2020 Mint Hill Real Estate Market and Beyond

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MINT HILL, NC – The 2020 Mint Hill Real Estate Market can only be described as amazing. Low-interest rates, astounding demand, and low supply have surpassed all expectations we had at the beginning of the year. The slowdown we experienced after Covid-19 started surging, did not last long. Usually, the spring and summer months are the best times of year to sell your home. In 2020 almost all months were comparably strong. Sellers have experienced record sales prices. Multiple offers with heartfelt “pick me” letters from buyers to sellers were the norm. Buyers guaranteeing a certain amount of money over and above the appraisal in case it fell short was a common occurrence. Sometimes thousands of dollars in due diligence fee set apart buyers that were not afraid to put skin in the game to increase their chances of getting an offer accepted. In 2020 ‘getting a deal’ meant getting your offer accepted!

Here are some interesting 2020 statistics:

Closed Sales:

Mint Hill: 512 (-0.8%)  –   Charlotte: 17,023 (+3.4%)

Average Sales Price

Mint Hill $358,300 (+8.8%)  –  Charlotte: $360,550 (+9.1%)

Median Sales Price

Mint Hill: $344,408 (+9.3%)  –  Charlotte: $282,000 (+10.6%)

Months of supply

Mint Hill: 1.7 months (-26.1%)  – Charlotte: 1.5 months (-28.6%)

Average Days on Market:

Mint Hill: 34 days (-20.9%)  –  Charlotte: 29 days (-17.1%)

Average $/sqft:

Mint Hill: $137 (+6.2%) – Charlotte: $174 (+9.4%)

Currently, Mint Hill has only 27 homes on the market. Those include single-family homes, townhomes, new construction, re-sale, distressed sales, etc. 16 of those 27 homes are new construction!

In the last 30 days, 23 homes have gone under contract in Mint Hill!

How is this possible during the Covid19 crisis? Charlotte has been noted to be the 3rd hottest real estate market in the country right now; more people are moving into the area than are leaving. Demand is very high due to low-interest rates and people’s desire to move to the suburbs; inventory is down by close to 50% in some areas.  Being a seller is this market can have a big positive impact on your seller’s net, however as a buyer, be prepared to pay top dollar!

What will 2021 look like for sellers?

How quickly your home will sell is indirectly correlated to the absorption rate, condition of your home, overall location, surrounding area, features, demand, and supply. Experts do not expect demand to decrease much or at all, barring any unforeseen economic developments.  No matter what the conditions are, your asking price needs to be reflective of all those different puzzle pieces. Then, with great exposure and the guidance of a qualified real estate professional, your home will sell in a reasonable amount of time for top dollar!

What will 2021 look like for buyers?

Buyers are expected to continue to face stiff competition. The best strategy is to be fully pre-approved, do not have any contingencies (e.g. a house to sell before you can buy), be prepared to bring a competitive offer and due diligence fee, pay our own closing costs and bring a ‘clean’ offer.

I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me.  (704) 650-5707 | annagrangerhomes@gmail.com.

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