Charlotte luxury homes market in September 2022 saw solid demand for luxury homes with both pending and closed sales up year-over-year, as were average and median sale prices. Despite an increase in inventory and new listings, sellers continued to see a list to sale price ratio of 100%. Month-over-month, pending sales were down, while closed sales were flat. Months supply of homes were at their lowest level in four months. Average and median days on market were up by three days year-over-year.
Charlotte Region’s Luxury Home Market Overview: September 2022
Latest news on Charlotte Region’s luxury housing market in September 2022 and what it means for you…
Despite 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 September 2022. Median days on market increased by three days, year-over-year; average days on market increased three 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 7.4%, while average home sale prices increased 14%. Both pending and closed sales increased in September 2022 versus the same month one year ago. Median % of list price received remained flat at 100% in September 2022 compared with September 2021.
On a month-over-month basis, new listings increased slightly (by nine homes) compared with August 2022. Average sales prices increased month-over-month, as did median sale prices. Median sale prices were at their highest level since February 2022. The list to sale ratio remained flat compared with August 2022 at 100%. In 2022 there’s been no change in the list to sale ratio for consecutive three months. Active listings in September were at their lowest level since July. New listings were up slightly (by nine homes) in September compared with August. The months supply of inventory also dropped month-over-month and was at its lowest level in four months in September 2022. Buyer foot traffic decreased from 10.3 showings per home to 7.3 showings year-over-year. Month-over-month, showings were essentially flat, decreasing from 7.6 showings. Pending sales of luxury single family homes were at their lowest level since March 2022, while closed sales increased by one home month-over-month.
Luxury Housing Market Snapshot For Single Family Homes: Charlotte Region September 2022:
- Homes Sold: 182 in September 2022, up 29.1% compared with September 2021. The number of homes sold increased month-over-month by one home.
- Pending Sales: 149 in September 2022, up 15.5% compared September 2021. Pending sales were down month-over-month by 13 homes.
- New Listings: 226 in September 2022 up 27% compared with September 2021. New listings increased by nine homes month-over-month.
- Inventory of Homes: up 29.5% to 479 in September 2022 compared with September 2021. Inventory of homes was at its lowest level in September 2022 since a peak of 548 homes in July 2022. Inventory dropped by 353 homes between August and September 2022.
- Months Supply of Homes: up 11% to 3.0 months supply compared with 2.7 months supply in September 2021. Months supply of homes was down 0.4 months from August 2022 and at its lowest level in four months.
- Average Days on Market: 37 days in September 2022 compared with 34 days in September 2021. Average days on market increased two days month-over-month.
- Median Days on Market: 11 days in September 2022 up three days over September 2021. Median days on market were four days higher month-over-month.
- Average Sale Price: up 14% at $1,585,310 in September 2022 compared with $1,390,219 in September 2021. Average sale price also increased over both July and August 2022.
- Median Sale Price: up 7.4% year-over-year at $1,366,530. Month-over-month, median home sale prices increased by approximately $62,000. The median sale price in September was the highest since February 2022.
- Median % Of List Price Received: flat at 100% in September 2022 compared with September 2021. Month-over-month, median % of list price was also flat at 100%, as it was in July 2022.
THE MOST EXPENSIVE HOME SOLD IN THE CHARLOTTE REGION IN SEPTEMBER 2022
The most expensive home sold in the Charlotte region in September 2022, sold for $4,750,000 in Old Foxcroft in south Charlotte. This was a contemporary style Tudor home designed by ALB Design and under construction by WK Phipps. Situated on .54 acres, the 6,127 square foot home featured five bedrooms, six full bathrooms, two half bathrooms, 4+ car garage with a 1,112 square foot guest house above, an in-ground pool and wood-burning outdoor fireplace.
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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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