Luxury homes market in Charlotte region in March saw closed sales decrease year-over-year, while closed sales increased month-over-month. Pending sales increased both year-over-year and month-over-month. Average sale price increased over March 2022. Average days on market increased from the same time last year, but decreased compared with February 2023. The months supply of inventory was up compared with March 2022, but saw no change from February 2023 despite an increase in new listings.
Charlotte Region’s Luxury Home Market Overview: March 2023
Luxury homes market in Charlotte update for March 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 26.3% increase in new listings year-over-year, while inventory increased year-over-year by 36.9%. The months supply of inventory increased from 2.1 months one year ago to 2.6 months. Median home sale prices decreased slightly by 0.5%, while average home sale prices increased 18.5%. Closed sales decreased in March 2023 versus the same month one year ago. Median list to sale price ratio decreased 2.4% year-over-year. Buyer foot traffic decreased 22.4% from 11.6 showings per home to 9 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 increase significantly compared with February 2023 with just 298 new listings in March versus 42 in February. Average sales prices decreased, as did median sale prices. Closed sales increased significantly in March versus February. Pending sales also increased significantly compared with February 2023. The list to sale price ratio was higher month-over-month. Active listings increased in March compared with February. Average days on market decreased in March compared with February 2023. Median days on market also decreased. The months supply of inventory did not change in March compared with February. Buyer foot traffic increased slightly from 8.6 showings in February 2023 to 9 showings in March 2023.
Luxury Homes Market Snapshot For Single Family Homes: Charlotte Region March 2023:
Homes Sold: 128 in March 2023, down 14.1% compared with March 2022. The number of homes sold month-over-month increased by 121 homes.
Pending Sales: 199 in March 2023, up 22.8% compared with March 2022. Pending sales increased month-over-month by 178 homes.
New Listings: 298 in March 2023, up 26.3% compared with March 2022. New listings increased by 256 homes month-over-month.
Inventory of Homes: up 36.9% to 404 in March 2023 compared with February 2022. Inventory increased by 36 homes from February 2023.
Months Supply of Homes: up 23.8% to 2.6 months supply compared with 2.1 months supply in March 2022. Months supply of homes did not change month-over-month.
Average Days on Market: 43 days in March 2023 compared with 27 days in March 2022. Average days on market decreased by 33 days month-over-month.
Median Days on Market: 8 days in March 2023 up 3 days over March 2022. Month-over-month, median days on market increased 3 days.
Average Sale Price: up 3.3% year-over-year to $1,729,364. Month-over-month average sale price decreased approximately $120,000.
Median Sale Price: down 0.09% year-over-year at $1,357,750. Month-over-month, median home sale price decreased by approximately $292,000.
Median % Of List Price Received: decreased 1.2% to 98.9% in March 2023 compared with 100.1% in March 2022. Month-over-month, the list to sale price ratio increased 1.3%.
THE MOST EXPENSIVE HOME SOLD IN THE CHARLOTTE REGION IN MARCH 2023
The most expensive home sold in the Charlotte region in March 2023, sold for $7,500,000 on Lake Norman in Mooresville. Built in 2018, the Cape Cod-style, waterfront home with year-round lake views is situated on 1.71 acres and features 5 bedrooms, 5.3 bathrooms, 8,294 square feet of heated living area, stationery dock, boat lift, 3-car garage, and a garage shop.
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: