Wilkinson
REAL ESTATE
ERA REAL ESTATE
RELOCATION AND CORPORATE SERVICES
WILKINSON ERA REAL ESTATE
2020 Q3 CHARLOTTE AREA MARKET REPORT
2020 Friends, Clients, Colleagues, Once again, we are incredibly grateful to have had the privilege of working with you during the third quarter of 2020. As we pass the half-year mark and move into the last quarter of 2020 (and the election), we can all agree this "new normal" is having quite an effect on our major real estate markets across the state. Charlotte, and Raleigh's Triangle Region have both been included among the top real estate markets nationally for value and best places to live. The past quarter has demonstrated a record low in inventory while experiencing double-digit gains on the Median Sales Prices of homes in those markets. The rising demand for housing continues to drive this trend into the fourth quarter of 2020, and most likely beyond. There's no question that it's a seller's market in the wider Charlotte area. Price points at $300k and under are proving to be highly competitive in our major markets, facing bidding wars and frequent calls for "highest and best" offers. What are our real estate predictions for the fourth quarter of 2020? It's full steam ahead! Mortgage rates have reached a historic low and the COVID-19 pandemic has exercised homeowners in more populous urban areas to seek smaller metropolitan areas and second home markets (such as Charlotte and Raleigh, as well as our Winston Salem and Asheville mountain markets respectively). November's election shouldn't have a noticeable impact on the active real estate market, however, it could cause some sellers who are considering listing their homes for sale to wait until after the election. We remain confident about the continued success of our markets and acknowledge the role that buyer demand is having in the most popular areas. As long as inventory proceeds to enter the market, aided by vigorous new construction output and we continue our COVID-19 vigilance, our region should continue to experience growth through the end of 2020. Do you have questions about making a move, what your home might be worth, or what is involved in putting a home up for sale? Let our professional REALTORSÂŽ here at Wilkinson ERA walk you through the entire process. We are always available to answer any questions you may have! We are pleased to share our knowledge with you about two of our favorite topics--real estate and relocation-and look forward to continued success in 2021 !
Joan Harpootlian Thomas, SCRP, GDS President, Relocation and Corporate Services Wilkinson ERA Real Estate
CHARLOTTE AREA
RESIDENTIAL SALES SUMMARY The third quarter for the Charlotte Region residential real estate market represents a marked increase in homes sold and inventory shrinking. As we enter the fourth quarter we see a continued rise in the Median Sales Price and Price Per Square Foot. Enough buyers are saturating the market with a demand for homes that has brought Charlotte-area inventory as low as 1.3 months! Key observationsfrom this Third Quarter 2020 Charlotte Area Market Report are:
-Homes in Charlotte are selling for 99% of asking price in this active seller's market -New Listings in Charlotte are finally moving upwards with an increase of new homes on market by 4.67% over 2019 results. -With the exception of Asheville, all markets in this report have Inventory (or Month's Supply) below 2 months, the lowest number of available homes for sale this year and unprecedented in recent years. -Most markets experienced steep-to-modest declines in the number of Days on Market to sell a home, rising only in Lancaster Co., South Carolina. -Median Sales Price increased in every market, with Winston-Salem showing the largest gain with a16.82% increase in value over 2019 results, hitting the $200,000 mark.
