February 2021 Charlotte Region Market Report

Despite COVID – 19, one year later – residential real estate markets have performed very well with a “V” shaped recovery. Home price growth remained consistently elevated throughout 2020 and registered above 2019 levels.

For most of us, our homes are the largest asset we’ll ever own—so you are right to want to understand this asset and the market you are in. You deserve an expert guide. Here are the top things you need to know.

Inventory is very low, and demand is high.

While the pandemic left many in positions of financial insecurity, those who maintained employment and income stability are also incentivized to buy given the new norm of “work from home” and the record-low mortgage rates available; this is increasing buyer demand while for-sale inventory is in short supply.

With the economic reports showing payrolls are trending upwards, unemployment is trending downward now at 6.3 percent, and interest rates historically low, that often generates urgency to purchase a new home before it costs more later.

è For our Charlotte region, year over year, closed sales are up 11.9%, median sales price is up 12.9%, and homes listed for sale are down 59.8%. The price range that tended to sell the quickest was the $150,001 to $200,000 range at 20 days; The price range that tended to sell the slowest was the $300,001 and Above range at 45 days. Supply of inventory is 0.7 months. Cumulative days on market until sale has decreased 43.5% to 26 days. So, what does this mean? There are fewer homes for sale, demand is very strong, so correctly priced homes are hot, hot, hot.

*Six months of inventory is considered a balanced market that equally benefits buyers and sellers.

Buyers are searching now, and competition is here.

One challenge to the housing industry, however, is the lack of homes available for sale today. NAR released their existing Home Sales Report which shows that the inventory of homes for sale is at an all-time low.

Homebuilders and construction companies have increased efforts to build, however, it will take vigorous new home construction in 2021 and in 2022 to adequately furnish the market to property meet demand.

If you’re a Seller: Realize that, in some ways, you’re in the driver’s seat. When there’s a shortage of an item at the same time there’s a strong demand for it, the seller is in a good position to negotiate the best possible terms. Don’t be unreasonable, but understand you probably have the upper hand.

Bottom line: The housing market will remain strong throughout 2021. Know what that means for you, whether you’re buying, selling, or doing both.

If you are thinking about selling your home in the next 6 months, call me today for your strategic marketing consultation at 704-995-7444

You’ve worked hard for what you’ve earned, and you’re right to want the best experience. With ROI-based updates, highly targeted pre-listing marketing, and a systematized approach, you can rest easy knowing you are in good hands.

We will cover your goals and my unique approach to getting you the highest possible price in the fewest days on market.

Market Overview for Rock Hill, SC

Rock Hill Market Report

Median sales price has been trending up since July of 2014 with the height being January 2020. The current Median sales price is $259,000.

Correctly priced, strategically marketed homes sell at or above list price, and sellers focused on ROI often seek my advice on how to invest in strategic updates before listing their home for sale. This year-over-year ratio is netting 99.9% of list price.

As Charlotte continues to attract 120 new residents per day, we will see spillover into our community which assists in increasing both demand and sale prices. We are currently trending at a median of $133 per square foot vs $120 in January 2020 .

If you are thinking about selling your home in the next 6 months, call me today for your strategic marketing consultation at 704-995-7444

You’ve worked hard for what you’ve earned, and you’re right to want the best experience. With ROI-based updates, highly targeted pre-listing marketing, and a systematized approach, you can rest easy knowing you are in good hands.

We will cover your goals and my unique approach to getting you the highest possible price in the fewest days on market.

*Local Data and content was obtained by and courtesy of CanopyMLS and Current as of February 15, 2021. Data is refreshed regularly to capture changes in the market activity. The Charlotte Region Report includes Alexander, Anson, Cabarrus, Catawba, Cleveland, Gaston, Iredell, Lincoln, Mecklenburg, Rowan, Stanley and Union Counties in North Carolina and Chester, Chesterfield, Lancaster and York counties in South Carolina.

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