Record High Home Sale Prices In Charlotte's Ballantyne In May 2022

By
Real Estate Agent with Coldwell Banker Realty

LATEST NEWS ON THE BALLANTYNE HOUSING MARKET...

WHAT YOU NEED TO KNOW...

WHAT IT MEANS FOR YOU...

 

While there's been lots of talk about housing markets showing signs of slowing down as a result of increases in interest rates and inventory increasing, in May 2022 we still saw NO SLOWDOWN in Charlotte's Ballantyne area where homes sold in 11 days, median and average home prices reached record levels, and new listings and inventory remained critically low. Home sellers continued to received a substantial amount (105.3%) over asking price in final sale price.

 

As a result, Ballantyne (28277 zip code) remained a home seller's market in May2022, resulting from the continued lack of inventory, which dropped 47.9% year-over-year. Months supply of inventory was down 42.9% compared with May 2021 to 0.4 months of housing supply. Months supply of inventory remained flat month-over-month. Closed and pending sales decreased year-over-year due to lack of inventory and new listings. 

 

BALLANTYNE AREA HOUSING MARKET HIGHLIGHTS

MAY 2022 VERSUS MAY 2021

Charlotte's Ballantyne Housing Market Snapshot For May 2022

 

BALLANTYNE'S AVERAGE HOME SALE PRICES IN MAY 2022 WERE $240,000 HIGHER THAN IN MAY 2020

Average Ballantyne home sale prices increased 27.9% to $639,757 in May 2022 compared with the same month one year ago. Month-over-month, average sale prices increased approximately $22,000.  Median home sale prices increased 25.4% to $550,000 in May 2022.  Median home sale prices were  $180,000 higher in May 2022 than they were in May 2020, while average home sale prices were about $240,000 higher than they were two years prior in May.

 

BALLANTYNE HOMES CONTINUED TO SELL OVER ASKING PRICE

Home sellers received a median 105.3% of list price in final sale price in May 2022, up 2.4% year-over-year. Ballantyne area home buyers had virtually no opportunity to negotiate on price in April 2022.

 

Average Price Per Square Foot increased to $240/square foot in May 2022, up 25.7% over one year ago. The $240/square foot sets a new record for Ballantyne area homes.

 

BALLANTYNE HOMES CONTINUED TO SELL QUICKLY

Ballantyne homes continued to sell quickly with Median Days on Market just 3 days, flat year-over-year, and down five days from two years ago. Average Days on Market were 11 days, up 2 days year-over-year and down 16 days compared with May 2020. 

 

BALLANTYNE SALES WERE DOWN DUE TO LACK OF INVENTORY

Closed sales decreased 6.8%, while pending sales decreased 19.3% in May 2022 compared with one year ago (primarily due to lack of inventory and new listings). Meanwhile, despite an uptick in interest rates, buyer demand remained high as buyers looked to lock in rates before they rise further. New listings decreased 19.5% year-over-year. .

 

BALLANTYNE'S MONTHS SUPPLY & HOUSING INVENTORY AT RECORD LOWS

Ballantyne's months supply of homes remained razor-thin at less than half a month at 0.4 months.  This, coupled with a 47.9% drop in housing inventory in May, kept Charlotte's Ballantyne area/28277 zip code a home seller's market.

 

Want to know what this would mean for your family if you're planning to buy or sell a Ballantyne home?

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MEDIAN SALE PRICE TRENDS IN BALLANTYNE AREA

 

13 HOTTEST SELLING BALLANTYNE AREA NEIGHBORHOODS

Hottest Selling Neighborhoods In Charlotte's Ballantyne Area 

 

 SEARCH ALL BALLANYNE AREA HOMES 

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WONDERING WHAT YOUR BALLANTYNE AREA HOME IS WORTH?