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WILKINSON ERA REAL ESTATE 2020 Q3 CHARLOTTE AREA MARKET REPORT
CHARLOTTE
CI TY
Residential
Da�s on Market 03 2019
03 2020
31
25
%CHANGE
-19.35%
List to Sales Price Ratio 03 2019
99%
03 2020
%CHANGE
99%
0.00%
03 2020
%CHANGE
Median Sales Price $290,000
11.54%
Sold Homes I Closed Sales 03 2020
4,966
03 2020
1.3
$160.73
%CHANGE
5.61%
%CHANGE
-40.91%
03 2020
%CHANGE
$177.69
10.55%
03 2020
%CHANGE
5494
4.67%
The Median Sales Price in September 2020 for a single family home in Charlotte was $290,000 for a year over year increase of 11.54%
Charlotte Occupied Housing Units**
59% of homes are owner-occupied households and 40% are renter-occupied households
As of June 2020,
the Average Month's Rent in Charlotte was $1,385 (a 6.28% decrease on 2019)*
The Median Sales Price in 2020 for a single family home in Mecklenburg County was $305,975 for a year over year increase of 15.46%
WILKINSON ERA REAL ESTATE 2020 Q3 CHARLOTTE AREA MARKET REPORT
MECKLENBURG COUNTY Residential Including Charlotte, Cornelius, Davidson, Huntersville
Da�s on Market Q3 2019
33
03 2020
26
%CHANGE -21.21%
List to Sales Price Ratio 03 2020
%CHANGE
99%
1.02%
03 2020
%CHANGE
Median Sales Price Q3 2019
$265,000
$305,975
15.46%
Sold Homes I Closed Sales
•
- .JulY'. througli Sei:2temoer
03 2020
%CHANGE
6,477
9.06%
03 2020
%CHANGE
1.3
-43.48%
Q3 2019
03 2020
%CHANGE
$157.90
$173.73
10.03%
03 2020
%CHANGE
6,965
4.06%
• uare Foot
WILKINSON ERA REAL ESTATE 2020 Q3 CHARLOTTE AREA MARKET REPORT
CHARLOTTE-AREA
COUNTIES
Residential
CABARRUS COUNTY
Including Concord, Harrisburg
JUL - SEP
Q3 2019
Q3 2020
AVG Days on Market
31
26
-16.13%
Total Closed Homes
1,171
1,185
1.20%
Median Sales Price
$254,000
$274,000
7.87%
AVG Months Supply
2.1
1
-52.38%
AVG Price Per Sq Ft
$119.59
$133.46
11.60%
Total New Listings
1,292
1,238
-4.18%
List to Sales Price Ratio
98%
99%
1.02%
-------UNION COUNTY
%CHANGE
JULY - SEPTEMBER
Including Monroe, Waxhaw, Wedddington
JUL - SEP
Q3 2019
Q3 2020
%CHANGE
AVG Days on Market
38
32
-15.79%
Total Closed Homes
1,316
1,426
8.36%
Median Sales Price
$318,500
$340,000
6.75%
AVG Months Supply
.09
n/a
n/a
AVG Price Per Sq Ft
$132.61
$143.77
8.42%
Total New Listings
1,466
1,503
2.52%
List to Sales Price Ratio
99%
99%
0.00%
--------
JULY - SEPTEMBER 6
WILKINSON ERA REAL ESTATE 2020 Q3 CHARLOTTE AREA MARKET REPORT
CHARLOTTE-AREA
CQLJ NTI ES YORK COUNTY, SC
Including Fort Mill, Lake Wylie, Rock Hill
Q3 2019
Q3 2020
%CHANGE
AVG Days on Market
39
33
-15.38%
Total Closed Homes
1,595
1,534
-3.82%
Median Sales Price
$273,000
$304,000
11.36%
AVG Months Supply
2
1.4
-30.00
AVG Price Per Sq Ft
$132.20
$144.50
9.30%
Total New Listings
1,817
1,684
-7.32%
List to Sales Price Ratio
99%
99%
0.00%
JUL- SEP
--------
JULY - SEPTEMBER
LANCASTER COUNTY, SC
Including Lancaster, Indian Land
JUL- SEP
Q3 2019
Q3 2020
%CHANGE
AVG Days on Market
