Ballantyne real estate in October 2023 saw home sale prices decline year-over-year and month-over-month. The list to sale price ratio remained over 100% and up almost 2% from one year ago. Homes sold quickly with average days on market just 11 days. Sales improved month-over-month, but declined from October one year ago. Inventory of homes increased slightly from September but was almost 17% lower than one year ago. The 4.4 months supply of inventory would indicate a real estate market that is slowly becoming more balanced between buyers and sellers.
BALLANTYNE AREA HOUSING MARKET HIGHLIGHTS
BALLANTYNE HOME SALE PRICES UP
Median sale price in October 2023 was $495,000, declining 10% from $550,000 in September 2023. The median sale price also declined 13.91% from $575,00 in October 2023. It’s worth pointing out that the decline in median sale price most likely had more to do with the price mix of home sold than with any decrease in home values.
Average sale price in October 2023 was $583,111, declining 12.89% from $669,404 in September 2023. The average sale price was 9.01% lower than $640,833 in October 2022. As with the decline in the median sale price, the decline in the average sale price most likely had more to do with the price mix of home sold than with any decrease in home values.
Average Sale Price Per Square Foot was $244 in October 2023, down 2.79% compared with the previous month of September and 2.09% higher than the $239 price per square foot for Ballantyne homes in October 2022.
BALLANTYNE HOMES’ LIST TO SALE PRICE RATIO OVER 100%
Home sellers received 100.81% of list price in final sale price in October 2023. The list to sale price ratio was slightly higher compared with September (+0.04%) and up 1.91% from 98.9% in October one year ago.
BALLANTYNE AVERAGE DAYS ON MARKET DOWN TO 11 DAYS
Average days on market for Ballantyne area homes in October were 11 days, down from 19 days in the previous month of September. Average days on market were 13 days lower than in October 2022 and one day lower than in October 2021. This was the second lowest number of days in 2023. July saw eight days on market; June also saw 11 days on market. The October days on market were nine days lower than the 2023 year-to-date average days on market.
The number of properties sold in October 2023 increased to 67, up 9.84% from 61 homes sold in the previous month of September. Compared with October 2022, the number of properties sold was 8.22% lower. October 2022 closed sales were 73. October 2021 closed sales were 109.
Ballantyne’s inventory of properties for sale in October 2023 was 295, up 2.43% from 288 properties in September 2023 and 16.9% lower than the 355 properties for sale in October 2022. The number of properties for sale were also lower than the 307 properties on the market in October 2021. The months supply of inventory at 4.4 months in October 2023 would indicate a stabilizing market with a trend towards a more balanced market between buyers and sellers.
NEW LISTINGS UP SLIGHTLY MONTH-OVER-MONTH
The number of new listings in Ballantyne area in October 2023 was 73, increasing 4.29% from 70 in the previous month of September. New listings were 14.06% higher compared with October 2022 which had 64 new listings. However new listings were way down compared with October 2021 which had 113 new listings.
Want to know what this would mean for your family if you decide to buy or sell a Ballantyne home?
This Charlotte, North Carolina monthly Ballantyne real estate report is provided by Nina Hollander with Coldwell Banker Realty, Ballantyne area specialist and neighbor and Greater Charlotte residential real estate expert. I’ve been opening doors for Ballantyne home buyers and sellers for 25 years.
If you’re considering selling or purchasing a home in the Charlotte metro area, I’d love an opportunity to earn your business, to exceed your expectations, and to show you why experience matters and how: