2021THI RDQUARTERMARKETREPORT Pr e p a r e df o rt heCha r l o t t eAr e a
WILKINSON ERA REAL ESTATE Q3 REAL ESTATE MARKET UPDATE
2021
Friends, Clients, Colleagues, Welcome to fall, the fourth quarter of 2021, and our third quarter review. We continue to be grateful to have the privilege of working with you in the markets we proudly serve throughout the Carolinas. If you're following the real estate news throughout the markets we serve in the Carolinas, you'll know that it's a balancing act between high buyer demand and low availability of properties to buy. While our communities are scaling up services, businesses, and organizations to run at 100% capacity (while navigating staffing and supply chain challenges) 2021 will end up being one of the busiest years on record for home sales; once again demonstrating a new high median sales price and total volume sold in our markets. The housing market throughout North Carolina is experiencing continued low inventory and as we begin the fourth quarter, a slightly dimming demand that is stalling the frenetic pace of previous quarters. The major markets of Charlotte, Raleigh and Durham, Winston Salem, and Asheville, are encountering a significant percentage of out-of-state buyers–perhaps attracted by U.S. News and World Report's recent ranking of these areas on the Best Places to Live and Best Places to Retire lists or Forbes' ranking of Raleigh as America's Best City for Raising a Family. What are our real estate predictions for the fourth quarter of 2021? We're pretty confident of three things impacting the markets in which we serve in the fourth quarter: buyers and sellers seeking more space from cramped, densely populated urban centers; remote working showing some staying power and giving buyers more geographic freedom; supply chain issues could influence new home buyers to purchase resales. You may 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 REALTORS® here at Wilkinson ERA guide 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 we wish everyone good health and prosperity for this fourth and final quarter of 2021! Joan Thomas, SCRP, GOS President, Relocation and Corporate Services Wilkinson ERA Real Estate
CHARLOTTE AREA
RESIDENTIAL SALES SUMMARY The third quarter of 2021 for the Charlotte Region residential real estate market shows a reduced inventory throughout the area, compared to Q3 2020 results. It also showed a decrease in New Listings coming to the market in both Charlotte City and Mecklenburg County, with buyers beginning to see a slight cooling of the unprecedented pace in 2021, to date. As we enter the fourth quarter we see a significant rise in the Median Sales Price and Price Per Square Foot in the Charlotte region. Buyer demand and the low inventory have resulted in a record low of 13 Days on Market in both Charlotte City and Mecklenburg County!
Key observationsfrom this Third Quarter 2021 Charlotte Area Market Report are:
-Homes in Charlotte have steadily sold for102% of asking price in this active seller's market during both Q2 and Q3 of 2021. -New Listings in Charlotte and Raleigh are adjusting downwards slightly, however Cabarrus Co., Union Co., York Co., Winston-Salem, and the Durham area, have experienced an increase in New Listings coming to the market in Q3. -For the first time on record, Q3 saw inventory in all of the markets we serve, fall under 1 month or less, the lowest supply this year and unprecedented in recent years. -All of our markets continued to experience a steep decline in the number of Days on Market to sell a home-with Raleigh and Durham resulting in the shortest time to sell a home, at seven and six days, respectively.
