Charlotte region luxury home sales maintained strong momentum in May 2021. Inventory and the months supply of single family 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 region is definitely a seller’s market compared with one year ago when it was more of a balanced market.
Charlotte Region’s Luxury Home Market Remained Strong In May 2021
Latest news on Charlotte Region’s luxury housing market in May and what it means for you…
Charlotte Region’s single family luxury homes real estate market remained strong in May 2021 compared with May 2020. For homes priced above $750,000, the Charlotte region saw astonishingly higher pending and closed sales even in the face of a 30.6% decline in inventory. This low level of inventory has 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. Some portion of these significant increases in sales is due to the fact that in May 2020 our housing market was just beginning to reopen after the pandemic lockdowns in April 2020.
What remains to be seen as the year progresses is if luxury home buyers will “give in” to buyer fatigue and a “wait and see” position. Buyers are clearly frustrated by multiple offers, declines in inventory, and the lack of inventory we’ve seen in the year to-date.
Luxury Housing Market Snapshot For Single Family Homes: Charlotte Region May 2021:
Homes Sold: 2,961 in May 2021, up 76.5% compared with May 2020.
Pending Sales: 3,308 in May 2021, up 73.3% compared with May 2020.
New Listings: 3,731 in May 2021 up 33.9% compared with May 2020.
Inventory of Homes: down 30.6% to 666 in May 2021 compared with May 2020.
Months Supply of Homes: down 45.9% with 3.3 months supply compared with 6.1 months supply in May 2020 and 8.1 months supply in May 2019.
Average Days on Market: 55 days in May 2021 compared with 73 days in May 2020 and 82 days in May 2019.
Median Days on Market: 14 days in May 2021 versus 31 days in May 2020 and 38 days in May 2019.
Average Sale Price: up 5.3% to $1,181,820 in May 2021 compared with $1,122,850 in May 2020.
Median Sale Price: up 3.8% to $990,000 in May 2021 compared with $954,190 in May 2020.
Median % Of List Price Received: up 1.7% to 98.1% in May 2021 compared with 96.5% in May 2020.
The most expensive home sold in the Charlotte Region in May 2021 sold at $5,200,000 in south Charlotte. Built in 2017 by Kingswood, this estate home is situated on 2.23 private acres near South Park. With 8,459 square feet of heated living area, it featured 7 bedrooms, 7 full bathrooms, 3 half bathrooms, an exercise studio, pool, spa, and a 4-car garage.
Want to know what this would mean for your family if you decide to buy or sell a Charlotte region luxury home?