This is your August 2020 market report for Charlotte and the surrounding area.
With the stock indices at or near record highs as mortgage rates remain near record lows, all signs point to a busy fall housing market. New listings were down in the Charlotte region by 2%, falling to 5,572. Pending sales increased by 26%, and inventory shrank by 51% to 5,203 homes. Prices moved higher as the median sales price jumped up by 12% to $290,000, while the months’ supply of homes for sale went down by 53% to 1.2 months. This indicates that demand has increased relative to supply.
“The healthy housing demand we see today will create significant tailwinds in the short term.”
As we look toward the fall, we’d normally expect housing activity to slow a bit as the back-to-school season begins, but this year is far from normal. While the upcoming elections and the potential for a seasonal resurgence of COVID-19 load the financial and housing markets with uncertainty, the healthy housing demand we see today will create significant tailwinds in the short term.
If you have any questions about the market or real estate in general, don’t hesitate to reach out to me. I’d love to hear from you.
