Charlotte region luxury home sales in November 2021 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. While new listings 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 1.5 months of inventory, the luxury segment of Charlotte’s housing market remained a seller’s market.
Charlotte Region’s Luxury Home Market Overview
Latest news on Charlotte Region’s luxury housing market in November and what it means for you…
Charlotte Region’s single family luxury homes real estate market remained solid despite a 36.6% year-over-year 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. Median home sale prices were down slightly at 0.7%, while average sales prices increased 1.7% year-over-year.
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. The November increase in closed and pending sales year-over-year can be attributed to the increase in new listings and continued demand for luxury homes.
Luxury Housing Market Snapshot For Single Family Homes: Charlotte Region November 2021:
- Homes Sold: 304 in November 2021, up 32.8% compared with November 2020.
- Pending Sales: 267 in November 2021, up 42.8% compared with November 2020.
- New Listings: 277 in November 2021 up 37.1% compared with November 2020.
- Inventory of Homes: down 36.6% to 443 in November 2021 compared with November 2020.
- Months Supply of Homes: down 55.9% with 1.5 months supply compared with 3.4 months supply in November 2020. Months supply of homes is also down month-over-month.
- Average Days on Market: 34 days in November 2021 compared with 50 days in November 2020.
- Median Days on Market: 7 days in November 2021 versus 11 days in November.
- Average Sale Price: up 1.7% at $1,165,828 in November 2021 compared with $1,146,743 in November 2020. Average sale price also up month-over-month.
- Median Sale Price: down 1.6% at $945,000 in November 2021 compared with $960,000 in November 2021. Median sale price up month-over-month.
- Median % Of List Price Received: up 2% to 100% in November 2021 compared with 98% in November 2020.
The most expensive home sold in the Charlotte Region in November 2021 sold for $5,350,000 at The Point on Lake Norman in Mooresville. Situated on 1.14 acres and built in 1999, the stucco, waterfront home featured 9,296 square feet of heated living area on three levels, 5 bedrooms, 5 full bathrooms, 2 half bathrooms, chef’s kitchen, stunning lake views, expansive wine cellar, home theatre, two home office, keeping room, pub-style bar, work-out room, interior elevator. The outdoor living space featured a lakeside pool house, an in-ground pool. boat lift, floating dock, personal watercraft lift, pier, kitchen, stone fireplace, bar, and terrace. A 3-car garage provides ample parking.
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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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