Ballantyne real estate market favored home sellers in June 2022 with higher home prices and housing inventory still low at under one month. Homes continued to sell quickly. Sellers saw 103.6% of list price in final sale price. Closed and pending sales were down, however, most likely due to buyers pulling back in the face of interest rate increases.
Ballantyne (28277 Zip Code) Home Sales Report: June 2022
Latest news on the Ballantyne real estate market in June 2022 and what it means for you…
Home sellers were still essentially in the driver’s seat in the Ballantyne area (28277 zip code) in June 2022. While inventory increased by 10 homes and the months supply of homes rose to 0.9 months, Ballantyne homes sold quickly and at higher prices year-over-year. Home sellers received 103.6% of list price in sale price. Foot traffic was definitely down in listings, about 36% lower than it was in June one year ago. With closed and pending sales down, it’s clear that we might be returning to more of a pre-pandemic rate of sales.
Average Ballantyne home sale prices increased 16.5% to $602,274 in June 2022 compared with the same month one year ago. Median home sale prices increased 14.0% to $537,000 in June 2022. Median home sale prices were some $182,000 higher in June 2022 than they were in June 2021, while average home sale prices were about $215,000 higher than they were two years prior in June. Homeowners are sitting on significant equity.
Home sellers received a median 103.6% of list price in final sale price in June. Ballantyne area home buyers had virtually no opportunity to negotiate on price in June 2022.
Ballantyne homes continued to sell quickly with Median Days on Market just 3 days, flat year-over-year, and down three days from two years ago. Average Days on Market were six days, up one day year-over-year and down 15 days compared with June 2020. Average days on market decreased five days from May 2022.
Average Price Per Square Foot increased to $239/square foot in June 2022, up 26.1% over one year ago. This is the second highest price per square foot recorded for the Ballantyne area.
Closed sales decreased 20.3%, while pending sales decreased 30.8% in June 2022 compared with one year ago. New listings increased 5.1% (equal to 12 additional homes on the market). With monthly mortgage payments increasing 50% in the Charlotte area compared with one year ago, no doubt some of the drop in closed and pending sales is a result of buyers pulling back from the market.
Ballantyne’s months supply of homes of homes at 0.9 months keeps it a seller’s market and we would need several more months of inventory to consider Ballantyne a balanced market, much less a buyer’s market.
Want to know what this would mean for your family if you decide to buy or sell a Ballantyne home?
This Charlotte, North Carolina monthlyreal 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 Charlotte metro area residential real estate experts. We’ve been opening doors for Ballantyne home buyers and sellers for 20+ years.
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