Luxury homes market in Charlotte Region in May saw home prices increase from May 2022 and from the previous month. Both pending and closed sales increased compared to one year ago. Median days on market were just four. Median list to sale price ratio was 100%. New and active listings increased compared with May 2022 and April 2023. On the whole, Charlotte Region’s luxury home market is more than holding its own.
Charlotte Region Luxury Home Market Overview: May 2023
Luxury homes market in Charlotte update for May 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 10.1% increase in new listings year-over-year after decreasing in April 2023. Inventory increased year-over-year by 20.3%. The months supply of inventory increased from 2.7 months one year ago to 3.1 months. Median home sale prices increased 2.2%, while average home sale prices increased 7.9%. Closed sales increased 8% in May 2023 versus the same month one year ago. Median list to sale price ratio decreased 2.3% year-over-year, but was still 100%. Buyer foot traffic decreased 10.1% from 7.9 showings per home to 7.1 showings year-over-year. Median days onmarket were just four in May, one day more than in May 2022.
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 compared with May 2023 with 328 new listings versus 284 in April. Average sales price increased, as did median sale price. Closed sales increased significantly in May versus April . Pending sales declined compared with April 2023. The list to sale price ratio was unchanged at 100% month-over-month. Active listings increased in May compared with April. Average days on market increased by just one day in May compared with April 2023. The months supply of inventory increased by 0.04 months. Buyer foot traffic decreased from 8.4 showings in April 2023 to 7.1 showings in May 2023.
Luxury Homes Market Snapshot For Single Family Homes: Charlotte Region May 2023:
Homes Sold: 217 in May 2023, up 8% compared with May 2022. The number of homes sold month-over-month increased by 63 homes.
Pending Sales: 224 in May 2023, up 21.1% compared with May 2022. Pending sales declined month-over-month by 23 homes.
New Listings: 328 in May 2023, up 10.1% compared with May 2022. New listings increased by 44 homes month-over-month.
Inventory of Homes: up 20.3% to 481 in May 2023 compared with May 2022. Inventory increased by 65 homes from April 2023.
Months Supply of Homes: up 14.8% to 3.1 months supply compared with 2.7 months supply in May 2022. Months supply of homes increased 0.04 months from the previous month of April.
Average Days on Market: 30 days in May 2023 compared with 20 days in May 2022. Average days on market increased by 1 day month-over-month.
Median Days on Market: 4 days in May 2023 up 1 day over May 2022. Month-over-month, median days on market remained unchanged.
Average Sale Price: up 7.9% year-over-year to $1,675,109. Month-over-month average sale price increased approximately $123,000.
Median Sale Price: up 2.2% year-over-year at $1,380,000. Month-over-month, median home sale price increased by approximately $30,000.
Median % Of List Price Received: decreased 2.3% to 100% in May 2023 compared with 102.3% in May 2022. Month-over-month, the list to sale price ratio was unchanged.
THE MOST EXPENSIVE HOME SOLD IN THE CHARLOTTE REGION IN MAY 2023
The most expensive home sold in the Charlotte region in May 2023, sold for $6,250,000 in south Charlotte’s Foxcroft neighborhood. Built in 2021, the custom-built home is situated on 1.04 acres and features 5 bedrooms, 6.5 bathrooms, 8,973 square feet of heated living area on three levels. Amenities included a glass enclosed gym with sauna, golf simulator, safe room with private wine tasting area, private elevator to the garage, heated pool + spa, 6-car garage with a lower level workshop, private gated motor court. The home offers three guest suites, one of which has its own separate kitchen, laundry.
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: