Indian Trail has fully recovered from the negative affects of the corona virus we saw in spring 2020. Year-over-year, home prices and sales increased, while days on market decreased. Housing inventory is razor-thin with less than a one month’s supply of homes. Indian Trail homes are selling as fast as they are coming on the market.
Indian Trail (28079 Zip Code) Housing Market Update: May 2021
Latest news on the Indian Trail real estate market in May 2021 and what it means for you…
Indian Trail area (28079 zip code), which includes the towns of Indian Trail, Stallings, Hemby Bridge has totally recovered from the effects of the pandemic and is without doubt a home seller’s market. Home prices increased by double digits over May 2020, while days on market and inventory dropped significantly year-over-year.
Average home prices increased 14.3% to $352,137 in May 2021 compared with the same month one year ago. Average home prices were also up $30,000 month-over-month and $72,000 over May 2019. Median home prices increased 20.4% to $362,650 year-over-year. On a month-over-month basis median home prices increased $27,000 and $84,000 versus May 2019. Price per square foot averaged $161 (up $23/square foot), increasing 16.7% year-over-year.
The months supply of homes for sale dropped to 0.8 months (down 57.9% from 1.9 months in May 2020 and down from 2.6 months in May 2019). Inventory of homes also dropped 55.5% compared with the same month one year ago. New listings increased in May — by 21.8% compared with the same time frame one year ago. Despite the increase in new listings, inventory of homes dropped and remained low.
Closed sales in May increased 53.8%, while pending sales increased 21.3%. Again, the increase in pending sales year-over-year is not surprising given the May 2020 lockdowns which put our real estate activity on hold.
The low inventory coupled with higher home prices and closed and pending sales are a testament to the recovery of the Indian Trail housing market after a dismal performance in the first couple of months of the pandemic.
Average days on market were 19 (down 36 days year-over-year). Median days on market were just 3 (down 12 days year-over-year) in May. This, too, speaks to pent-up buyer demand and a recovered market for the Indian Trail housing market in May 2021.
If you’re considering selling or purchasing a home in the Indian Trail area or anywhere in the the Charlotte metro area, I’d love an opportunity to earn your business, to exceed your expectations, and to show you how: