Luxury homes market in Charlotte Region in July saw average and median home sale prices increase from July 2022, as well as from June 2023. Pending sales increased, while closed sales decreased. Median days on market were just seven. Median list to sale price ratio was 98.8%. New listings declined 20.9%. Inventory declined 8.4%. Months supply of inventory declined 0.4 months year-over-year to 3.1 months, keeping luxury home sellers in the “driver’s seat” in the Charlotte region.
Charlotte Region Luxury Home Market Overview: July 2023
Luxury homes market in Charlotte update for July 2023 and what it means for you…
YEAR-OVER-YEAR TRENDS IN THE LUXURY SINGLE FAMILY HOME MARKET IN CHARLOTTE REGION
Charlotte Region luxury home prices saw the second highest jump of all US metros at 9.2% in Quarter 2-2023 according to a Redfin report.
The luxury homes market in Charlotte saw a 20.9% decrease in new listings year-over-year. Inventory decreased year-over-year by 8.4%. The months supply of inventory declined to 3.1 months year-over-year from 3.5 months one year ago. Median home sale price increased 2.3%, while the average home sale price increased 6%. Closed sales dropped 20.9% in July 2023 versus the same month one year ago. Median list to sale price ratio decreased 1.3% year-over-year to 98.8%. Buyer foot traffic increased 12.5% to 7.2 showings per home from 6.4 showings year-over-year. Median days onmarket were seven in July, two days higher versus the same month one year ago.
MONTH-OVER-MONTH TRENDS IN THE LUXURY SINGLE FAMILY HOME MARKET IN CHARLOTTE REGION
Month-over-month, the luxury homes market in Charlotte saw new listings decrease in July 2023 with 223 new listings versus 285 in June 2023. Both average and median sale prices increased from the previous month. Closed sales declined in July versus June. Pending sales increased compared with June 2023. The list to sale price ratio declined 1.2% month-over-month. Active listings decreased in July compared with June. Average days on market increased seven days in July versus June 2023. The months supply of inventory decreased by 0.2 months. Buyer foot traffic was essentially flat at 7.2 showings versus 7.3 showings in the prior month.
Luxury Homes Market Snapshot For Single Family Homes: Charlotte Region July 2023
Homes Sold: 163 in July 2023, down 20.9% compared with July 2022. The number of homes sold month-over-month decreased by 65 homes.
Pending Sales: 194 in July 2023, up 3.2% compared with July 2022. Pending sales declined month-over-month by 14 homes.
New Listings: 223 in July 2023, down 20.9% compared with July 2022. New listings decreased by 62 homes month-over-month.
Inventory of Homes: down 8.4% to 490 in July 2023 compared with July 2022. Inventory decreased by 23 homes from June 2023.
Months Supply of Homes: down 11.4% (by 0.4 months supply) compared with July 2022. Months supply of homes decreased 0.2 months from the previous month of June.
Average Days on Market: 34 days in July 2023 compared with 14 days in July 2022. Average days on market increased seven days month-over-month.
Median Days on Market: increased by two days to seven days compared with July 2022.
Average Sale Price: up 6% year-over-year to $1,619,351. Month-over-month average sale price increased approximately $9,000.
Median Sale Price: increased 2.3% year-over-year to $1,350,000. Month-over-month, median home sale price increased by approximately $22,000.
Median % Of List Price Received: decreased 1.3% to 98.8% in July 2023 compared with 100.1% in July 2022. Month-over-month, the list to sale price ratio decreased 1.2%.
THE MOST EXPENSIVE HOME SOLD IN THE CHARLOTTE REGION IN JULY 2023
The most expensive home sold in the Charlotte region in July 2023, sold for $6,800,000 in Cornelius on Lake Norman. Built in 2015 by Patrick Joseph Distinctive Homes, the custom-built home is situated on 1.03 acres and features 5 bedrooms, 5.2 bathrooms, 5,781 square feet of heated living area on two levels. Amenities included a chef’s kitchen, stationery dock, outdoor kitchen and cabana, in-ground pool, 4-car garage, covered deck overlooking the lake.
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: