Luxury homes market in Charlotte region saw closed and pending sales down year-over-year. However, closed sales were up month-over-month. Months supply of homes stood at 2.5 months in December and new listings were down significantly. List to sale price ratio continued to drop providing luxury home buyers an opportunity to negotiate on price.
Charlotte Region’s Luxury Home Market Overview: December 2022
Latest news on Charlotte Region’s luxury housing market in December 2022 and what it means for you…
YEAR-OVER-YEAR TRENDS IN THE LUXURY HOME MARKET IN CHARLOTTE REGION
The luxury market saw a 26% decrease in new listings year-over-year, while inventory increased year-over-year by just under 40%. The months supply of inventory increased from 1.9 months one year ago to 2.5 months. Median home sale prices increased 0.9%, while average home sale prices decreased 3.9%. Closed sales decreased in December 2022 versus the same month one year ago. Median list to sale price ratio dropped 4.7% year-over-year, while the average list to sale price ratio decreased 2.2%. Buyer foot traffic decreased by almost 32.4% from 7.4 showings per home to 5 showings year-over-year.
MONTH-OVER-MONTH TRENDS IN THE LUXURY HOME MARKET IN CHARLOTTE REGION
On a month-over-month basis, new listings decreased significantly compared with November 2022 with just 54 new listings in December versus 126 in November. Average sales prices increased, as did median sale prices. Closed sales increased in December versus November. Pending sales were down compared with November 2022. The list to sale price ratio was lower month-over-month. Active listings decreased in December compared with November, as did average days on market. The months supply of inventory decreased month-over-month by 0.5 months. Buyer foot traffic decreased from 7.2 showings in November to 5 showings in December.
Luxury Housing Market Snapshot For Single Family Homes: Charlotte Region December 2022:
- Homes Sold: 119 in December 2022, down 23.2% compared with December 2021. The number of homes sold month-over-month increased by 6 homes.
- Pending Sales: 63 in December 2022, down 23.2% compared with December 2021. Pending sales were down month-over-month by 36 homes.
- New Listings: 54 in December 2022, down 26% compared with December 2021. New listings decreased by 100 homes month-over-month.
- Inventory of Homes: up 39.8% to 376 in December 2022 compared with December 2021. Inventory dropped by 76 homes from November to December 2022.
- Months Supply of Homes: up 31.5% to 2.5 months supply compared with 1.9 months supply in December 2021. Months supply of homes decreased by 0.5 months in December 2022 versus November 2022.
- Average Days on Market: 39 days in December 2022 compared with 46 days in December 2021. Average days on market decreased by 5 days month-over-month.
- Median Days on Market: 21 days in December 2022 up 9 days over December 2021. Median days on market were one day higher month-over-month.
- Average Sale Price: down 3.9% year-over-year to $1,538,835. Month-over-month average sale price increased by just over $20,000.
- Median Sale Price: up 0.9% year-over-year at $1,362,254 from $1,350,000. Month-over-month, median home sale prices increased by approximately $12,000.
- Median % Of List Price Received: decreased 4.7% to 95.3% in December 2022 compared with 100% in December 2021. Month-over-month, the list to sale price ratio was 1.1% lower.
THE MOST EXPENSIVE HOME SOLD IN THE CHARLOTTE REGION IN DECEMBER 2022
The most expensive home sold in the Charlotte region in December 2022, sold for $5,997,906 in Charlotte’s historic Myers Park area. Built in 2017, the home is situated on 0.6 acres and features 6,560 square feet with six bedrooms, six full bathrooms, two half bathrooms. The custom home also features a 785 square foot guest house with a bedroom, bathroom, kitchen, living room and laundry; an in-ground pool; a 3-car garage.
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AVERAGE SALE PRICE TRENDS FOR LUXURY HOMES IN THE CHARLOTTE REGION
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This Charlotte region luxury housing market update is provided by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Realty, Greater Charlotte Region luxury residential real estate experts serving Charlotte area luxury home buyers and sellers for 22+ years.
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