Charlotte luxury homes market in October 2022 continued to see solid demand for luxury homes with closed sales up year-over-year. Average and median sale prices were up year-over-year and month-over-month. Days on market were down. Inventory and new listings were up year-over-year, but new listings were down from September 2022.
Charlotte Region’s Luxury Home Market Overview: October 2022
Latest news on Charlotte Region’s luxury housing market in October 2022 and what it means for you…
In spite of predictions of a significant market correction in 2022, Charlotte Region’s single family luxury homes real estate market remained relatively strong year-over-year and continued to “hold its own” through October 2022. Median days on market increased by four days, year-over-year, but decreased four days month-over-month. Average days on market decreased five days year-over-year.
The luxury market saw an increase in new listings year-over-year as well as in total inventory. Nonetheless, median home sale prices increased 2.2%, while average home sale prices increased 8.2%. Closed sales increased in October 2022 versus the same month one year ago, but decreased month-over-month. Median % of list price received dropped 0.6% year-over-year, but the average list to sale price ratio increased 0.9% year-over-year.
On a month-over-month basis, new listings decreased compared with September 2022. Average sales prices increased month-over-month, as did median sale prices. The list to sale ratio was lower both year-over-year and month-over-month. Active listings increased slightly in October 2022. New listings were down in October compared with September. The months supply of inventory increased slightly month-over-month by 0.1 months. Buyer foot traffic decreased from 10.4 showings per home to 7.2 showings year-over-year. Month-over-month, showings were essentially flat, decreasing from 7.3 showings. Pending sales of luxury single family homes decreased by eight homes compared with September 2022. Closed sales dropped by 20 homes compared with September 2022.
Luxury Housing Market Snapshot For Single Family Homes: Charlotte Region October 2022:
- Homes Sold: 162 in October 2022, up 29.6% compared with October 2021. The number of homes sold decreased month-over-month by 20 homes.
- Pending Sales: 141 in October 2022, down 7.8% compared with October 2021. Pending sales were down month-over-month by eight homes.
- New Listings: 226 in October 2022 up 21.9% compared with October 2021. New listings increased by 31 homes month-over-month.
- Inventory of Homes: up 39.7% to 486 in October 2022 compared with October 2021. Inventory of homes remained lower in October 2022 than its peak of 548 homes in July 2022. Inventory dropped by seven homes from September to October 2022.
- Months Supply of Homes: up 24% to 3.1 months supply compared with 2.5 months supply in October 2021. Months supply of homes increased slightly by 0.1 months in October 2022 versus September 2022.
- Average Days on Market: 33 days in October 2022 compared with 38 days in October 2021. Average days on market decreased by four days month-over-month.
- Median Days on Market: 12 days in October 2022 up four days over October 2021. Median days on market were one day higher month-over-month.
- Average Sale Price: up 8.2% at $1,698,447 in October 2022 compared with $1,570,078 in October 2021. Average sale price also increased over July, August and September 2022.
- Median Sale Price: up 7.4% year-over-year at $1,378,447. Month-over-month, median home sale prices increased by just under $12,000.
- Median % Of List Price Received: 98.6% in October 2022 compared with October 2021. Month-over-month, the list to sale price ratio was 1.4% lower.
THE MOST EXPENSIVE HOME SOLD IN THE CHARLOTTE REGION IN OCTOBER 2022
The most expensive home sold in the Charlotte region in October2022, sold for $6,200,000 in Northwood on Lake Norman. Designed by Frank Smith and built by Kearey Brothers, the waterfront, stucco and stone home is situated on 6.52 acres and features 8,834 square feet with five bedrooms, six full bathrooms, three half bathrooms. The custom, basement home built in 2016 also features: a boat lift, stationery dock, saltwater infinity pool, fully automated gated entrance, a wine room, a cigar loggia, terrace, garage with workshop, and more.
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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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