Luxury Homes Market: Charlotte July 2024

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

The July 2024 luxury homes market in Charlotte region saw a 33.3% increase in new listings. Inventory increased 43.5%. The months supply of homes for sale increased to 4.1 months from 3.4 months one year ago, keeping the luxury segment of Charlotte’s market in a balanced position. Median home sale price declined slightly by 0.8% to $1,339,000, while the average home sale price increased 8.5% to $1,617,172. Closed sales increased 33.1% in July 2024 versus the same month one year ago. Pending sales improved 13.5% from one year ago. Median list to sale price ratio declined 2.5% to 96.8%. Buyer foot traffic declined in July 2024 to 5.1 showings per listing from 7 showings in the same month last year. On average, single family luxury homes saw 14 showings before going under contract (down one from one year ago).  Median days on market were 13 in July 2024, increasing from 7 days the same month one year ago. Average days on market declined by two days from July 2023.

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

Month-over-month, July 2024 luxury homes market in Charlotte region saw single family home new listings decline from June 2024 with 296 new listings versus 360 in the prior month.  Median sale price was essentially flat, decreasing $3,000 month-over-month. The average sale price increased $159,025 month-over-month.  Closed sales declined in July versus June, as did pending sales. The list to sale price ratio declined 2.1% from one month ago.  Active listings increased from June to 762 properties from 741. Median days on market increased 6 days; average days increased 3 days from 29 days one month ago. The months supply of inventory increased 0.1 months from June. Month-over-month, buyer foot traffic was relatively flat, declining to 5.1 showings per listing from 5.6 showings. 

Luxury Homes Market Charlotte Region July 2024 Snapshot

• Homes Sold: 221 in July 2024, up 33.1% compared with July 2023. The number of homes sold month-over-month declined by 35 homes.
• Pending Sales: 202 in July 2024, up 13.5% compared with July 2023. Pending sales declined month-over-month by 67 homes.
• New Listings: 296 in July 2024, up 33.3% compared with July 2023. New listings declined by 64 homes month-over-month. 
• Inventory of Homes: up 43.5% to 762 in July 2024 compared with July 2023.  Inventory increased by 21 homes from the previous month. 
• Months Supply of Homes:  was 4.1 months, up from 3.4 months in July 2023. Months supply of homes increased 0.1 months from June 2024.
• Average Days on Market: 32 days in July 2024 compared with 34 days in July 2023.  Average days on market increased 3 days from June 2024.
• Median Days on Market: 13 days in July 2024 compared with 7 days in July 2023. Median days on market increased 6 days from June 2024.
• Average Sale Price: improved 8.5% year-over-year to $1,755,053 (about $137,000) in July 2024. Compared with June 2024, the average sale price increased approximately $159,000.
• Median Sale Price: declined 0.8% year-over-year to $1,339,000.  Month-over-month, median home sale price declined negligibly by about $3,000.
• Median % Of List Price Received: declined 2.5% to 96.8% in July 2024 compared with July 2023. Month-over-month, the list to sale price ratio declined 2.1%.

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This Charlotte region luxury homes market July 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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