Charlotte luxury homes market in February 2022 saw continued demand for luxury homes with an increase in closed and pending sales and average sale price year-over-year. Average and median days on market were down significantly year-over-year. New listings increased slightly, inventory was down year-over-year and the months supply of homes was also down year-over-year. With just 2.7 months of inventory, the luxury segment of Charlotte’s housing market remained a seller’s market in the month of February.
Charlotte Region’s Luxury Home Market Overview: February 2022
Latest news on Charlotte Region’s luxury housing market in February 2022 and what it means for you…
Charlotte Region’s single family luxury homes real estate market remained solid with continuing low levels of inventory that have not been seen in well over a decade. Days on market, both average and median, also were down significantly year-over-year, as was the months supply of inventory.
Luxury home sellers continued to see a higher sale price as a percent of listing price. Median home sale prices were down slightly at 0.4%, while average sales prices increased 12% year-over-year. It appears that the drop in median home sales is more a reflection of the price mix of homes sold than of a decrease in home values of luxury homes.
Throughout much of 2021 there was concern that luxury home buyers might “give in” to buyer fatigue and take a “wait and see” position due to frustrations caused by multiple offers, declines in inventory, and the lack of inventory. Thus far this does not appear to be the case and the luxury market remained a seller’s market. February’s increase in closed and pending sales year-over-year can be attributed to the continued demand for luxury homes in the Charlotte region.
Luxury Housing Market Snapshot For Single Family Homes: Charlotte Region February 2022:
Homes Sold: 124 in February 2022, up 45.9% compared with February 2021.
Pending Sales: 180 in February 2022, up 6.3% compared with February 2021.
New Listings: 253 in February 2022 up 7.8% compared with February 2021.
Inventory of Homes: down 26.3% to 460 in February 2022 compared with February 2021.
Months Supply of Homes: down 44.9% with 2.7 months supply compared with 4.9 months supply in February 2021 and 10.9 months supply in February 2020. Months supply of homes was also down month-over-month.
Average Days on Market: 69 days in February 2022 compared with 87 days in February 2021 and 120 days in February 2020.
Median Days on Market: 13 days in February 2022 compared with 36 days in February 2021 and 85 days in February 2020.
Average Sale Price: up 12% at $1,606,007 in February 2022 compared with $1,434,006 in February 2021.
Median Sale Price: down 0.4% at $1,310,000 in February 2022 compared with $1,315,000 in February 2021.
Median % Of List Price Received: up 2.4% to 100% in February 2022 compared with 97.6% in February 2021.
The most expensive home sold in the Charlotte Region in February 2022 sold for $6,200,000 in Seven Eagles in south Charlotte. This was a custom-built home in the French chateau style situated on 1.08 acres on the Quail Hollow Country Club golf course. The 1996 home featured 12,873 square feet of heated living area, seven bedrooms, 8 full bathrooms, 3 half bathrooms. The home also offered a theatre room, a gym, outdoor kitchen, in-ground pool, outdoor shower, interior elevator, parking for 4+ cars and much more.
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