43
45
4.65%
Total Closed Homes
532
667
25.38%
Median Sales Price
$300,000
$325,000
8.33%
AVG Months Supply
2.4
1.6
-33.33%
AVG Price Per Sq Ft
$128.48
$135.15
5.19%
Total New Listings
629
692
10.02%
99%
99%
0.00%
-------List to Sales Price Ratio
7
Residential
JULY - SEPTEMBER
WILKINSON ERA REAL ESTATE 2020 Q3 REAL ESTATE YEAR IN REVIEW
WINSTON SALEM &
HIGH PQINTResidential WINSTON SALEM JULY THROUGH SEPTEMBER
2019
2020
%CHANGE
AVG Days on Market
34
33
-2.94%
Total Closed Homes
1,020
1,041
2.06%
Median Sales Price
$171,200
$200,000
16.82%
AVG Months Supply
2.2
1.5
-31.82%
AVG Price Per Sq Ft
$125.80
$117.52
-6.58%
Total New Listings
1,177
1,165
-1.02%
List to Sales Price Ratio
98%
99%
1.02%
2019
2020
%CHANGE
AVG Days on Market
31
34
9.68%
Total Closed Homes
449
456
1.56%
Median Sales Price
$164,000
$184,000
12.80%
AVG Months Supply
2.5
1.5
-40.00%
AVG Price Per Sq Ft
$100.48
10.20%
Total New Listings
$91.18 501
462
-7.78%
List to Sales Price Ratio
98%
99%
1.02%
--------
JULY - SEPTEMBER
HIGH POINT JULY THROUGH SEPTEMBER
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JULY - SEPTEMBER 6
WILKINSON ERA REAL ESTATE
GREENSBORO CITY Residential GREENSBORO JULY THROUGH SEPTEMBER
Q3 2019
Q3 2020
%CHANGE
AVG Days on Market
31
27
-12.90%
Total Closed Homes
1,219
1304
6.97%
Median Sales Price
$179,000
$206,050
15.11%
AVG Months Supply
2.5
1.6
-36.00%
AVG Price Per Sq Ft
$106.45
$116.24
9.20%
Total New Listings
1,408
1,541
9.45%
List to Sales Price Ratio
99%
--------
JULY - SEPTEMBER
100%
1.01%
WILKINSON ERA REAL ESTATE 2020 Q3 CHARLOTTE AREA MARKET REPORT
ASHEVILLE Residential
ASHEVILLE
Mountains
JULY THROUGH SEPTEMBER
Q3 2019
Q3 2020
AVG Days on Market
63
-20.63%
Total Closed Homes
685
so
665
-2.92%
Median Sales Price
$327,500
$374,900
14.47%
AVG Months Supply
4.3
2.9
-32.56%
AVG Price Per Sq Ft
$231.60
$233.57
0.85%
Total New Listings
887
702
-20.86%
List to Sales Price Ratio
98%
98%
0.00%
%CHANGE
JULY - SEPTEMBER �
10
WILKINSON ERA REAL ESTATE 2020 Q3 REAL ESTATE MARKET UPDATE
RALEIGH &
D LJ RHAM Residential RALEIGH (City) JULY THROUGH SEPTEMBER
2019
2020
%CHANGE
16
-23.81%
AVG Days on Market
21
Total Closed Homes
2,419
2,726
12.69%
Median Sales Price
$279,900
$311,000
11.11%
AVG Months Supply
2.2
1.3
-40.91%
AVG Price Per Sq Ft
Total New Listings
$159.00 2,770
List to Sales Price Ratio
99%
-------DURHAM
$252.00
58.49%
2,819 100%
1.77% 1.01%
JULY - SEPTEMBER
(City)
JULY THROUGH SEPTEMBER
2019
2020
%CHANGE
AVG Days on Market
16
15
-6.25%
Total Closed Homes
1,439
1,527
6.12%
Median Sales Price
$272,000
$293,000
8.05%
2.2
1.3
-40.91%
$153.00
$168.00
9.80%
Total New Listings
1,564
1,598
List to Sales Price Ratio
99%
100%
2.17% 1.01%
AVG Months Supply AVG
Price Per Sq Ft
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JULY - SEPTEMBER 11
2019 4, 753
1. 4 BI LLI ON
I NSALES
VOLUME
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