Despite the pandemic and showing restrictions in much of the second quarter of 2020, Charlotte region remained a home seller’s market. Home prices increased, while inventory and days on market decreased. Only closed sales decreased during the second quarter, but were clearly making a comeback by June. By June, it was evident that home buyer demand far exceeded supply of homes for sale, both resale and new construction.
Charlotte Region Still A Seller’s Market In Q2-2020
Latest news on the Charlotte region real estate market and what it means for you…
Second Quarter 2020 Charlotte, North Carolina region’s home sales continued the trends we’ve seen since 2015, despite the pandemic.Home buyers continued to find the housing market very competitive with higher home prices and a lack of properties to buy, especially in affordable homes priced under $300,000. Buyers looking for a bargain remained “hard pressed” to find one.
Meantime, home sellers continued to sell their homes quickly and for top dollar, when priced right for condition and location. The “story” of the second quarter 2020 might well be about the continued decreases in the supply of homes available for sale across the region with a resulting increases in home prices in the region. It’s worth pointing out that this “story” is now an “old” story, because that was also the story of 2016, 2017, 2018, 2019, and Quarter 1-2020. With inventory at an all-time low at 1.3 months of supply, Charlotte region remained a seller’s market in the second quarter of 2020.
The COVID-19 pandemic impacted closed sales negatively in the second quarter 2020. This was partially due to restrictions on showing homes in April and in part of May. However, by June home sales began to recover. Part of the decrease in home sales was also due to the lack of inventory, which had been low for years, but was further exacerbated in the second quarter.
Want to know what this would mean for your family if you decide to buy or sell a home in the Charlotte region?