Charlotte region luxury home sales improved in August 2021 with a significant increase in closed sales. Inventory and the months supply of single family luxury homes were significantly down, as were average and median days on market. The luxury home market in Charlotte region remains a seller’s market compared with one year ago when it was more of a balanced market based on the months supply of luxury homes.
Charlotte Region’s Luxury Home Market Improves In August 2021
Latest news on Charlotte Region’s luxury housing market in August and what it means for you…
Charlotte Region’s single family luxury homes real estate market improved in August despite a 35.7% decline in inventory. This low level of inventory has not been seen in well over a decade. Days on market, both average and median, also were down significantly year-over-year, as was the months supply of inventory. Luxury home sellers continued to see a higher sale price as a percent of listing price. Both median and average sales prices decreased somewhat year-over-year. It’s hard to say if the decrease reflects a reduction in home values versus the price mix of homes sold in August 2021.
Earlier this year 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. Thus far this does not appear to be the case and the luxury market remains a seller’s market.
Luxury Housing Market Snapshot For Single Family Homes: Charlotte Region August 2021:
- Homes Sold: 345 in August 2021, up 31.2% compared with August 2020.
- Pending Sales: 320 in August 2021, up 15.5% compared with August 2020.
- New Listings: 381 in August 2021 up 31.8% compared with August 2020.
- Inventory of Homes: down 35.7% to 538 in August 2021 compared with August 2020.
- Months Supply of Homes: down 57.8% with 1.9 months supply compared with 4.5 months supply in August 2020 and 7.1 months supply in August 2019.
- Average Days on Market: 23 days in August 2021 compared with 72 days in August 2020 and 66 days in August 2019.
- Median Days on Market: 6 days in August 2021 versus 25 days in August 2020 and 46 days in August 2019.
- Average Sale Price: down 2.5% at $1,145,510 in August 2021 compared with $1,174,917 in August 2020.
- Median Sale Price: down 5.8% to $989,000 in August 2021 compared with $1,050,000 in August 2020.
- Median % Of List Price Received: up 3.3% to 100% in August 2021 compared with 96.8% in August 2020.
The most expensive home sold in the Charlotte Region in August 2021 sold at $4,250,000 in Morrocroft Estates in South Park. Situated on just under one acre and built in 2014, the basement home featured 8,079 square feet of heated living area, 5 bedrooms, 6 full bathrooms, one half bathroom, chef’s kitchen, an exercise room, a media room. The outdoor living space featured a large covered terrace with fireplace.
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This Charlotte region luxury housing market update for August 2021 is provided by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Realty, your Charlotte metro area luxury residential real estate experts serving Charlotte area luxury home buyers and sellers for 20+ years.
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