CHARL OTTE CI TYResidential DaysonMar ket Jul y Thr ough Sept ember
43
Li stt oSal esPr i ceRat i o
43
43
Jul y Thr ough Sept ember
Medi anSal esPr i ce Jul y Thr ough Sept ember
Sol dHomes/Cl osedSal es Jul y Thr ough Sept ember
99%
Mont hsSuppl y Jul y Thr ough Sept ember
Pr i cePerSquar eFoot Jul y Thr ough Sept ember
$208. 53
$180. 65
15. 43%
5, 444
5, 550
1. 91%
New Li st i ngs Jul y Thr ough Sept ember
3
Char l ot t eOc c upi edHous i ngUni t s * * 58%ofhomesa r eowner oc c upi edhous ehol ds a nd41%a r er ent er oc c upi edhous ehol ds
* Zumper . c om * *Rent Ca f e. c om
ME CKL E NBURG COUNTYResidential I n c l u d i n gCh a r l o t t e , Co r n e l i u s , Da v i d s o n , Hu n t e r s v i l l e
DaysonMar ket Jul y Thr ough Sept ember
43
Li stt oSal esPr i ceRat i o
43
43
Jul y Thr ough Sept ember
Medi anSal esPr i ce Jul y Thr ough Sept ember
Sol dHomes/Cl osedSal es Jul y Thr ough Sept ember
99%
Mont hsSuppl y Jul y Thr ough Sept ember
Pr i cePerSquar eFoot Jul y Thr ough Sept ember
$206. 47
$174. 10
18. 59%
6, 695
7, 110
25. 77%
New Li st i ngs Jul y Thr ough Sept ember
4
L or e mI ps um
CHARL OTTE ARE A COUNTI E SResidential DaysonMar ket Januar y t hr ough December J UL YTHROUGHS E P T MA R
CABARRUSCOUNTY
43
43
Li stt oSal esPr i ceRat i o 1 0 Januar y t hr ough December
Medi anSal es Pr i ceJanuary t hr ough December
43 2 6
1 , 2 7 1 $ 3 3 0 , 0 0 0
1 , 2 2 1 $ 2 7 4 , 9 9 0
0 . 7
1 . 1
$ 1 6 7 . 0 9 1 , 3 8 4
$ 1 3 3 . 7 2
1 0 2 %
1 , 2 5 7 9 9 %
6 1 . 5 4 % 4 . 1 0 % 2 0 . 0 0 % 3 6 . 3 6 % 2 4 . 9 6 % 1 0 . 1 0 % 3 . 0 3 %
J U L Y -S E P TE MBE R Sol dHomes/Cl osedS a l e s
99%
Januar y t hr ough December
UNI ONCOUNTY Mo t h s S u p l y J Un L Y TH RO U G Hp S E P T MA R Januar y t hr ough December
Pr i cePerSquar eFoot Januar y t hr ough December
$137. 13
$150. 71
9. 90%
New Li st i ngs Januar y t hr ough December
J UL Y-S E P TE MBE R 25, 091
24, 603
1. 94%
6
CHARL OTTE ARE A COUNTI E SResidential DaysonMar ket Januar y t hr ough December
YORKCOUNTY, S C
43
43
R J UL YTHROUGHMA S E P T
Li stt oSal esPr i ceRat i o Januar y t hr ough December
Medi anSal esPr i ce Januar y t hr ough December
Lor e mI ps um
Sol dHomes/Cl osedSal es
4 3 202 1
2020
1 1
3 3
6 6 . 6 7 %
1 , 6 4 4
1 , 5 8 8
$ 3 3 8 , 7 4 0
$ 3 0 0 , 0 0 0
3 . 5 3 % 1 2 . 9 1 %
0 . 8
1 . 3
3 8 . 4 6 %
$ 1 7 3 . 2 1
$ 1 4 4 . 3 9
1 9 . 9 6 %
1 , 7 7 5 1 0 2 %
1 , 7 3 0 9 9 %
2 . 6 0 % 3 . 0 3 %
J UL Y-S E P TE MBE R
99%
Januar y t hr ough December
L ANCAS TE RCOUNTY, S C
Mont hsSuppl y Januar y t hr ough December
J UL YTHROUGHMA S E P T R
Pr i cePerSquar eFoot Januar y t hr ough December
$137. 13
L or e mi ps um
LI s tt oSa l e sPr i c eRa t i o
7
25, 091
2021
2020
1 2
4 4
7 2 . 7 3 %
5 7 9
6 8 6
1 5 . 6 0 %
$ 3 6 9 , 0 0 0
$ 3 2 8 , 5 0 0
1 2 . 3 3 %
0 . 9
1 . 4
3 5 . 7 1 %
$ 1 6 4 . 4 3 $150. 71 6 3 2
2 1 . 4 2 %
$ 1 3 5 . 4 2 9 . 9 0 % 7 2 2
1 0 2 %
1 2 . 4 7 % 3 . 0 3 %
9 9 %
J UL Y-S E P TE MBE R 24, 603
1. 94%
3
L or e mI ps um
WI NS TONS AL E M&
HI GHP OI NTResidential DaysonMar ket Januar y t hr ough December
WI NS TONS AL E M J UL YTHROUGHS E P T MA R
432021 43
Li stt oSal esPr i ceRat i o 1 6 Januar y t hr ough December
