Mecklenburg County Real Estate Report: Q2-2020
Despite the ongoing pandemic and attendant home showing restrictions from late March into May, Mecklenburg County remained a home seller’s market as evidenced by higher home prices, lower inventory, and fewer days on market.
Latest news on the Mecklenburg County real estate market and what it means for you…
Second Quarter 2020 Mecklenburg County, North Carolina home sales kept the County a seller’s market with just 1.2 months of inventory despite the pandemic. Mecklenburg County includes the seven cities and towns of Charlotte, Pineville, Matthews, Mint Hill, Davidson, Huntersville, Cornelius.
During the second quarter of 2020, Mecklenburg County saw both housing inventory and the months supply of homes decrease substantially compared with the second quarter of 2019. Both median and average sale prices increased during the first quarter of 2020 compared with the same time period in 2019. These price increases can be attributed to the razor-thin inventory. Days on market were 32 — down 7.2% versus the same period one year ago and down 9 days from the first quarter 2020.
Mecklenburg County homes continued to sell quickly, however closed sales in the second quarter of 2020 decreased 19.8% compared to the same quarter one year ago. The home showing restrictions during the height of the COVID-19 pandemic, no doubt, were a primary reason for the drop in closed sales.
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Mecklenburg County Housing Market Highlights
Quarter 2, 2020 vs Quarter 2, 2019
In the Second Quarter of 2020, Mecklenburg County saw a:
- 2.7% increase in average sale prices (to $365,748) year-over-year.
- 8.3% increase in median sale price (to $299,000) year-over-year.
- 46.9% decrease in inventory of homes for sale year-over-year with just 2,135 homes available for sale.
- 19.8% decrease in closed sales year-over-year (4,818 closed sales).
- 50.7% decrease in the months supply of homes (1.2 months supply) year-over-year.
- Days on market year-over-year decreased 7.2% (32 days on market).
- 98.3% percent of original price received, an increase of 0.7% year-over-year.
Median Sales Price Trends For Mecklenburg County Homes
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This quarterly Mecklenburg County housing market update is provided by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Realty, your Charlotte metro area residential real estate experts. We’ve been opening doors for Mecklenburg County home buyers and sellers for 20+ years.
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