March 2021 saw continued strengthening in the luxury homes market in the Charlotte region versus March 2020, despite the ongoing pandemic. Inventory and the months supply of luxury homes were significantly down, as were average and median days on market. Pending and closed sales were up significantly year-over-year. The luxury home market in Charlotte is now definitely a seller’s market compared with one year ago when it was more of a balanced market.
Charlotte Region’s Luxury Home Sales Activity Strong
Latest news on Charlotte Region’s luxury housing market and what it means for you…
Charlotte Region’s luxury homes real estate market strengthened in March 2021 compared with March 2020, despite the ongoing pandemic. For homes priced above $750,000, the Charlotte region saw astonishingly higher pending and closed sales even in the face of a 53.9% decline in inventory. 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, as well.
Luxury Housing Market Snapshot: Charlotte Region March 2021:
Homes Sold: 312 in March 2021, up 126.1%, versus 138 in March 2020.
Pending Sales: 335 in March 2021, up 99.4% versus 168 in March 2020.
New Listings: up 16.5% to 388 in March 2021 versus 333 in March 2020.
Inventory of Homes: down 53.9% to 442 in March 2021 versus 958 in March 2020.
Months Supply of Homes: down 69.5% with 1.8 months supply of homes in March 2021 versus 5.9 months supply in March 2020.
Average Days on Market: 46 days in March 2021 versus 73 days in March 2020.
Median Days on Market: 6 days in March 2021 versus 17 days in March 2020.
Average Sale Price: up 4.3% to $1,1,74,855 in March 2021 versus $1,126,021 in March 2020.
Median Sale Price: up 3.1% to $979,500 in March 2021 versus $950,000 in March 2020.
Median % Of List Price Received: up 1.9% to 99.9% in March 2021 versus 98% in March 2020.
The most expensive home sold in the Charlotte Region in March 2021 sold at $4,500,000 (104% of list price) in Carmel Park in South Charlotte. Designed by Christopher Phelps, the custom basement home built in 2017 featured over 8,800 square feet with 6 bedrooms, 4 full bathrooms, 3 half-bathrooms on 1.6 acres.
Want to know what this would mean for your family if you decide to buy or sell a Charlotte region luxury home?