Charlotte region ended the first month of 2020 as a seller’s market with inventory remaining extremely tight and the months supply of housing dropping 36% to just 1.6 months. Year-over-year home prices increased, days on market decreased, inventory decreased, new listings decreased. Housing affordability index continued to decrease, as well.
Charlotte Real Estate Report: January 2020
Charlotte region ended 2019 as a seller’s market and the first month of 2020 kept that seller’s market going with inventory remaining extremely tight, dropping 28.1% compared with January 2019.
Lack of inventory resulted in higher home list and sale prices year-over-year. Average sale prices increased 10.4% to $297,821 and median sale prices increased 10.4% year-over-year to $252,000.
Closed salesincreased 6.8%, while pending sales were up 26.7% year-over-year in January, starting the year on a high note.
Homes continue to sell quickly with average days on market 47 days, down 4 days from one year ago. Cumulative days on market were down 4 days to 56 year-over-year. The days from list to close dropped 8 days to 99 year-over-year.
The housing affordability index continued to decrease, as well ~ down 9.6% year-over-year.
Months supply of homes remained very low at 1.6 months (down 36% year-over-year from 2.5 months one year ago) and even lower for homes priced under $200,000.
Want to know what this would mean for your family if you decide to buy or sell a Charlotte region home?
And don’t miss out on the newest home listings inCharlotte.Sign up to receive email notification of homes as soon as they come on the market. You can customize your search to your specific needs and always be the first to know what’s coming on the market in the Charlotte area.
Wondering what your Charlotte region home is worth in today’s market? Find out by clicking on the picture below.
If you’re thinking about selling your Charlotte area home, let’s get together and discuss the supply conditions in your Charlotte neighborhood and how we can assist you in gaining access to buyers who area ready, willing, and able to buy now.
Contact us if you’d like to receive our Neighborhood Analyzer Report on a monthly basis so you can keep track of home sales activity in your neighborhood.
Note: If you don’t see your subdivision or complex, or the data looks incomplete, it’s because there weren’t enough properties sold in a given year.
We’re happy to provide this information with no obligation on your part.