Market Summary - Dec 2020

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Real Estate

CHARLOTTE, N.C.—As 2020 ended, the strong momentum of home sales built through most of fourth quarter caused December 2020 closed sales to rise 10.9 percent year-over-year with 4,655 homes sold during the month. Looking back at a turbulent year where first quarter sales were interrupted by a worldwide pandemic, there were 54,076 home sales across the 16-county Charlotte region in 2020, representing a 5.5 percent increase over total transactions in 2019. Completed transactions include single-family and condo/townhomes only.

With strong seller’s market conditions prevalent throughout the year, prices continued to increase. In 2020 the average list price of a home in the region was $355,292, an increase of 6.8 percent over 2019’s average list price. The average sales price for 2020 topped out at $334,985, representing an increase of 10.3 percent over the 2019 average sales price, while the median sales price, the best measure of prices over time, was $280,000 in 2020, registering a 9.8 percent increase over the median sales price in 2019. The original list price to sales price ratio for all of 2020 was 98.0 percent, showing sellers in the region were getting nearly all of their asking prices. Low supply amidst strong buyer demand will continue in the 2021 housing market and will keep prices elevated.