Charlotte Region real estate market in October 2021 saw home sales decrease 5.3% year-over-year and home prices increase 9.7% on average. Lack of inventory is limiting sales momentum with demand for homes outpacing supply of homes. Year-over-year, days on market dropped 34.6% in October 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 October 2021 with home affordability decreasing 12.9% year-to-date.
Charlotte Region Remained A Seller’s Market In October 2021
Latest news on the greater Charlotte region’s real estate market in October 2021 and what it means for you…
October 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 down 5.3% in October, due at least in part to demand for homes continuing to exceed supply. Pending sales were up 5.6% year-over-year.
Housing inventory remained at very low levels with new listings not keeping up with demand coupled with a decrease in inventory year-over-year. With just 0.8 of a month of supply of homes, we continue to see some of the lowest levels of inventory on record in the Charlotte region. With inventory 37.3% lower than in October 2020, it’s clear that demand has continued to increase relative to supply. 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 17 days on market, homes continued to sell nearly as fast as they were listed. Days on market until sale were down 34.6% year-over-year. Multiple offers on homes are 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 fall 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: October 2021
Closed Sales: down 5.3% year-over-year; up 9.4% year-to-date.
Homes Sold: 4,906 in October 2021 versus 5,183 in October 2020.
Pending Sales: up 5.6% year-over-year; up 5.7% year-to-date.
New Listings: down 5.0% year-over-year (-282 homes); up 4.3% year-to-date.
Inventory of Homes: down 37.3% year-over-year.
Months Supply of Homes: down 42.9% with just 0.8 months supply of homes compared with 1.4 months supply in October 2020.
Days on Market Until Sale: 17 days in October 2021 versus 26 days in October 2020. Year-to-date, days on market down 48.6%.
Average Sale Price: up 9.7% year-over-year to $388,987. Year-to-date, average sale price up 15.4% to $382,905.
Median Sale Price: up 15.5% year-over-year to $335,000. Year-to-date, median sale price up 15.0% to $321,500.
% of Original List Price Received: 100.4%, increasing 1.7% year-over-year. Year-to-date, 100.9% increasing 3.2%.
Want to know what this would mean for your family if you decide to buy or sell a Charlotte region home?