Charlotte luxury homes market in July 2022 saw continued demand for luxury homes with both pending and closed sales up year-over-year. Despite an increase in inventory and new listings, sellers received a higher list to sale price ratio with average and median home sale prices increasing year-over-year and days on market decreasing. Closed and pending sales decreased from June 2022, but median home sale prices decreased negligibly by just over $1,400.
Charlotte Region’s Luxury Home Market Overview: July 2022
Latest news on Charlotte Region’s luxury housing market in July 2022 and what it means for you…
Despite predictions of a significant market correction in 2022, Charlotte Region’s single family luxury homes real estate market remained relatively strong year-over-year and continued to “hold its own” through July 2022. Days on market, both average and median, were down year-over-year. Although the luxury market saw a solid increase in new listings year-over-year as well as in total inventory, closed and pending sales increased in July. So did home sale prices. New listings dropped significantly month-over-month. Average sales prices increased year-over-year, but decreased month-over-month. Median home sale prices increased 1.2% year-over-year and decreased by just over $1,400 month-over-month. The list to sale ratio increased year-over-year slightly, but decreased month-over-month. Buyer foot traffic remained steady year-over-year, decreasing slightly from 9.3 showings per home to 8.2 showings.
With the considerably lower days on market in July 2022 versus July 2021 and compared with June and May 2022, it would appear that luxury home buyers were anxious to purchase their homes and lock in their interest rates before rates rose further.
Luxury Housing Market Snapshot For Single Family Homes: Charlotte Region July 2022:
Homes Sold: 200 in July 2022, up 7.0% compared with July 2021. The number of homes sold down up month-over-month by 34 homes.
Pending Sales: 198 in July 2022, up 32.0% compared with July 2021. Pending sales were down month-over-month by 9 homes.
New Listings: 282 in July 2022 up 50.8% compared with July 2021. New listings dropped by 58 homes month-over-month.
Inventory of Homes: up 49.6% to 504 in July 2022 compared with July 2021. Inventory of homes was up by 35 homes month-over-month.
Months Supply of Homes: up 32.0% to 3.3 months supply compared with 2.5 months supply in July 2021. Months supply of homes was up 0.2 months over June 2022.
Average Days on Market: 14 days in July 2022 compared with 34 days in July 2021. Average days on market decreased five days month-over-month.
Median Days on Market: 4 days in July 2022 compared with 5 days in July 2021. Median days on market remained flat month-over-month.
Average Sale Price: up 2.4% at $1,542592 in July 2022 compared with $1,506,863 in July 2021. Month-over-month, average home sale prices decreased by approximately $84,000.
Median Sale Price: up 1.2% at $1,348,572 in July 2022 compared with $1,332,566 in July 2021. Month-over-month, median home sale prices dropped $1,428.
Median % Of List Price Received: up 0.1% to 100.1% in July 2022 compared with 100% in July2021. Month-over-month, median % of list price received was down 0.8%. Average % of list price received increased 0.3% to 99.9% year-over-year.
The most expensive home sold in the Charlotte region in July 2022, sold for $6,450,00 in Huntington Park in south Charlotte. Built on 2.0 acres in 2005, this was a 9,822 square foot, custom built home. The home featured six bedrooms, eight full bathrooms, two half bathrooms, 1,518 square foot second living quarters with a kitchenette and laundry, and an outdoor kitchen and fireplace, as well as an in-ground pool, and 3-car garage with a home gym above it.
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