Charlotte Region real estate market in June 2021 saw home sales up 5% year-over-year and 17% year-to-date. Charlotte’s housing market has bounced back after pandemic-related lockdowns in Spring 2020, which put real estate activity on pause. June saw home prices increase, inventory, days on market, and pending sales decrease. Pent-up demand continues to fuel the Charlotte region housing market.
Charlotte Region’s Real Estate Sales Strong In June 2021
Latest news on the greater Charlotte region’s real estate market in June 2021 and what it means for you…
June 2021 saw the continuation of the strong housing market in the greater Charlotte regionand could be considered as having bounced back from the effects of the pandemic-related lockdowns in Spring 2020. Closed sales activity shows buyer demand exceeding pre-pandemic levels and straining inventory. Pending sales, no doubt, would have been higher in June if the inventory had been available. Historically low interest rates and pent-up demand continue to fuel much of the buyer demand, as do the years of steady population growth in the Greater Charlotte area.
Housing inventory remained at critically low levels with new listings not keeping up with demand, despite a year-over-year increase. With just 0.7 of a month of supply of homes, we continue to see some of the lowest levels 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, spend less time on market and sell at premium prices.
Averaging 13 days on market (three less than in the previous month), homes are selling nearly as fast as they are listed. Multiple offers on homes are remain a staple of the Charlotte region real estate market. Both median and average home sale prices were up by double digits across the region year-over-year. The critically low levels of inventory will continue to impact home prices in the coming months. Lack of adequate inventory to satisfy buyer demand is what could hold the market back in terms of sales momentum.
Charlotte Region Real Estate Snapshot: June 2021
Closed Sales: up 4.8% year-over-year; up 16.6% year-to-date.
Homes Sold: 5,505 in June 2021 versus 5,215 in June 2020.
Pending Sales: down 2.0% year-over-year (but up 10.6% year-to-date).
New Listings: up 12.0% year-over-year; up 5.8% year-to-date.
Inventory of Homes: down 51.8% year-over-year.
Months Supply of Homes: down 51.8% with just 0.7 months supply of homes compared with 1.6 months supply in June 2020.
Days on Market Until Sale: 13 days in June 2021 versus 38 days in June 2020. Year-to-date, days on market down 50.0%.
Average Sale Price: up 21.9% year-over-year to $406,176. Year-to-date, average sale price up 18.8% to $375,568.
Median Sale Price: up 18.4% year-over-year to $335,000. Year-to-date, median sale price up 15.6% to $312,000.
% of Original List Price Received: 102%, increasing 4.5% year-over-year. Year-to-date, 100.7% increasing 3.5%.
Want to know what this would mean for your family if you decide to buy or sell a Charlotte region home?