Ballantyne Real Estate Report: May 2021
Ballantyne remained a seller’s market in May 2021. Months supply of inventory was down 60% compared with May 2020 with just a 0.6 months supply. Housing inventory was down 51.8% year-over-year, resulting in lower days on market, higher home prices with sellers receiving a median 102.8% of asking price in final sale price. The Ballantyne housing market has fully recovered from the effects of the pandemic just one year ago.
Ballantyne (28277 Zip Code) Home Sales Report: May 2021
Latest news on the Ballantyne real estate market in May 2021 and what it means for you…
Ballantyne remained a seller’s market in May 2021 due to the continued lack of inventory, which dropped almost 52% year-over-year. Months supply of inventory was down 60% compared with May 2020 to 0.6 months of housing supply. The drop in housing inventory year-over-year resulted in 19 lower days on market. Closed sales increased year-over-year, while pending sales were down due to lack of inventory.
Average Ballantyne home sale prices surged 24.7% to $497,379 in May 2021 compared with the same month one year ago. Average home sale prices in Ballantyne were $120,000 higher than just two years ago. Median home sale prices increased 16.9% to $432,625 in May 2021. Median home sale prices increased approximately $110,000 since 2019. Home sellers received a median 102.8% of list price in final sale price (up 4.2% year-over-year).
Ballantyne homes continued to sell quickly with Median Days on Market just 3 days, down 5 days compared with one year ago and down 13 days from two years ago. Average Days on Market were 8 days, down 19 days year-over-year and down 2 days month-over-month. It should be noted that average days on market for Ballantyne area homes were 45 days just two years ago. Average Price Per Square Foot increased to $191/square foot in May 2021, up $28/square foot versus one year ago.
Closed sales increased 33.3%, while pending sales decreased 0.7% in May 2021 compared with one year ago. Historically low interest rates continue to generate immense buyer demand. New listings were flat year-over-year and sold as quickly as they came on market. The surge in closed sales shows just how much the Ballantyne area housing market slowed in May 2020 during the height of the corona virus lockdowns.
Ballantyne’s months supply of homes remained razor-thin at 0.6 months (down 60% from 1.5 months one year ago and 2.3 months two years ago). This coupled with a 51.8% drop in housing inventory in March, kept Charlotte’s Ballantyne area/28277 zip code a home seller’s market.
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Ballantyne Housing Market Highlights
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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, your 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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