Charlotte luxury homes market in May 2022 saw continued demand for luxury homes, keeping it a seller’s market year-to-date. Sellers continued to receive a higher list to sale price, while the months supply of inventory remained flat at 2.5 months. Homes sold quickly with median days on market just three days.
Charlotte Region’s Luxury Home Market Overview: May 2022
Latest news on Charlotte Region’s luxury housing market in May 2022 and what it means for you…
Charlotte Region’s single family luxury homes real estate market remained strong with ongoing low levels of inventory that for the most part have not been seen in more than a decade. Days on market, both average and median, were down year-over-year. With the luxury market enjoying a solid increase in new listings year-over-year, closed and pending sales increased in May. Average and median sales prices were down slightly year-over-year and month-over-month. However as, luxury home sellers continued to see a higher sale price as a percent of listing price, so 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 May.
Throughout much of 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. The luxury market remains a seller’s market in 2022 year-to-date with just 2.5 months of inventory. Although it’s slowing down a bit, it will probably remain a seller’s market for some months to come.
Luxury Housing Market Snapshot For Single Family Homes: Charlotte Region May 2022:
- Homes Sold: 196 in May 2022, up 16.0% compared with May 2021. The number of homes sold was up month-over-month.
- Pending Sales: 198 in May 2022, up 18.6% compared with May 2021. Pending sales were down month-over-month.
- New Listings: 300 in May 2022 up 57.1% compared with May 2021. New listings were up by seven month-over-month.
- Inventory of Homes: up 11.5% to 368 in May 2022 compared with May 2021. Inventory of homes was up month-over-month.
- Months Supply of Homes: flat with 2.5 months supply compared with 2.5 months supply in May 2021 and 8.1 months supply in May 2020. Months supply of homes was up 0.4 months over March 2022.
- Average Days on Market: 23 days in May 2022 compared with 32 days in May 2021 and 61 days in May 2020. Average days on market increased six days month-over-month.
- Median Days on Market: 3 days in May 2022 compared with 4 days in May 2021 and 7 days in May 2020.
- Average Sale Price: down 3.6% at $1,568,380 in May 2022 compared with $1,627,205 in May 2021.
- Median Sale Price: down 1.0% at $1,352,450 in May 2022 compared with $1,366,000 in May 2021.
- Median % Of List Price Received: up 2.3% to 102.3% in May 2022 compared with 100% in May 2021. Average % of list price received increased 3.1% to 103.0% year-over-year.
The most expensive home sold in the Charlotte Region in May 2022 sold for $4,222,000 at The Point on Lake Norman. Built on .74 acres in 2006 by Simonini Brothers, this was a 7,612 square foot, waterfront home. The basement home featured five bedrooms, six full bathrooms, three half bathrooms, a chef’s kitchen and an outdoor kitchen, as well as an in-ground pool and four car garage. For the boating enthusiast, the home also featured a boat lift, floating dock, a pier, and a watercraft lift. The home sold in one day at full asking price.
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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 20+ years.
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