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Charlotte Region Luxury Homes Market: What Happened In February 2023

By
Real Estate Agent with Coldwell Banker Realty 179530

Latest news on Charlotte Region's luxury homes market...

What happened in February 2023... Significant increases in home prices, despite significant drop in sales.

 

YEAR-OVER-YEAR TRENDS IN THE LUXURY HOME MARKET IN CHARLOTTE REGION

The luxury homes market in Charlotte saw a 74.1% decrease in new listings year-over-year, while inventory increased year-over-year by 36.3%. The months supply of inventory increased from 1.9 months one year ago to 2.6 months. Median home sale prices increased 28.2%, while average home sale prices increased 18.5%. Closed and pending sales decreased significantly in February 2023 versus the same month one year ago. Median list to sale price ratio decreased 2.4% year-over-year. Buyer foot traffic decreased by 48.8% from 16.8 showings per home to 8.6 showings year-over-year. 

 

MONTH-OVER-MONTH TRENDS IN THE LUXURY HOME MARKET IN CHARLOTTE REGION

On a month-over-month basis, the luxury homes market in Charlotte saw new listings decrease significantly compared with January 2023 with just 42 new listings in February versus 139 in January.  Average sales prices increased, as did median sale prices. Closed sales decreased significantly in February versus January. Pending sales also decreased significantly compared with January 2023. The list to sale price ratio was slightly lower month-over-month. Active listings increased slightly (by 10 homes) in February compared with January. Average days on market increased in February compared with January 2023, while median days on market decreased.  The months supply of inventory increased by 0.2 months compared with January 2023.  Buyer foot traffic decreased from 9.5 showings in January 2023 to 8.6 showings in February 2023.

 

Charlotte Region Luxury Homes Market Sales Report February 2023

 

Luxury Housing Market Snapshot For Single Family Homes: Charlotte Region February 2023:

  • Homes Sold: 7 in February 2023, down 93.5% compared with February 2022. The number of homes sold month-over-month decreased by 56 homes.

  • Pending Sales: 21 in February 2023, down 83.5% compared with February 2022. Pending sales were down month-over-month by 120 homes.

  • New Listings: 42 in February 2023, down 74.1% compared with February 2022. New listings decreased by 97 homes month-over-month.

  • Inventory of Homes: up 36.3% to 368 in February 2023 compared with February 2022.  Inventory increased by 10 homes from January 2023. 

  • Months Supply of Homes:  up 21.4% to 2.6 months supply compared with 1.9 months supply in February 2022. Months supply of homes increased by 0.2 months in February 2023 versus January 2023.

  • Average Days on Market: 76 days in February 2023 compared with 53 days in February 2022.  Average days on market increased by 11 days month-over-month.

  • Median Days on Market: 22 days in February 2023 up 13 days over February 2022. Month-over-month, median days on market were down 3 days.

  • Average Sale Price: up 18.5% year-over-year to $1,849,775. Month-over-month average sale price also increased by almost $428,000.

  • Median Sale Price: up 28.2% year-over-year at $1,650,000.  Month-over-month, median home sale price increased by $450,000. 

  • Median % Of List Price Received: decreased 2.4% to 97.6% in February 2023 compared with 100% in February 2022. Month-over-month, the list to sale price ratio was also 0.4% lower. 

 

THE MOST EXPENSIVE HOME SOLD IN THE CHARLOTTE REGION IN FEBRUARY 2023

The most expensive home sold in the Charlotte region in February 2023, sold for $4,500,000 in Charlotte's Eastover neighborhood.  Built in 1950, the beautifully renovated, Georgian-style home is situated on one acre and features 5 bedrooms, 4.5 bathrooms, 5,411 square feet of heated living area, a 2-car garage, and a bluestone patio.

 

Want to know what this would mean for your family if you decide to buy or sell a Charlotte Region luxury home?

Curious about the real estate market in Greater Charlotte?

We can help.

Call us today at 704-779-0813 or contact us here.

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A consultation with Carolinas Realty Partners is FREE.     

 

AVERAGE SALE PRICE TRENDS FOR LUXURY HOMES IN THE CHARLOTTE REGION

 

  

 

LOOKING FOR YOUR LUXURY DREAM HOME IN THE CHARLOTTE AREA? 

 

Looking For A Luxury Home In Charlotte?

