It’s not just the lower price points where demand for housing is soaring in the Charlotte market. Local homes for sale between $950,000 and $1.5 million are also seeing a big uptick in activity compared to years past.
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Pending sales, which serve as a barometer of buyer demand, in the $950,000 to $1.5 million range have jumped 57.4% here in the first eight months of 2021, increasing to 960 from 610 in the same time frame as last year. And the increase is much greater when looking further back. From January to August of 2019, for instance, the number of Charlotte-area homes under contract was reported at 465. In 2018, it was just 410. That puts this year’s growth in pending sales at that price point at 106.5% from 2019 and 134.1% from 2018.
Those stats come from Canopy MLS and make up the fourth installment of CBJ’s five-part series delving into the local housing market.
Throughout December, the Charlotte Business Journal has been taking a look at just what local homebuyers can expect to find on the market at a range of price points and how housing dynamics have shifted in the past few years.
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CBJ has analyzed the Canopy data, which encompass the Charlotte metro area at five different price brackets: $250,000 to $350,000; $450,000 to $550,000; $650,000 to $750,000; $950,000 to $1.5 million; and $2.5 million to $3.5 million. The data span January through August of 2018, 2019, 2020 and 2021, and includes single-family homes, condos and townhouses.
In the $950,000 to $1.5 million bracket, inventory in terms of months of supply has been cut in half. There was an average 4.1 months of inventory from January to August this year. That’s down from a 9.4-month level in 2020, a 10.1-month supply in 2019 and a 11.7-month inventory in 2018.
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