Luxury Homes Market: Charlotte August 2024

YEAR-OVER-YEAR TRENDS IN CHARLOTTE REGION’S LUXURY SINGLE FAMILY HOME MARKET 

The August 2024 luxury homes market in Charlotte region saw a 32.3% increase in new listings. Inventory increased 42.5%. The months supply of homes for sale remained unchanged at 4.1 months, keeping the luxury segment of Charlotte’s market in a balanced position. Median home sale price increased slightly by 1.7% to $1,370,000, while the average home sale price declined 0.2% to $1,625,136. Closed sales increased 12.1% in August 2024 versus the same month one year ago. Pending sales improved 32.2% from one year ago. Median list to sale price ratio declined 2.3% to 96.5%. Buyer foot traffic declined in August 2024 to 4.9 showings per listing from 7.5 showings in the same month last year. On average, single family luxury homes saw 12 showings before going under contract (down one from one year ago).  Median days on market were 17 in August 2024, increasing from 7 days the same month one year ago. Average days on market increased four days from August 2023.

MONTH-OVER-MONTH TRENDS IN CHARLOTTE REGION’S LUXURY SINGLE FAMILY HOME MARKET 

Month-over-month, August 2024 luxury homes market in Charlotte region saw single family home new listings increase from July 2024 with 311 new listings versus 296 in the prior month.  Median sale price was essentially flat, increasing $8,000 month-over-month. The average sale price declined $129,917 month-over-month.  Closed sales increased by one property in August versus July. Pending sales increased to 230 from 202 one month ago. The average list to sale price ratio declined 1.3% from one month ago.  Active listings were essentially unchanged month-over-month with August seeing one less listing compared with July. Median days on market increased four days; average days increased three days from 32 days one month ago. The months supply of inventory was unchanged month-over-month at 4.1 months. Month-over-month, buyer foot traffic was relatively flat, declining to 4.9 showings per listing from 5.1 showings. 

Luxury Homes Market Charlotte Region August 2024 Snapshot

• Homes Sold: 222 in August 2024, up 12.1% compared with August 2023. The number of homes sold month-over-month increased by one home.
• Pending Sales: 230 in August 2024, up 32.2% compared with August 2023. Pending sales declined month-over-month by 28 homes.
• New Listings: 311 in August 2024, up 32.3% compared with August 2023. New listings increased by 15 homes month-over-month. 
• Inventory of Homes: up 42.5% to 761 in August 2024 compared with August 2023.  Inventory declined by one home from the previous month. 
• Months Supply of Homes:  was 4.1 months, up from 3.4 months in August 2023. Months supply of homes was unchanged from July 2024.
• Average Days on Market: 35 days in August 2024 compared with 31 days in August 2023.  Average days on market increased 3 days from July 2024.
• Median Days on Market: 17 days in August 2024 compared with 7 days in August 2023. Median days on market increased 6 days from July 2024.
• Average Sale Price: was relatively flat, declining 0.2% year-over-year to $1,625,136 (about $3,600) in August 2024. Compared with July 2024, the average sale price declined just under $130,000.
• Median Sale Price: improved 1.7% year-over-year to $1,370,000.  Month-over-month, median home sale price increased by about $31,000.
• Median % Of List Price Received: declined 2.3% to 96.5% in August 2024 compared with August 2023. Month-over-month, the list to sale price ratio declined slightly by 0.3%.

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This Charlotte region luxury homes market August 2024 update is provided  by Nina Hollander  with Coldwell Banker Realty, Greater Charlotte Region luxury residential real estate expert serving Greater Charlotte luxury home buyers and sellers since 1999.

If you’re considering selling or purchasing a luxury home in the Charlotte region, I’d love an opportunity to earn your business, to exceed your expectations, and to show you why experience matters and how:

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