Medi anSal es Pr i ceJanuary t hr ough December
2 0 2 0 4 3 3 3
5 1 . 5 2 %
1 , 2 7 2 $ 2 1 9 , 4 9 0
1 , 0 6 2 $ 2 0 0 , 0 0 0
1 9 . 7 7 %
1
1 . 5
$ 1 3 3 . 1 1 1 , 3 6 8
$ 1 1 7 . 4 7
1 0 2 %
1 , 1 6 7 9 9 %
9 . 7 5 % 3 3 . 3 3 % 1 3 . 3 1 % 1 7 . 2 2 % 2 . 3 1 %
J U L Y -S E P TE MBE R Sol dHomes/Cl osedS a l e s
99%
Januar y t hr ough December
HI GHP OI NT Mo n t h s SU u p l y MA R J U L Y TH RO G Hp S E P T Januar y t hr ough December
2 0 2 1
2 0 2 0
Pr i cePerSquar eFoot Januar y t hr ough December
$410
$150. 71
9. 90%
New Li st i ngs Januar y t hr ough December
J UL Y-S E P TE MBE R 25, 091
24, 603
1. 94%
8
GRE E NS BORO R e s i d e n t i a l
DaysonMar ket Januar y t hr ough December
GRE E NS BORO
43
Li stt oSal esPr i ceRat i o
MAR
Januar y t hr ough December
Medi anSal esPr i ce Januar y t hr ough December
Lor e mI ps um
Sol dHomes/Cl osedSal es
4 202 13
2020
1 2
2 7
5 5 . 5 6 %
1 , 5 2 0
1 , 3 4 9
1 2 . 6 8 %
$ 2 2 5 , 8 6 5
$ 2 0 5 , 0 0 0
1 0 . 1 8 %
0 . 9
1 . 5
4 0 . 0 0 %
$ 1 3 6 . 8 5
$ 1 1 6 . 5 6
1 7 . 4 1 %
1 , 6 2 3 1 0 2 %
1 , 5 5 0 1 0 0 %
4 . 7 1 % 2 . 4 0 %
5 4
5 6
3 . 7 0 %
1 , 5 6 1
1 , 8 4 6
1 8 . 2 6 %
$ 2 6 8 . 0 0 0
$ 2 7 8 , 9 5 0
4 . 0 9 %
3 . 6
2 . 9 9
1 6 . 9 4 %
J UL Y-S E P TE MBE R
99%
Januar y t hr ough December
AS HE VI L L E
Mont hsSuppl y Januar y t hr ough December
Pr i cePerSquar eFoot Januar y t hr ough December
$137. 13
L or e mi ps um
LI s tt oSa l e sPr i c eRa t i o
9 7
25, 091
$ 1 1 4 . 8 2 $150. 71 2 , 1 4 4 9 8 %
3 . 6 1 %
$ 1 1 8 . 9 6 9 . 9 0 % 2 , 2 1 7
3 . 4 0 % 0 . 0 0 %
9 8 %
J ANUARY-DE CE MBE R 24, 603
1. 94%
3
L or e mI ps um
AS HE VI L L E R e s i d e n t i a l
DaysonMar ket Januar y t hr ough December
AS HE VI L L E
2021 Li stt oSal esPr i ceRat i o 2 4 MAR
Januar y t hr ough December
Medi anSal es Pr i ceJanuary t hr ough December
43
20 2 0 4 3 5 0
5 2 . 0 0 %
7 0 9 $ 4 1 5 , 0 0 0
4 4 8 $ 3 6 0 , 0 0 0
3 . 1 2 %
1 . 6
3 . 2
$ 2 8 3 . 3 0 8 2 8
$ 2 3 3 . 6 5
1 0 0 %
8 2 5 9 8 %
1 5 . 2 8 % 5 0 . 0 0 % 2 1 . 2 5 % 0 . 3 6 % 2 . 0 4 %
J U L Y -S E P TE MBE R Sol dHomes/Cl osedS a l e s
99%
Januar y t hr ough December
HI GHP OI NT Mont hsSuppl y Januar y t hr ough December
Pr i cePerSquar eFoot Januar y t hr ough December
$137. 13
$150. 71
9. 90%
New Li st i ngs Januar y t hr ough December
J ANUARY-DE CE MBE R 25, 091
24, 603
1. 94%
6
1 0
L or e mI ps um
RAL E I GH&
DURHAM Residential DaysonMar ket Januar y t hr ough December
RAL E I GH
J UL YTHROUGHMA S E P T R
c I TY
432 3 0 1 8 2 0 2 1 4
Li stt oSal esPr i ceRat i o 7 Januar y t hr ough December
Medi anSal es Pr i ceJanuary t hr ough December
2 0 1 9 2 0 2 0 4 3 1 6
5 6 . 2 5 %
2 , 5 0 5 $ 3 7 4 , 0 0 0
2 , 7 4 0 $ 3 1 1 , 2 2 5
8 . 5 8 %
0 . 7
1 . 4
$ 2 1 3 . 0 0 2 , 7 9 4
$ 2 5 1 . 0 0
1 0 4 %
2 , 8 4 1 1 0 0 %
2 0 . 1 7 % 5 0 . 0 0 % 1 5 . 1 4 % 1 . 6 5 % 4 . 0 0 %
J U Y -S E P TE MBE R Sol dHomes/Cl osedS aL l e s
99%
Januar y t hr ough December
APRI L DURHAM
Mo n t h s S pp l y J UL Y T H RO Uu GH S E P T MA R Januar y t hr ough December
2 0 1 8 2 0 2 1
2 0 2 0 2 0 1 9
Pr i cePerSquar eFoot Januar y t hr ough December
$137. 13
$150. 71
9. 90%
New Li st i ngs Januar y t hr ough December
J UL Y-S E P TE MBE R 25, 091
24, 603
1. 94%
11
Ral ei ghOc c upi edHous i ngUni t s * *
43%ofhomesi nRa l ei gha r er ent er oc c upi ed hous ehol ds&56%owner oc c upi ed.
AsofAugus t , 2021, t heAver ageMont h’ sRent i nRa l ei ghi s$1, 468.
* Tr i a ngl eML S* *Rent Ca f e. c om