Special offer

Charlotte's Million Dollar Housing Market on Sale

By
Real Estate Broker/Owner with Jonathan and Associates, Inc

Good news: The recession is over according to our Fed Chief.  As a result, buyers will be rushing out to purchase $800,000 and up properties...right?  In all seriousness, the near million and up housing market in the Charlotte area is where buyers are finding the best deals. 

In August, sellers in the $800,000+ price range are reducing the price of their homes an average of 17.2% and buyers are receiving an additional 7.07% discount for a total of 24.27% from the original list price to the final sales price.  No other price point in our area yields nearly a full quarter discount.  This amounted to a little more than 13 million dollars from the original listing price to the final sales price for the 31 closed transactions last month. 

As you might expect, there are fewer buyers in the million dollar price range.  August was the third highest month for $800,000+ this year with July and June being the best months respectively.  Unfortunately, sales for this August were down to levels not seen since 2003; 69% fewer than in 2007. 

Among the best values in the luxury market was a foreclosed home in Waxhaw that closed last month for $850,000.  This home features 5 Bedrooms, 5 Full Baths, 2 Half Bahts, 6500 sq. ft. on over 4 acres of land.  It was regarded to be among the nicest homes in Union county and was listed for as much as $2,699,000. 

189 properties have sold in the Charlotte area in the $800,000+ price range, yielding a 3 1/3 year supply of homes on the market.  That's 1,446 sellers that are looking to sell the homes and are willing to do what is necessary to sell.  So the next time you're looking for a deal that you can brag about at the next country club social, try the luxury home market.  Charlotte's on sale like a red tag sale at Macy's.

Charlotte NC Homes

Comments (0)