Demand For Charlotte Region Homes Still Outpacing Supply: October 2021

By
Real Estate Agent with Coldwell Banker Realty

Latest news on the Greater Charlotte Region's real estate market in October 2021.

What you need to know and what it means for you... 

 

October 2021 saw the continuation of the strong housing market in the 16 county Greater Charlotte region. Buyer demand continues to exceed pre-pandemic levels straining inventory and sales momentum.

 

Historically low interest rates and pent-up demand continue to fuel much of the buyer demand, as do the years of steady population growth in the Greater Charlotte area. Closed sales were down 5.3% in October, due at least in part to demand for homes continuing to exceed supply. Pending sales were up 5.6% year-over-year.

 

With Realtor.com recently ranking Charlotte third in the top 10 Metros for 2021, the Greater Charlotte market will most likely remain strong through the remainder of this year to due to razor-thin inventory and the large number of buyers in the market.

 

Housing inventory remained at very low levels with new listings not keeping up with demand coupled with a decrease in inventory year-over-year. With just 0.8 of a month of supply of homes, we continue to see some of the lowest levels of inventory on record in the Charlotte region. With inventory 37.3% lower than in October 2020, it's clear that demand has continued to increase relative to supply. This presents a unique opportunity for sellers who are ready to list, as new listings receive high visibility, spend less time on market and sell at premium prices.

 

Averaging 17 days on market, homes continued to sell nearly as fast as they were listed.  Days on market until sale were down 34.6% year-over-year. Multiple offers on homes are remain a factor in the Charlotte region real estate market. Both median and average home sale prices were up across the region year-over-year. The low levels of inventory will continue to impact home prices in the coming months. Moving forward in the the fall selling season, lack of adequate inventory to satisfy buyer demand is what could hold the market back in terms of sales momentum.

 

MARKET OVERVIEW FOR CHARLOTTE REGION: OCTOBER 2021

Charlotte Region Housing Market Report: October 2021

   

Charlotte Region Real Estate Snapshot: October 2021

  • Closed Sales: down 5.3% year-over-year; up 9.4% year-to-date.
  • Homes Sold: 4,906 in October 2021 versus 5,183 in October 2020.
  • Pending Sales: up 5.6% year-over-year; up 5.7% year-to-date.
  • New Listings: down 5.0% year-over-year (-282 homes); up 4.3% year-to-date.
  • Inventory of Homes: down 37.3% year-over-year.
  • Months Supply of Homes:  down 42.9% with just 0.8 months supply of homes compared with 1.4 months supply in October 2020.
  • Days on Market Until Sale: 17 days in October 2021 versus 26 days in October 2020. Year-to-date, days on market down 48.6%.
  • Average Sale Price: up 9.7% year-over-year to $388,987. Year-to-date, average sale price up 15.4% to $382,9-5.
  • Median Sale Price: up 15.5% year-over-year to $335,000. Year-to-date, median sale price up 15.0% to $321,500.
  • % of Original List Price Received: 100.4%, increasing 1.7% year-over-year. Year-to-date, 100.9% increasing 3.2%.

 

Want to know what this would mean for your family if you decide to buy or sell a Charlotte region home?

Curious About The Charlotte Region's Housing Market? Contact Nina Hollander.

We can help. 

Call us today at 704-779-0813 or contact us here.

There’s absolutely NO OBLIGATION. 

A consultation with Carolinas Realty Partners is FREE.     

 

MEDIAN HOME SALE PRICE TRENDS IN THE CHARLOTTE REGION

     

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THINKING OF SELLING YOUR HOME? CHECK OUT THE COLDWELL BANKER MARKETING ADVANTAGE

 

SEARCH ALL CHARLOTTE AREA HOMES FOR SALE 

 

 

This Charlotte region housing market update for October 2021 is provided  by  Nina Hollander and Carolinas Realty Partners with Coldwell Banker Realty, your Charlotte region 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 Greater Charlotte region, I'd love an opportunity to earn your business, to exceed your expectations, and to show you why experience matters and how:

 "The Right Broker Makes All The Difference."

