Latest news on the Greater Charlotte region's real estate market in December 2020.
What you need to know and what it means for you...
December 2020 continued to see a strong housing market in the greater Charlotte region, despite the ongoing pandemic and the expected holiday season slow downs. 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.
With Realtor.com recently ranking Charlotte third in the top 10 Metros for 2021, the market will most likely continue to heat up this year to due to razor-thin inventory and the number of buyers in the market.
Housing inventory remained at record lows with new listings not keeping up with demand, despite an increase in new listings in December. With less than 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 low inventory presents a unique opportunity for sellers who are ready to list, as new listings receive high visibility and spend less time on market. Averaging 25 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 across the region year-over-year.
Housing Market Snapshot: Charlotte Region December 2020
- Closed Sales: up 10.9% year-over-year.
- Homes Sold: 4,655 in December 2020 versus 4,198 in December 2019.
- Pending Sales: up 33.9% year-over-year.
- New Listings: up 18.2% year-over-year (down 1.5% year-to-date).
- Inventory of Homes: down 55% year-over-year.
- Months Supply of Homes: down 44.4% with just 0.8 months supply of homes compared with 2 months supply in December 2019.
- Days on Market Until Sale: 25 days in December 2020 versus 45 days in December 2019.
- Average Sale Price: up 13.6% year-over-year to $351,290 and up 10.3% year-to-date.
- Median Sale Price: up 9.9% year-over-year to $291,200 and up 9.8% year-to-date.
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% of Original List Price Received: 98.9%, up 2.6% year-over-year.
- Home Showings: down 16.5% year-over-year.
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This Charlotte region housing market update for December 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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