Ballantyne Real Estate Market Update – First Quarter 2020
The number of homes for sale in 28277 is down 25% in response to the stay-at-home order, but the demand is high. Currently, there is less than a 2-month supply of homes in Ballantyne. Residential real estate in the area has appreciated on average 4-5.5% from the prior 12 months. However, despite the low inventory, in the past 12 months, closed home sales are up 8%. The number of days on market has remained consistent with previous years, averaging around 38 days. Due to restrictions placed on Mecklenburg County for COVID-19, April and May are anticipated to have a slight decline in activity. But, once the restrictions are lifted, we are anticipating higher than usual demand as interest rates are averaging below 3.65%, and many buyers and sellers were simply forced to postpone their real estate activity.
To learn more about the market and see the latest market stats, contact us for more information.
