Charlotte luxury homes market in June 2022 saw continued demand for luxury homes, keeping it a seller’s market year-to-date. Despite an increase in inventory and new listings, sellers continued to receive a higher list to sale price, average home sale prices close to historic highs, lower days on market.
Charlotte Region’s Luxury Home Market Overview: June 2022
Latest news on Charlotte Region’s luxury housing market in June 2022 and what it means for you…
Despite predictions of a major market correction beginning, Charlotte Region’s single family luxury homes real estate market remained strong. Days on market, both average and median, were down year-over-year. Despite the luxury market enjoying a solid increase in new listings year-over-year, closed and pending sales increased in June. Average sales prices increased year-over-year and month-over-month. Average sale prices were close to historic highs. Median home say prices were down 1.1% year-over-year and about $2,000 month-over-month. As luxury home sellers continued to see a higher median and average sale price as a percent of listing price, it’s too early to say that the drop in sale prices is due to a slowdown in the market versus the price mix of home sold in June.
Throughout 2021 there was concern that luxury home buyers might “give in” to buyer fatigue and take a “wait and see” position due to frustrations caused by multiple offers, declines in inventory, and the lack of inventory. This did not occur in 2021 and thus far this does not appear to be the case in 2022, despite a gradual increase in inventory in spring 2022. Both pending and closed sales increased year-over-year in June, as well as month-over-month.
Luxury Housing Market Snapshot For Single Family Homes: Charlotte Region June 2022:
- Homes Sold: 234 in June 2022, up 13.0% compared with June 2021. The number of homes sold was up month-over-month.
- Pending Sales: 207 in June 2022, up 24.0% compared with June 2021. Pending sales were up month-over-month.
- New Listings: 340 in June 2022 up 71.1% compared with June 2021. New listings were up by 40 homes month-over-month.
- Inventory of Homes: up 43.9% to 469 in June 2022 compared with June 2021. Inventory of homes was up by 101 homes month-over-month.
- Months Supply of Homes: up 29.2% to 3.1 months supply compared with 2.4 months supply in June 2021. Months supply of homes was up 0.6 months over May 2022.
- Average Days on Market: 19 days in June 2022 compared with 28 days in June 2021. Average days on market decreased four days month-over-month.
- Median Days on Market: 4 days in June 2022 compared with 5 days in June 2021. Median days on market increased by one day month-over-month.
- Average Sale Price: up 2.7% at $1,626,769 in June 2022 compared with $1,584,249 in June 2021. Month-over-month, average home sale prices increased about $59,000.
- Median Sale Price: down 1.1% at $1,350,000 in June 2022 compared with $1,365,319,000 in June 2021. Month-over-month, median home sale prices dropped $2,450.
- Median % Of List Price Received: up 0.9% to 100.9% in June 2022 compared with 100% in June 2021. Month-over-month, median % of list price received was down 1.4%. Average % of list price received increased 1.2% to 101.9% year-over-year.
The most expensive home sold in the Charlotte Region in June 2022 sold for $7,200,000 in Carmel Park in south Charlotte. Built on 2.63 acres in 2008 by Potter Brothers, this was a 9,155 square foot, lakefront home. The basement home featured five bedrooms, six full bathrooms, three half bathrooms, second living quarters with a kitchen and laundry, and an outdoor kitchen, as well as an in-ground pool, stationery dock and 4+ car garage. The home sold at full asking price.
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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 20+ years.
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