Latest news on Charlotte Region's luxury housing market as of October 2021 and what it means for you...
More than 1,220 single-family homes, townhouses and condos have sold at or above $1 million in the Charlotte Region from January through August of this year, according to data from the Canopy Realtor Association. That is a substantial increase from the 660 closings at/above $1 million in the 16-county Charlotte Region during the same eight-month time-frame in 2020. And it’s a 130% increase from the 534 homes priced at/above $1 million sold from January to August in 2019. No doubt about it! The Charlotte region luxury housing market is hot!
Charlotte Region's single family luxury homes real estate market remained solid during October 2021 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.
We hear 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 October 2021:
- Homes Sold: 283 in October 2021, down 3.7% compared with October 2020.
- Pending Sales: 337 in October 2021, up 33.7% compared with October 2020.
- New Listings: 337 in October 2021 up 11.6% compared with October 2020.
- Inventory of Homes: down 35.4% to 499 in October 2021 compared with October 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 October 2021 In The Charlotte Region
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 for October 2021 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.
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 original blog post at: www.GreatHomesInCharlotte.com
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