Charlotte Area Market Stats – October 2020 | Apex Realty of the Carolinas
October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.
Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may offset any decline in prices this year.
Here’s a snapshot of the Charlotte market real estate activity for October 2020 (compared to October 2019):
- New Listings were up 6 percent to 4,718.
- Pending Sales increased 19.5 percent to 4,398.
- Homes Sold increased 10.4 percent to 4,248.
- Inventory shrank 47.5 percent to 4,382.
- Median Sales Price increased 15.5 percent to $298,000.
- Months’ Supply of Homes for Sale decreased 52.2 percent to 1.1, which continues to be the lowest level of inventory our market has seen.
Our agents at Apex Realty of the Carolinas are real estate experts in markets throughout North and South Carolina, representing home sellers and buyers across the region. Our firm continues to seek innovative ways to provide the best quality information and marketing online for home sellers and buyers.
Our market expertise, use of virtual home tours, drone technology for aerial and neighborhood views, e-signing, and video conferencing for seller and buyer consultations allows us to present our clients with the best, most convenient methods to close the deal.
If you have any questions regarding the overall Charlotte market or activity in your specific or desired neighborhood, please feel free to give us a call or send us a message. One of our agents will be glad to assist you!