Luxury homes market in Charlotte region saw closed and pending sales decrease significantly. At the same time, home prices increased year-over-year and month-over-month. Average days on market also increased, as did inventory. New listings decreased 74.1% year-over-year.
Charlotte Region’s Luxury Home Market Overview: February 2023
Luxury homes market in Charlotte update for February 2023 and what it means for you…
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 sales decreased 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.
Luxury Homes 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?
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: