Charlotte luxury homes market in January saw continued demand for luxury homes with an increase in closed and pending sales and average sale price year-over-year. Average and median days on market were down significantly year-over-year. New listings barely increased, inventory was down year-over-year and the months supply of homes was also down year-over-year and month-over-month. With just 1.1 months of inventory, the luxury segment of Charlotte’s housing market remained a seller’s market in the month of January.
Charlotte Region’s Luxury Home Market Overview: January 2022
Latest news on Charlotte Region’s luxury housing market in January 2022 and what it means for you…
Charlotte Region’s single family luxury homes real estate market remained solid with continuing low levels of inventory that have 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. Median home sale prices were down slightly at 6.8%, while average sales prices increased 3.4% year-over-year. It appears that the drop in median home sales is more a reflection of the price mix of homes sold than of a decrease in home values of luxury homes.
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. Thus far this does not appear to be the case and the luxury market remained a seller’s market. January’s increase in closed and pending sales year-over-year can be attributed to the continued demand for luxury homes.
Luxury Housing Market Snapshot For Single Family Homes: Charlotte Region January 2022:
- Homes Sold: 182 in January 2022, up 23.8% compared with January 2021.
- Pending Sales: 269 in January 2022, up 6.3% compared with January 2021.
- New Listings: 253 in January 2022 up 0.8% compared with January 2021.
- Inventory of Homes: down 36.0% to 341 in January 2022 compared with January 2021. Inventory was also down month-over-month.
- Months Supply of Homes: down 54.2% with 1.1 months supply compared with 2.4 months supply in January 2021 and 4.8 months supply in January 2020. Months supply of homes was also down month-over-month.
- Average Days on Market: 37 days in January 2022 compared with 55 days in January 2021 and 77 days in January 2020.
- Median Days on Market: 9 days in January 2022 compared with 23 days in January 2021 and 49 days in January 2020.
- Average Sale Price: up 3.4% at $1,202,749 in January 2022 compared with $1,162,733 in January 2021.
- Median Sale Price: down 6.8% at $932,000 in January 2022 compared with $1,000,000 in January 2021.
- Median % Of List Price Received: up 2.6% to 100% in January 2022 compared with 97.5% in January 2021.
The most expensive home sold in the Charlotte Region in January 2022 sold for $4,600,000 in Huntersville, minutes from Lake Norman. This was a 33-acre property, protected on two sides by Latta Preserve, featuring two homes — a beautifully renovated farmhouse and a recently-built modern farmhouse for a total of almost 7,000 square feet of heated living area. The property featured 2 miles of trails for horses and ATVs, a creek, a 4-stall, 2-story horse barn, nut and fruit trees, a camping area, and more.
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MEDIAN 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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