What homebuyers can expect to find $1M on the Charlotte market.
"I have found that when looking up in Lake Norman, you cannot get a home on the Lake for around $1M without doing some projects for updating, once you get on the northern side of the Lake you can usually snag a pretty good deal, in Mooresville-Statesville & even in Sherrills Ford.
As far as the City of Charlotte goes- new construction in Midwood/Sedgefield & Cherry hovers in competition with stately homes in the Myers Park/Dilowrth/South Park areas...while there are some updates in the those older homes, some at the $1M mark are sold simply for the land or are in need of a complete makeover.
As far as Lake Wylie & Mountain Island- the deals at $1M are far & few in between but tend to be a pretty good value of home for the money.-Melissa Polce, ERA Wilkinson Real Estate, 704-450-4335 "
The Charlotte Business Journal is continuing a series that takes a closer look at the local housing market at various price points. This installment focuses on homes priced in the $1 million range.
When looking at local housing data from January through August, compared to the previous eight-month span in 2018, sales of homes on the market between $950,000 and $1.5 million rose 14.4% to 468 — up by 59 closings. Pending sales also increased 21.1% to total 574, up by 100.
The data on resale single-family homes, condominiums and townhouses across the greater Charlotte area comes from Canopy Multiple Listing Services Inc.
The accompanying photo gallery provides a visual element on what local homebuyers can expect to find on the market at or near $1 million. These homes span exclusive Charlotte neighborhoods like Eastover and Myers Park as well as communities around lakes Wylie and Norman and farther south into Waxhaw.
So what else can homebuyers expect when looking for a high-end home in the Charlotte market?
Inventory of homes priced between $950,000 to $1.5 million tightened in August, as was the case across many price segments and for the local housing market as a whole. The number of homes listed for sale in this price category fell 10% — or by 46 — to total 416. That left the region with a 6.9-month supply of homes on the market, down from an 8.8-month supply in August 2018 but still above the six-month level generally considered to be a balanced market for buyers and sellers.
Homes in this price range, which generally spend more time on the market than lower-priced properties, also sold at a faster pace this year than they did during the January-August period of last year. Residences, on average, came off the market after about 80 days from being listed — that's 20 fewer days than in 2018.