Mecklenburg County just released their year ending Residential Housing Market Report for 2021, showing a nearly 20% year-over-year increase in average home prices in the county, as well as far fewer listings and more sales than in 2020.
The report was compiled with data from the Canopy MLS, the U.S. Census Bureau, and the Bureau of Economic Analysis by Mecklenburg County’s Economist Michael B. Simmons.
The following are the key takeaways from the report:
- The Housing market in Mecklenburg finished the year with home prices averaging $471,086, a 19.8% increase from last December. Home prices should continue to increase in the coming months as there is a very limited number of homes available and overwhelming demand for the area.
- Mecklenburg County’s year-over-year home sales in December decreased 7.7%, with 1,844 properties sold compared to 1,997 properties over the same period last year.
- Pending sales were up 5.2% for the month with 1,499 this year compared to 1,425 in the previous year.
- New listings year-over-year were down 0.7% with 1,352 properties up for sale compared to 1,361 properties up for sale over the same period last year.
- The average home price year-to-date through December for the County is up 17.4% at $440,275 compared to $375,062 during the same year-to-date period last year.
- The inventory of available homes for sale in December is down 50.0% with 1,011 homes available compared to 1,925 last year. The current month’s supply of housing in County decreased to 0.5 months.
In the report, Simmons also noted that due to the record low level of inventory last year, we’ve now started this year with an even larger supply/demand imbalance than the beginning of 2021, implying that prices will likely continue to increase.
It’s likely that the fed will begin to increase interest rates in an attempt to calm inflation numbers, but it’s unclear how much this might affect home prices over the next year.
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