 

FREE Home Buyer Guide: “Things To Consider When Buying A Home”

 

COLDWELL BANKER GLOBAL 2022 LUXURY INSIGHTS: THE REPORT

(2023 LUXURY INSIGHTS REPORT DUE OUT SOON)

 

Luxury Housing Market Report For 2021    

 

WONDERING WHAT YOUR CHARLOTTE AREA LUXURY HOME IS WORTH IN TODAY'S MARKET? 

 

What's My Charlotte Luxury Home Worth?  

FREE Home Seller Guide: “Things To Consider When Selling Your House”

 

THINKING OF SELLING YOUR HOME? CHECK OUT THE COLDWELL BANKER MARKETING ADVANTAGE

 

SEARCH ALL CHARLOTTE AREA HOMES FOR SALE 

 

 

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 22+ years.

 

If you're considering selling or purchasing a luxury home in the Charlotte region, I'd love an opportunity to earn your business, to exceed your expectations, and to show you why experience matters and how:

 "The Right Broker Makes All The Difference."

 

Read the full report on www.GreatHomesInCharlotte.com 

Posted by

 

 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

Broker, Realtor, MBA, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Realty
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: News You Can Use From The Greater Charlotte Area
Search For All Charlotte Area Homes: www.GreatHomesInCharlotte.com 

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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

Comments (24)

Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 good morning, Sheila... more inventory is good... but if we keep seeing such a low level of new inventory, at some point we'll be back to a shortage of homes for sale.

Mar 05, 2023 05:49 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Laura Cerrano good Sunday morning, Laura. Thanks for stopping by. The market is always shifting and we just need to keep various shifts and trends in perspective.

Mar 05, 2023 05:50 AM
Roy Kelley
Retired - Gaithersburg, MD

Families considering a move to the area will love your outstanding local real estate reports.

Mar 05, 2023 06:04 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning and thank you, Roy. Seems like the time to put out market reports rolls out more quickly with each month. Happy Sunday!

Mar 05, 2023 06:10 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, great market update for the luxury sector, and even though the inventory has jumped significantly, it looks like they are going pending pretty quickly.

Mar 05, 2023 06:43 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Nina,

What a great market you are enjoying. It may be rebalancing but its still a hot market. Prices still increasing, despite fewer sales.

Mar 05, 2023 06:45 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox Hi Joan... at the end of the day, the luxury segment could be much worse. Now we just have to get the number of sales up.

Mar 05, 2023 08:20 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Dorie Dillard Austin TX good morning, Dorie... I was amazed at how much prices increased in February despite the much lower sales.

Mar 05, 2023 08:21 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Nina and thank you for sharing this marketing report with us today in the Rain.  Hope you have nice weather today!

 

Mar 05, 2023 08:31 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Will Hamm beautiful weather here today... sunny blue skies and 62 degrees right now, but warming up to high 60's this afternoon.

Mar 05, 2023 08:34 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Nina- I'm always amazed when I read your market reports. It will be interesting watching the luxury market and how it is impacted as time goes on. 

Mar 05, 2023 10:25 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Nina Hollander, Broker - you had a very busy month! I wish you the best for the rest of the year. Hopefully, you will find time to take a vacation or do something special just for you. 

Mar 05, 2023 11:15 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Kathy Streib hi Kathy... while there might be more inventory, it's not the easiest thing in the world to find a luxury home in Charlotte for a buyer.

Mar 05, 2023 11:56 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Patricia Feager, MBA, CRS, GRI,MRP hi Patricia... thank you for the good wishes. Can't say I remember when I last had a vacation or even a break of longer than one day.

Mar 05, 2023 11:57 AM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Nina, 

I always enjoy hearing about the luxury market.  It is so interesting how the dynamics have shifted.  Prices are going up but less sales.  As a realtor, we get it.  But the average person who thinks they understand supply and demand would assume that less sales means lower pricing.  As your market has demonstrated, this is not always the case. 

Mar 05, 2023 04:13 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Yes Nina only the serious buyers are in the market now, and your statistics prove it, Endre

Mar 05, 2023 10:23 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Sheri Sperry - MCNE® good morning, Sheri... it's why it is so important that we as real estate professionals talk with and educate our clients about how the market really works.

Mar 06, 2023 04:17 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Endre Barath, Jr. good morning, Endre... our market seems to see-saw from month to month. It will be interesting to see what March brings us.

Mar 06, 2023 04:18 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

The luxury market seems to be doing well in Charlotte, likely because it is such a great place to call home!

Mar 06, 2023 04:39 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Brian England hi Brian... North Carolina is the third most moved to state after Florida and Texas... with Charlotte being an economic power house, many of those people move here which keeps demand up.

Mar 06, 2023 04:42 AM