 

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This Charlotte, North Carolina monthly real estate update for Charlotte's Ballantyne area is provided by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Realty,  Ballantyne area specialists and neighbors and Greater Charlotte residential real estate experts. We've been opening doors for Ballantyne 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 why experience matters and how:

 "The Right Broker Makes All The Difference."

 

 

Read the original post 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
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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 (34)

Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Nina,

Great market report! I see your average days on market are 11 days, ours are now moving upwards from 4 days on market to 11 days and higher as our inventory increases. My closings in June (all listings from May) are all closing well over list (some $75,000+ over) but its not happening with inventory coming on in June. It will be interesting to see what happens in August and September as the fall market comes alive. Like you we are all watching closely!!

 

Jun 18, 2022 08:16 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Happy Saturday Nina and great market report to share with us here in the Rain and your buyers and sellers.  Make it a great day!

Jun 18, 2022 09:44 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Nina, Why do Ballantyne homes sell quickly? You as a Top Agent are one of the reasons why!

Jun 18, 2022 10:14 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Andrew Mooers | 207.532.6573 thanks, Andrew. And thanks for popping by today... trust you are having a great weekend.

Jun 18, 2022 10:37 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Grant Schneider hi Grant... I keep reading that Charlotte is one of the most "over-heated" markets in the nation... but so far, not much cooling off although I suspect it's coming.

Jun 18, 2022 10:38 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Eric Bouler hi Eric... thanks for the pop-by and good wishes... sending you best wishes for a great summer right back.

Jun 18, 2022 10:39 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Ray Henson hi Ray... I'm certain there are parts of the Charlotte region that have softened more visibly... but the areas I primarily cover are still going strong.

Jun 18, 2022 10:40 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Dorie Dillard Austin TX hi Dorie... I'm not seeing offers quite that much over asking price these days and definitely fewer multiple offers... but overall the market remains strong and home prices up because of lack of inventory.

Jun 18, 2022 10:41 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Will Hamm hi Will... happy Saturday to you... thanks for stopping by today and taking time to leave me a comment.

Jun 18, 2022 10:41 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 hi Sheila... while I certainly appreciate your faith in my "talents," not sure I can take all the credit for our market! :)

Jun 18, 2022 10:42 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Nina, It looks like things are continuing to excel for your area. Bill 

Jun 18, 2022 10:56 AM
Kathy Streib
Cypress, TX
Retired Home Stager/Redesign

Hi Nina- if a seller or buyer wants current information on the Ballantyne market they have only to reach out to you. 

Jun 18, 2022 11:36 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Bill Salvatore - East Valley hi Bill... so far so good... we'll see what the rest of the year brings.

Jun 18, 2022 11:38 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Kathy Streib hi Kathy... as you know, I follow all my markets very closely... and with all the interest rate increases I'm watching it even more closely these days.

Jun 18, 2022 11:42 AM
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

What an interesting market Nina Hollander, Broker and how lucky an agent must feel to win a listing. One take-a-way I get from these numbers is that people like the area and are not in any hurry to move out of it.

Jun 18, 2022 12:09 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Bob "RealMan" Timm hi Bob... you got that right, my friend! Because of the top schools in the Ballantyne area, families move here and don't move out till the last kid is out of high school.

Jun 18, 2022 12:19 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

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

Jun 18, 2022 07:34 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Myrl Jeffcoat thanks, Myrl, for stopping by. Trust you've been having a wonderful weekend thus far.

Jun 19, 2022 04:17 AM
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

Wow! Crazy to see how much the May 2022 prices are over the May 2020 prices.

Jun 22, 2022 06:54 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Carla Freund hi Carla... it's a big enough increase year-over-year, but when you look back two years it's totally mind-blowing. And I'm seeing this all over the Charlotte region.

Jun 22, 2022 06:56 AM
Carla Freund

Same here Nina Hollander, Broker. With Meta coming to Durham NC they're saying housing here could double again in 5 to 10 years. Looking forward to another big wave!

Jun 22, 2022 06:59 AM