The housing market in 2020 and 2021 have a whole lot in common. Far from slowing it down, the pandemic (with low interest rates and inventory) kicked the real estate market into overdrive. That hot market of 2020 is continuing across the country well into 2021. What does that mean for Ribbon’s operating markets? Let’s dive in.
In North Carolina, home prices are continuing to climb. The average home price in the Charlotte area increased 15.5% since 2020. That means homes are now selling for an average of $367,961 in 2021, up from $311,449 in 2020. Inventory is also down 62% from last year.
Only 3,104 homes were listed in the Charlotte area in May 2021 – down from 8,177 in 2020. With so few homes on the market, houses are going fast. In fact, the average days on market is down 55.6%. Homes are only on the market for an average of 16 days in 2021, down from 36 days in 2020. And we’re seeing similar trends in North Carolina’s neighbor.
Much like North Carolina, South Carolina has also seen rising prices. Charleston prices have skyrocketed 39% in the past year. The average home is now priced at $508,228, up from $365,626 in May 2020. Inventory has also fallen drastically. In Charleston, inventory is down 71.7%. In May 2021, there were only 1,466 homes listed for sale, down from 5,184 homes in May 2020. So you can bet they’re going fast. The average home spent 23 days on the market in 2021. That’s a 54.9% decrease from 2020, when homes spent over 51 days available.
Now onto Georgia. Home prices have increased 14% in the last year. The average single-family home now costs $272,000, which is up from $237,570 in 2020. Contributing to rapidly increasing prices is the lack of inventory in Georgia. Inventory is down 51.6%. There are only 17,171 properties for sale in Georgia in May, down from 35,449 listings in May 2020. With fewer homes for sale, days on market has also decreased from 54 days in 2020 to 43 days in 2021. That’s a 20.4% decrease. Seeing a trend?
Similar to our other operating markets, Texas is also seeing large home value appreciation. In May 2021, the median home value in Texas was up 13.4%. The median home price is now $274,300, up from $241,500 in 2020. Inventory is also falling in Texas. Active listings in the first quarter 2021 are down 53% from the year before. There are currently 43,542 active listings statewide in Texas, down from 91,363 in 2020. Days on market are also down for homes in Texas. Homes spent 47 days on market in 2021, down from 67 in 2020.
Lastly, we have Tennessee. The average home price is up 18.8%. In 2021, the average home price is $291,000, up from $245,000 in 2020. That’s a significant jump in price. And unfortunately inventory has fallen drastically to match. This year’s inventory is down by 78.1% when compared with the year before. There are only 7,966 active listings in May 2021, down from 36,408 in 2020. A real shock for those looking to purchase something new. Clients have to move fast too in Tennessee too, the average home spends 47 days on market in May 2021, down 26.6% from the same time last year.
As you can tell, across all of our operational markets, prices are rising and inventory and days on market are falling. If that wasn’t complicated enough, despite low inventory, buyers have more competition than ever. This means that to secure your dream home, you need your offer to stand out way beyond what is usually seen as a “good offer.” Luckily, Ribbon can help make your offer the winning offer.
Now, looking to sell? You’re in an amazing market for it. Home prices are way up. So, you can get more for your home. You may even be thinking about selling when in the past you wouldn’t have. This puts you into the selling pool but with one big question—how do I buy a new home and sell my current home within the perfect timeline? With Ribbon’s buy before you sell, you can secure your dream home before selling your current home and get extra time. Turns out the perfect timeline is your own!
For every buyer and seller there is an agent. A booming real estate market can be good for agents, it can also make it difficult for you to secure clients. It’s more important than ever to have a competitive advantage to attract clients. And, serve them better. With Ribbon’s innovative offer platform, you can create a seamless and low-stress digital experience that will wow clients.
Learn more today about how Ribbon can help buyers, sellers, and their agents in the current ultra-hot real estate market.