Charlotte Region Real Estate Report: July 2020

 

Latest news on how corona virus impacted the Charlotte region’s real estate market in July and what it means for you…

 

July 2020 saw a solid strengthening in the housing market in the Charlotte region despite the ongoing pandemic. In fact one can almost say “pandemic, what pandemic?” July 2020 home showing activity was up over July 2019. Closed sales increased over July 2019. Pending contract activity shows buyer interest and demand has returned to pre-pandemic levels.

 

Housing inventory remained at record lows, despite increases in new listings.  At 1.3 months of supply, it is the lowest level of inventory on record in the Charlotte region. This presents a unique opportunity for sellers who are ready to list, as new listings receive high visibility and spend less time on market. Averaging 36 days on market, homes are selling nearly as fast as they are listed. Multiple offers on homes have once again returned to the Charlotte region real estate market.

 

Of the four major counties I follow, only York County in South Carolina saw a drop in closed sales. But that may also well be due to the lack of inventory in York County where the months supply of homes is just one month.

 

Housing Market Snapshot: Charlotte Region July 2020

• Closed Sales: up 11.4% year-over-year.
• Homes Sold: 5,469 in July 2020 versus 4,910 in July 2019
• Pending Sales: up 23.7% year-over-year 
• New Listings: up 4.1% year-over-year 
• Inventory of Homes: down 47.5% year-over-year
• Months Supply of Homes:  down 50% with just 1.3 months supply of homes compared with 2.6 months supply in July 2019
• Days on Market: 36 days in July 2020 versus 48 days in June 2019 (and June 2020)
• Average Sale Price: up 10.6% to $344,991 and up 6.5% year-to-date
• Median Sale Price: up 7.5% year-over-year to $285,000 and up 7.9% year-to-date
• Home Showings: up 11.4% year-over-year

 

 

 

Housing Market Snapshot:  Mecklenburg County, NC July 2020

• Closed Sales: up 12.3% year-over-year 
• Homes Sold: 2,220 in July 2020 versus 1,976 in July 2019
• Pending Sales: up 20.4% year-over-year 
• New Listings: up 11.6% year-over-year 
• Inventory of Homes: down 42.4% year-over-year
• Months Supply of Homes: down 45.8% to 1.3 months supply of homes compared with 2.4 months supply in July 2019
• Days on Market: 29 days in July 2020 versus 33 days in July 2019
• Average Sale Price: up 10.3% to $384,839 and up 5.6% year-to-date
• Median Sale Price: up up 8.3% to $304,999 and up 7.7% year-to-date
• Home Showings: up 13.4% year-over-year

 

Housing Market Snapshot:  Union County, NC July 2020

• Closed Sales: up 2.5% year-over-year 
• Homes Sold:  488 in July 2020 versus 476 in July 2019
• Pending Sales: up 13.2% year-over-year
• New Listings: up 6.8% year-over-year 
• Inventory of Homes: down 44.8% year-over-year
• Months Supply of Homes: down 48% to 1.3 months supply of homes compared with 2.5 months supply in July 2019
• Days on Market: 34 days in July 2020 versus 37 days in July 2019
• Average Sale Price: up 3.8% to $401,096 and up 5.7% year-to-date
• Median Sale Price: up 3.7% to $339,900 and up 7.4% year-to-date
• Home Showings: up 11.7% year-over-year

 

Housing Market Snapshot: Lancaster County, SC July 2020

• Closed Sales: up 9.6% year-over-year 
• Homes Sold: 259 in July 2020 versus 173 in July 2019
• Pending Sales: up 49.7% year-over-year 
• New Listings: up 6.3% year-over-year 
• Inventory of Homes: down 47.5% year-over-year
• Months Supply of Homes: down 53.6% to 1.3 months supply of homes compared with 2.8 months supply in July 2019
• Days on Market: 57 days in July 2020 versus 34 days in July 2019
• Average Sale Price: up 25.5% to $354,521 and up 12.5% year-to-date
• Median Sale Price:  up 21.8% to $335,000 and up 21.8% year-to-date
• Home Showings: up 8.2% year-over-year

 

Housing Market Snapshot: York County, SC July 2020

• Closed Sales: down 7.8% year-over-year 
• Homes Sold: 520 in July 2020 versus 564 in July 2019
• Pending Sales: up 1.2% year-over-year 
• New Listings: down 8.1% year-over-year 
• Inventory of Homes: down 57.9% year-over-year
• Months Supply of Homes: down 58.3% to 1 month of supply of homes compared with 2.4 months supply in July 2019
• Days on Market: 39 days in July 2020 versus 42 days in July 2019
• Average Sale Price: up 9.6% to $338,665 and up 5% year-to-date
• Median Sale Price: up 9.3% to $303,500 and up 5.1% year-to-date
• Home Showings: down 3.1% year-over-year (however, up 5.3% year-to-date versus 2019)

 

 

Want to know what this would mean for your family if you decide to buy or sell a Charlotte region home?

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This Charlotte region housing market update for July 2020 is provided  by  Nina Hollander and Carolinas Realty Partners with Coldwell Banker Realty, your Charlotte metro area residential real estate experts serving Charlotte area home buyers and sellers for 20+ years.

 

If you’re considering selling or purchasing a home in the Charlotte region, I’d love an opportunity to earn your business, to exceed your expectations, and to show you how:

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