Homes report art

Pending home sales in Union County reached 5,198 in 2021, according to a report from Canopy Realtor Association. The sales represent a 5.7% increase compared to home sales in 2020.

Canopy Real Estate Association reports the 16-county Charlotte region had a “banner year of sales” in 2021 with 59,031 homes sold. According to Canopy, the figures represented an 8.2% increase in sales for the year. The agency, who reports data on the residential real estate market for the Charlotte region from Canopy MLS,

Canopy reports year end pending sales figures demonstrated buyer demand over the past year was strong. Pending sales in Union County ended the year at 5,198, a 5.7% increase over the year before. Canopy reported the figures demonstrate demand for homes will remain steady in the first quarter of 2022.

“Sales activity this past year continues to show just how desirable the Charlotte market is. Sales and prices reached new heights, inventory was and still is, critically low and yet homes sold in record time and often for well above asking price,” said 2022 Association/Canopy MLS President Lee Allen in a press release. “Though mortgage rates are rising, they’re still beginning the year at historic lows and remain attractive. However, as rates push upwards, we can expect steady buyer activity, as locking into a firm mortgage payment motivated many renters this past year and will drive sales throughout the year.”

Inventory of homes for sale in the Union County market were down 43.6% in December with 195 listed for sale. This represented a 0.5 months supply of homes, down 37.5% compared to last December.

Allen said sales and prices reached new heights in the region despite what he called critically low inventory. Still, Allen said homes sold in record time and in many cases above asking price.

Canopy reported the average list price in Union County for 2021 was $468,117 and the average sales price was $456,151. The number of days on the market until sale in Union County was 16 days in 2021.

“Realtors will continue to watch affordability this year, and its impact on first-time home buyers and workforce buyers,” Allen said in the release. “What we are seeing is that there continues to be a growing lack of affordability, particularly for buyers desiring to live in the city of Charlotte, with surrounding counties typically thought of as rural, still offering more affordable solutions for buyers willing to trade commute for affordability.”

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