 

 

Read the full article at www.GreatHomesInCharlotte.com

Posted by

 

 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

Broker, Realtor, MBA, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Realty
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: News You Can Use From The Greater Charlotte Area
Search For All Charlotte Area Homes: www.GreatHomesInCharlotte.com 

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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

Comments (26)

Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Nina,

Same story, just a different time of the year repeating itself.  Charlotte has become the place to be and buy. Enjoy your day.  A

Nov 16, 2021 05:56 AM
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

Great job informing potential buyers and sellers of the local stats. I'm sure many don't realize how important this is to them. 

Nov 16, 2021 05:59 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, you still have a tough market for buyers, great time for Sellers!  

Nov 16, 2021 06:49 AM
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

Being a bystander these days I have to say that I would be terrified to buy now even with the low interest rates Nina Hollander, Broker . I guess I'm just to comfortable in my paid for home of 20 years.

Nov 16, 2021 06:51 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Families on the move will appreciate your outstanding local real estate reports.

Nov 16, 2021 07:05 AM
Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Nina Hollander, Broker Another excellent market update! Thank you for taking the time to share this information!  This is exactly the type of information that buyers and sellers need to make informed decisions! Well done!

Nov 16, 2021 07:52 AM
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

Solid market results for sure. It seems you are in a spot that is not only beautiful, but well insulated from crazy market swings.

Nov 16, 2021 08:28 AM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

I have been through these ups and downs before and I am very careful of what will happen next in my market Nina....

Nov 16, 2021 11:40 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Ron and Alexandra Seigel hi Alexandra... I'll let you in on a little secret... the Charlotte region has been a "happening place to be" for going on two decades. Even during the Great Recession our home prices were not as badly affected as many other parts of the country.

Nov 16, 2021 12:11 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Carla Freund hi Carla... too many people think they know about the state of the real estate market based on headlines... and those of us in the business know how wrong they can be!

Nov 16, 2021 12:12 PM
Carla Freund

I know. There are so many nuances that can affect Real Estate. We're in it almost 24/7.

Nov 19, 2021 07:52 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox hi Joan... our buyers are still having a tough time here, especially when it comes to more moderately priced homes.

Nov 16, 2021 12:13 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Bob "RealMan" Timm hi Bob... what we do about housing really depends on our stage in life. What it costs us in a mortgage for our home which would sell in the $700,000's is less than what rent would be for a home no where near this size or quality of home or neighborhood.

Nov 16, 2021 12:14 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Roy Kelley thanks, Roy, for popping by today. Trust you've been having a very good day.

Nov 16, 2021 12:15 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Jim Crawford hi Jim... thanks much for stopping by and for the great comment. Nice to be seeing you here in the Rain more days again.

Nov 16, 2021 12:16 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Jeffrey DiMuria 321.223.6253 Waves Realty hi Jeff... Charlotte region has never been a seriously speculative market in general... and all the people who keep moving here along with corporations keep us pretty well insulated.

Nov 16, 2021 12:17 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Paul S. Henderson, REALTOR®, CRS same here, Paul... I've been through all the market swings myself. That being said, we would need to see a lot more inventory to see any big changes in our market.

Nov 16, 2021 12:18 PM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

I agree. I just hate to see the floor drop out on my clients when they pay a premium price Nina Hollander, Broker 

Nov 16, 2021 12:51 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Paul S. Henderson, REALTOR®, CRS hi Paul... basically, I tell my clients they have to make decisions against the backdrop of  their long term outlook and to think about if they are able to ride out market conditions and pick and choose when they exit the market.

Nov 16, 2021 01:47 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Charlotte home buyers and sellers are sure to value your real estate market report, Nina.

Nov 19, 2021 05:44 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Myrl Jeffcoat thank you, Myrl, for stopping by... wishing you the loveliest of weekends ahead.

Nov 19, 2021 08:01 AM