Charlotte Region real estate market in November 2021 saw home sales increase slightly by 2.1% year-over-year and home prices increase 17.4%, on average. Lack of inventory is limiting sales momentum with demand for homes outpacing supply of homes. Year-over-year, days on market dropped 23.1% in November 2021. The months supply of homes and overall inventory were also down year-over-year. All this kept the Charlotte region a home seller’s market in November 2021 with home affordability decreasing 17.5% year-to-date.
Charlotte Region Remained A Seller’s Market In November 2021
Latest news on the greater Charlotte region’s real estate market in November 2021 and what it means for you…
November 2021 saw the continuation of the strong housing market in the 16 county greater Charlotte region. Buyer demand continues to exceed pre-pandemic levels straining inventory and sales momentum.
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. Closed sales were up 2.1% in November. Sales could easily have been higher if more inventory had been available. Pending sales were up 11.9% year-over-year. Both average and median sale prices increased in November 2021 both year-over-year and month-over-month.
Housing inventory remained at very low levels. With just 0.7 of a month of supply of homes (down 0.1 month from October), we continue to see some of the lowest levels of inventory on record in the Charlotte region. With inventory 37.9% lower than in November 2020, it’s clear that demand has continued to increase relative to supply, despite an increase in new listings year-over-year of 8.7%. 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 20 days on market, homes continued to sell nearly as fast as they were listed. Days on market until sale were down 23.1% year-over-year. Multiple offers on homes remain a factor in the Charlotte region real estate market. Both median and average home sale prices were up across the region year-over-year. The low levels of inventory will continue to impact home prices in the coming months. Moving forward in the winter selling season, 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: November 2021
Closed Sales: up 2.1% year-over-year; up 9.1% year-to-date.
Homes Sold: 4,604 in November 2021 versus 4,510 in November 2020.
Pending Sales: up 11.9% year-over-year; up 5.8% year-to-date.
New Listings: up 8.7% year-over-year; up 4.8% year-to-date.
Inventory of Homes: down 37.9% year-over-year.
Months Supply of Homes: down 46.2% with just 0.7 months supply of homes compared with 1.3 months supply in November 2020.
Days on Market Until Sale: 20 days in November 2021 versus 26 days in November 2020. Year-to-date, days on market down 47.2% to 19 days.
Average Sale Price: up 17.4% year-over-year to $409,327. Year-to-date, average sale price up 15.5% to $385,044.
Median Sale Price: up 22.1% year-over-year to $354,000. Year-to-date, median sale price up 15.0% to $354,000.
% of Original List Price Received: 100.1%, increasing 1.2% year-over-year. Year-to-date, 100.8% increasing 3.0%.
Want to know what this would mean for your family if you decide to buy or sell a Charlotte region home?