UNC Charlotte Issues State of Housing in Charlotte Update

1051

After seeing a drop in April and May due to the COVID-19 pandemic, single-family home sales in the Charlotte region are surging back, according to an update from UNC Charlotte’s Childress Klein Center for Real Estate (CKCRE), part of the Belk College of Business.

“The bottom line is that despite the pandemic, the demand for single-family housing throughout the Charlotte region remains strong,” said Yongqiang Chu, CKCRE director. “However, supply is extremely limited.”

CKCRE_covid_soh_update_ppt3.jpgChu – who is also the Childress Klein Distinguished Professor of Real Estate and Urban Economics and professor of finance for the Belk College – presented the data during the State of Housing in Charlotte Virtual Update on Thursday, July 23.

Earlier this year, the supply of single-family housing had loosened up across the region, Chu said. However, this changed starting in April and continued through June. For June, housing inventory in the region dropped to 2.91 months. For Mecklenburg County, inventory was even lower, at 2.79 months.

For June, monthly single-family housing sales rebounded across the region with 3,833 sales, a .04% increase over June 2019.

The update, based on Canopy MLS (Multiple Listing Service) Data, also found for June:

  • Pending single-family home sales for the region increased 19% over June 2019 at 4,394.
  • The region’s median housing price was $309,000, the highest since May 2019. For Mecklenburg County, the median price increased to $319,490.
  • The quality adjusted price continued to trend upward.

Comments

comments