to $290,000 and up 9.8% year-to-date.
- Home Showings: up 10.9% year-over-year.
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This Charlotte region housing market update for November 2020 is provided by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Realty, your Charlotte metro area residential real estate experts serving greater 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, to exceed your expectations, and to show you how:
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Read the full article at www.GreatHomesInCharlotte.com
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