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."
Chu – 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
The update is part of CKCRE’s Housing Summit Series, which is based on the award-winning “State of Housing in Charlotte” research report. The report, first presented in February 2019 as part of a five-year research project, provides a comprehensive, data-driven analysis of the current state of the housing markets in the Charlotte region and an overview of the recent trends.
The report focuses on the eight-county Charlotte region: Mecklenburg, Cabarrus, Gaston, Iredell, Lincoln and Union counties in North Carolina, and Lancaster and York counties in South Carolina.
“The State of Housing in Charlotte” report aims to enable more informed decision-making in the marketplace. A full annual report will be released this fall, examining not only the single-family market but the rental and public/subsidized housing sectors.
In April, CKCRE’s report was recognized by AACSB International through its 2020 Innovations That Inspire Challenge. The Belk College is one of only 25 business schools worldwide to receive recognition this year.
CKRE’s State of Housing in Charlotte is funded by Canopy Realtor® Association, Center City Partners, Crosland Southeast, Evergreen Strategies, Foundation for the Carolinas, INLIVIAN, Moore & Van Allen, National Association of Realtors, Piedmont Public Policy Institute and True Homes Inc.
The report and a video of the presentation will be available on the CKCRE website.
The Childress Klein Center for Real Estate was established in 2005 to advance knowledge in real estate, public policy and urban economics through graduate education, applied research, and industry/community collaboration.