Homes continue to fly off the market, going under contract within an average of 25 days in October and selling for top-dollar.
That compares with 40 days on the market in October 2019. While housing prices rise, inventory is staying low. There are still nearly half as many homes on the market compared to last year, but October’s inventory rose slightly compared to September, according to the latest Canopy MLS data.
“Home sales typically taper off as we move into the last quarter of the year, but 2020 has not been the typical year,” Canopy MLS President John Kindbom says. “Consistently low mortgage rates have helped fuel buyer interest and demand, which has been strong in our region for the last few years.”
Why it matters: Despite a pandemic, the sellers’ market is hot in Charlotte. But local experts predict we’ll start to see a shift with higher inventory and lower sales prices as soon as 2021. Most say if you’re planning on selling your home soon, sell now.
[Related Agenda story: Charlotte’s real estate market is hot. Can it stay that way?]
By the numbers:
- Inventory is down 47.6 percent year-over-year, with just over 5,400 homes on the market last month. Compared to September, though, inventory is slightly up. In September, we had 1.1 months of supply and in October it rose to 1.2. That equates to 310 more listings.
- The median sales price ($289,900) is up 14 percent compared to last year; however, that number has remained unchanged the last few months. The average sales price ($354,248) is up 16 percent year-over-year.
- Homes are selling in record speed, going under contract within 25 days on average and closing within 79 days. In October 2019, homes closed in 92 days on average.