Charlotte luxury homes market in March 2022 saw continued demand for luxury homes with both median and average sale prices increasing year-over-year and month-over-month. Average and median days on market were down significantly year-over-year. Although new listings increased, inventory was down year-over-year and the months supply of homes was also down year-over-year. Homes sold as quickly as they came on the market.With just 1.9 months of inventory, the luxury segment of Charlotte’s housing market remained a seller’s market in the month of March.
Charlotte Region’s Luxury Home Market Overview: March 2022
Latest news on Charlotte Region’s luxury housing market in March 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 increased 2.8%, while average sales prices increased 10% year-over-year.
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 remained a seller’s market.
Luxury Housing Market Snapshot For Single Family Homes: Charlotte Region March 2022:
- Homes Sold: 152 in March 2022, flat compared with March 2021. The number of homes sold was up month-over-month.
- Pending Sales: 172 in March 2022, up 13.2% compared with March 2021.
- New Listings: 239 in March 2022 up 37.4% compared with March 2021. New listings were down month-over-month.
- Inventory of Homes: down 8.8% to 271 in March 2022 compared with March 2021. Inventory of homes was down month-over-month.
- Months Supply of Homes: down 24% with 1.9 months supply compared with 2.5 months supply in March 2021 and 7.8 months supply in March 2020. Months supply of homes was also down month-over-month.
- Average Days on Market: 31 days in March 2022 compared with 55 days in March 2021 and 77 days in March 2020. Average days on market were down 38 days month-over-month.
- Median Days on Market: 5 days in March 2022 compared with 9 days in March 2021 and 29 days in March 2020. Median days on market were down 8 days month-over-month.
- Average Sale Price: up 10% at $1,674,397 in March 2022 compared with $1,522,633 in March 2021. Average sale price was up month-over-month.
- Median Sale Price: up 2.8% at $1,365,000 in March 2022 compared with $1,327,500 in March 2021. Median sale price was up month-over-month.
- Median % Of List Price Received: up 1.8% to 100% in March 2022 compared with 98.2% in March 2021.
The most expensive home sold in the Charlotte Region in March 2022 sold for $5,700,000 in Eastover area in south Charlotte. This was a fully renovated home built in 2005 situated on 1.55 acres. The home featured over 8,300 square feet of heated living area, five bedrooms, six full bathrooms, 2 half bathrooms. The home also had a second living quarters above the heated and cooled 3-car garage and two Tesla charging stations. Additional amenities included an outdoor kitchen, movie room on the third floor, covered porch with fireplace and retractable screens, two laundry rooms (one with a dog washing station), heated floors in the owner’s bathroom, a custom wine room, and more.
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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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