November 2020 saw a continued strengthening in the luxury housing market in the Charlotte region versus November 2019, despite the ongoing pandemic. Inventory and months supply of luxury homes was significantly down. Average days on market, pending and closed sales were up significantly year-over-year.
Charlotte Region’s Luxury Home Sales Activity Remains Strong
Latest news on Charlotte Region’s luxury housing market and what it means for you…
Charlotte Region’s luxury housing market continued to strengthen in November 2020 compared with November 2019, despite the ongoing pandemic. For homes priced above $750,000, the Charlotte region saw both higher pending and closed sales, in spite of a 29% decline in inventory and a 19.6% increase in new listings. Days on market, both average and median, also were down 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, as well. The small decrease in average and median home prices is most likely due to the price mix of homes sold in November 2020 and not to a diminution in home values.
Luxury Housing Market Snapshot: Charlotte Region November 2020:
- Homes Sold: 229 in November 2020, up 64.7%, versus 139 in November 2019
- Pending Sales: 190 in November 2020, up 34.8% versus 141 in November 2019
- New Listings: up 19.6% to 201 in November 2020 versus 168 in November 2019
- Inventory of Homes: down 29% to 621 in November 2020 versus 875 in November 2019
- Months Supply of Homes: down 43.4% with 3 months supply of homes in November 2020 versus 5.3 months supply in November 2019
- Average Days on Market: 50 days in November 2020 versus 89 days in November 2019
- Median Days on Market: 11 days in November 2020 versus 41 days in November 2019
- Average Sale Price: down 1.2% to $1,176,743 in November 2020 versus $1,160,612 in November 2019
- Median Sale Price: down 1.5% to $960,000 in November 2020 versus $975,000 in November 2019
- Median % Of List Price Received: up 2.5% to 98% in November 2020 versus 95.6% in November 2019
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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 for November 2020 is provided by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Realty, your Charlotte metro area residential real estate experts serving Charlotte area luxury home buyers and sellers for 20+ years.
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