Luxury homes market in Charlotte region saw closed sale decrease, but pending sales increase year-over-year. Pending sales were also increased month-over-month. Months supply of homes stood at 2.4 months in January, up year-over-year, but down from December 2022. List to sale price ratio was 0.6% lower in January 2023 year-over-year, but 2.7% high compared with December 2022. Both average and median sale prices were down year-over-year and month-over-month.
Luxury Homes Market In Charlotte Region Overview: January 2023
Luxury homes market in Charlotte region in January 2023 and what it means for you…
YEAR-OVER-YEAR TRENDS IN THE LUXURY HOME MARKET IN CHARLOTTE REGION
The luxury market in Charlotte region saw a 3% increase in new listings year-over-year (equal to four homes), while inventory increased year-over-year by just under 39.3%. The months supply of inventory increased from 1.8 months one year ago to 2.4 months. Median home sale prices decreased 15.8%, while average home sale prices decreased 15%. Closed sales decreased in January 2023 versus the same month one year ago. Median list to sale price ratio dropped 0.6% year-over-year, while the average list to sale price ratio decreased 1.6%. Buyer foot traffic decreased by almost 34.9% from 14.6 showings per home to 9.5 showings year-over-year.
MONTH-OVER-MONTH TRENDS IN THE LUXURY HOME MARKET IN CHARLOTTE REGION
On a month-over-month basis, the luxury homes market in Charlotte saw new listings increase significantly compared with December 2022 with just 139 new listings in January versus 54 in December. Average sales prices decreased, as did median sale prices. Closed sales decreased in January versus December. Pending sales increased compared with December 2022. The list to sale price ratio was lower month-over-month. Active listings decreased in January compared with December. Both average and median days on market increased in January compared with December 2022. The months supply of inventory decreased month-over-month by 0.1 months. Buyer foot traffic increased from 5 showings in December to 9.5 showings in January.
Luxury Housing Market Snapshot For Single Family Homes: Charlotte Region January 2023:
- Homes Sold: 63 in January 2023, down 20.3% compared with January 2022. The number of homes sold month-over-month decreased by 56 homes.
- Pending Sales: 141 in January 2023, up 11% compared with January 2022. Pending sales were up month-over-month by 78 homes.
- New Listings: 139 in January 2023, up 3% compared with January 2022. New listings increased by 85 homes month-over-month.
- Inventory of Homes: up 39.3% to 358 in January 2023 compared with January 2022. Inventory dropped by 20 homes from December 2022.
- Months Supply of Homes: up 33.3% to 2.4 months supply compared with 1.8 months supply in January 2022. Months supply of homes decreased by 0.1 months in January 2023 versus December 2022.
- Average Days on Market: 65 days in January 2023 compared with 44 days in January 2022. Average days on market increased by 26 days month-over-month.
- Median Days on Market: 25 days in January 2023 up 5 days over January 2022. Median days on market were still lower by 8 days than they were in January 2021.
- Average Sale Price: down 15% year-over-year to $1,422,230. Month-over-month average sale price also decreased.
- Median Sale Price: down 15.8% year-over-year at $1,200,000 from $1,425,000. Month-over-month, median home sale prices decreased by approximately $100,000.
- Median % Of List Price Received: decreased 0.6% to 98% in January 2023 compared with 98.6% in December 2022. Month-over-month, the list to sale price ratio was 2.7% higher.
THE MOST EXPENSIVE HOME SOLD IN THE CHARLOTTE REGION IN JANUARY 2023
The most expensive home sold in the Charlotte region in January 2023, sold for $2,783,470 in Charlotte’s Providence Park neighborhood. A new construction project by RAM Construction due for completion in 2023, the home is situated on 0.46 acres and will features 6,065 square feet with five bedrooms, four full bathrooms, two half bathrooms. The custom home 2.5 story home will also feature a 2-car garage, four sides brick, a front porch and a back porch.
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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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