The Absorption Rate is an indicator of demand for homes in a certain geographical area. It also shows what kind of home inventory this area has. You calculate it by dividing how many homes have gone under contract in the last 30 days by how many homes are currently active for sale on the market.
20% and below is considered a Buyer’s Market.
33% and above is considered a Seller’s Market.
20%-33% is considered a Balanced Market.
Currently (9/15/2019) Mint Hill has 86 homes on the market. Those include single family homes, townhomes, new construction, re-sale, distressed sales, etc.
In the last 30 days, 39 homes have gone under contract in Mint Hill.
That’s an absorption rate of 45% indicating Mint Hill is experiencing a seller’s market.
If no other homes were listed, all homes would be sold in a matter on just 2.2 months. It’s still a great market for sellers, no doubt!
The average days on market in Mint Hill currently is 45 days. Some homes go under contract in a very short period of time; other take longer for various reasons. Your home’s price point often times affects the amount of days it takes to sell it. If your home is much more expensive than the Mint Hill median sales price of $310,000, then it might take a little longer. But I have also personally experienced higher end homes going very quickly if they offer great features and are priced well for their location, size and features.
The average sales price in Mint Hill right now is $323,976, up 4.7% from last year.
In the last 6 months, 290 homes closed in Mint Hill. 52 out of those 290 homes were new construction. 15 closed at $500,000 and above. 44 homes closed between $400,000 and $499,999. 105 homes closed between $300,000 and $399,999. 96 homes closed between $200,000 and $299,999. 30 homes closed below $199,999.
The average $/square foot is approximately $127, up 7.6% from last year.
How quickly your home will sell is in directly correlation to the absorption rate, condition of your home, overall location, surrounding area, features. Your price needs to be reflective of all those different puzzle pieces. Then, with great exposure, your home will sell in a reasonable amount of time.
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 | firstname.lastname@example.org.