Luxury homes market in Charlotte region continued to readjust to market shifts in recent months. Closed and pending sales were down year-over-year and month-over-month. Months supply of homes stood at 3 months in November. List to sale price ratio continued to drop providing luxury home buyers an opportunity to negotiate on price.
Charlotte Region’s Luxury Home Market Overview: November 2022
Latest news on Charlotte Region’s luxury housing market in November 2022 and what it means for you…
In spite of predictions of a significant market correction in 2022, Charlotte Region’s single family luxury homes real estate market continued to “hold its own” through November 2022. Nonetheless, we are seeing an increasing softening in the market, especially with respect to closed and pending sales and a significant increase in median days on market year-over-year.
YEAR-OVER-YEAR TRENDS IN THE LUXURY HOME MARKET IN CHARLOTTE REGION
The luxury market saw no increase in new listings year-over-year, while inventory increased year-over-year. The months supply of inventory increased from 2.3 month one year ago to 3 months. Median home sale prices increased 3.4%, while average home sale prices decreased 3%. Closed sales decreased in November 2022 versus the same month one year ago. Median % of list price received dropped 3.6% year-over-year, while the average list to sale price ratio decreased 3%. Buyer foot traffic decreased by almost 32% from 9.1 showings per home to 6.2 showings year-over-year.
MONTH-OVER-MONTH TRENDS IN THE LUXURY HOME MARKET IN CHARLOTTE REGION
On a month-over-month basis, new listings decreased compared with October 2022. Average sales prices decreased, as did median sale prices. Both closed and pending sales were down compared with October 2022. The list to sale ratio was also lower month-over-month. Active listings decreased in November compared with October. New listings were down in November compared with October. The months supply of inventory decreased slightly month-over-month by 0.1 months. Buyer foot traffic decreased from 7.2 showings in October to 6.2 showings in November.
Luxury Housing Market Snapshot For Single Family Homes: Charlotte Region November 2022:
Homes Sold: 113 in November 2022, down 18.7% compared with November 2021. The number of homes sold decreased month-over-month by 49 homes.
Pending Sales: 99 in November 2022, down 15.4% compared with November 2021. Pending sales were down month-over-month by 42 homes.
New Listings: 126 in November 2022 flat compared with November 2021. New listings decreased by 69 homes month-over-month.
Inventory of Homes: up 39.7% to 452 in November 2022 compared with November 2021. Inventory dropped by 34 homes from October to November 2022.
Months Supply of Homes: up 30.4% to 3 months supply compared with 2.3 months supply in November 2021. Months supply of homes decreased slightly by 0.1 months in November 2022 versus October 2022.
Average Days on Market: 44 days in November 2022 compared with 35 days in November 2021. Average days on market increased by 11 days month-over-month.
Median Days on Market: 20 days in November 2022 up 16 days over November 2021. Median days on market were 8 days higher month-over-month.
Average Sale Price: down 3% year-over-year to $1,538,835. Month-over-month average sale price decreased by almost $159,000. Only July 2022 saw a lower average sale price in 2022.
Median Sale Price: up 3.4% year-over-year at $1,350,000 from $1,306,000. Month-over-month, median home sale prices increased by approximately $30,000.
Median % Of List Price Received: decreased 3.6% to 96.4% in November 2022 compared with November 2021. Month-over-month, the list to sale price ratio was 2.1% lower.
THE MOST EXPENSIVE HOME SOLD IN THE CHARLOTTE REGION IN NOVEMBER 2022
The most expensive home sold in the Charlotte region in November 2022, sold for $4,136,075 in Island Forest in Cornelius on Lake Norman. Built by Plattner Custom Builders, the waterfront home is situated on .5 acres and features 6,327 square feet with five bedrooms, six full bathrooms, one half bathrooms. The custom, basement home built in 2022 also features: 185 feet of shoreline, an in-ground pool, wine room, fitness room, 3-car garage.
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: