Charlotte region luxury home sales in October 2021 saw continued demand for luxury homes with an increase in both 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 less than two months of inventory, the luxury segment of Charlotte’s housing market remains a seller’s market.
Charlotte Region’s Luxury Home Market Overview
Latest news on Charlotte Region’s luxury housing market in October and what it means for you…
Charlotte Region’s single family luxury homes real estate market remained solid despite a 35.4% 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 1.3% 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. One hears lots of talk that inventory is increasing, yet in the luxury segment of Charlotte region’s housing market new listings were down month-over-month, as well as year-over-year. Inventory was also down month-over-month. Median days on market and the months supply of inventory were also down month-over month and down year-over-year. The increase in pending sales 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: 443 in November 2021, up 43.4% compared with November 2020.
- Pending Sales: 399 in November 2021, up 47.8% compared with November 2020.
- New Listings: 383 in November 2021 up 40.8% compared with November 2020.
- Inventory of Homes: down 29.5% to 929 in November 2021 compared with November 2020.
- Months Supply of Homes: down 55.3% with 1.7 months supply compared with 3.8 months supply in October 2020 and 6 months supply in October 2019.
- Average Days on Market: 31 days in October 2021 compared with 52 days in October 2020 and 93 days in October 2019.
- Median Days on Market: 5 days in October 2021 versus 18 days in October 2020 and 52 days in October 2019.
- Average Sale Price: up 1.3% at $1,160,311 in October 2021 compared with $1,145,668 in October 2020.
- Median Sale Price: down 0.7% at $944,865 in October 2021 compared with $951,800 in October 2021.
- Median % Of List Price Received: up 2.5% to 100% in October 2021 compared with 97.6% in October 2020.
The most expensive home sold in the Charlotte Region in October 2021 sold for $6,000,000 at The Point on Lake Norman in Mooresville. Situated on 1.74 acres and built in 2009, the stucco, waterfront home featured 11,794 square feet of heated living area, 6 bedrooms, 6 full bathrooms, four half bathrooms, chef’s kitchen, stunning lake views, as well as a guest house with 1,920 square feet. The outdoor living space featured balconies and patio, a fully equipped outdoor kitchen, pool, boat lift, and dock. A four-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, your Charlotte metro area luxury residential real estate experts serving Charlotte area luxury home buyers and sellers for 20+ years.
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