Luxury Homes Market: Charlotte February 2025
LUXURY HOMES MARKET CHARLOTTE FEBRUARY 2025 UPDATE
YEAR-OVER-YEAR TRENDS IN CHARLOTTE REGION’S LUXURY SINGLE FAMILY HOME MARKET
New Listings and Inventory
In February 2025, the luxury home market saw a 10.3% increase in new listings. Despite this growth, it is crucial to note that this figure is 50% lower than the corresponding period a year ago. Concurrently, inventory levels experienced a significant rise, increasing by 18.7%. These changes indicate a replenishment of market offerings, thus providing more options for potential buyers.
Supply and Demand Dynamics
The month’s supply of homes for sale declined by 3.3%, settling at 2.9 months. This reduction underscores the continued prevalence of a seller’s market within the luxury segment. A seller’s market is characterized by a limited supply of homes relative to demand, which often leads to competitive bidding and upward pressure on prices.
Price Trends
The market has witnessed a robust appreciation in home values. The median home sale price surged by 9.1%, reaching $1,395,000, while the average home sale price saw a more modest increase of 6.4%, amounting to $1,609,291. Additionally, the price per square foot rose by 3.7%, now standing at $396. These price trends reflect the high demand and limited supply within the luxury home market.
Sales Activity
Despite the positive price trends, closed sales experienced a decline of 4.4% in February 2025 compared to the same month the previous year. In contrast, pending sales showed an encouraging improvement, rising by 8.6% year-over-year. This divergence suggests that while fewer transactions were finalized, there is a healthy pipeline of future sales.
List to Sale Price Ratio
The median list to sale price ratio experienced a slight decline of 0.7%, dropping to 98.1%. This ratio measures the final sale price as a percentage of the initial list price and provides insight into the negotiation dynamics between buyers and sellers. The slight decrease indicates that sellers may be accepting marginally lower offers than they did a year ago.
Buyer Foot Traffic and Showings
Buyer foot traffic, measured by the number of showings per listing, declined from 7.9 showings in February 2024 to 6.2 showings in February 2025. On average, luxury homes underwent approximately 12 showings before going under contract, a figure that remained unchanged from the previous year. This consistency suggests that while fewer buyers are touring homes, the time it takes to secure a buyer remains stable.
Days on Market
The median days on market for luxury single-family homes increased by seven days, reaching 19 days in February 2025. Similarly, the average days on market saw a more substantial increase of 15 days, rising to 56 days compared to February 2024. These increases indicate a slight deceleration in the pace at which homes are selling, potentially reflecting heightened buyer scrutiny or a more deliberate purchasing process.
Conclusion
The Charlotte region’s luxury single-family home market in February 2025 presents a complex picture of supply, demand, and price dynamics. While inventory and new listings have increased, the market remains firmly in favor of sellers. Prices continue to rise, albeit with fewer closed sales. The decline in buyer foot traffic and increased days on market suggest a more measured approach by buyers. Overall, the market exhibits resilience and robust demand, with a promising outlook for pending sales in the coming months.
MONTH-OVER-MONTH TRENDS IN CHARLOTTE REGION’S LUXURY SINGLE FAMILY HOME MARKET
Month-over-month, February 2025 luxury homes market in Charlotte region saw single family home new listings increase from January with 300 new listings versus 226 in the prior month, providing more options for luxury home buyers. Median sale price declined month-over-month. The average sale price also declined month-over-month. Closed sales increased from January by six sales. Pending sales increased to 201 from 177 one month ago. The median list to sale price ratio improved 2.5% month-over-month reflecting a stronger market for sellers. Active listings increased to 603 in February from 551 in January. Median days on market increased nine days; average days increased one days from 55 days one month ago. Month-over-month, the months supply of inventory was increased slightly to 2.9 months. Month-over-month, buyer foot traffic improved to 6.4 showings per listing from 6.2 showings. On average, single family luxury homes saw 12 showings before going under contract, unchanged from one month ago.
Luxury Homes Market Charlotte Region February 2025 Snapshot
- Homes Sold: 129 in February 2025, down 4.4% compared with February 2024. The number of homes sold month-over-month increased by six homes.
- Pending Sales: 201 in February 2025, up 8.6% compared with February 2024. Pending sales increased month-over-month by 24 homes.
- New Listings: 300 in February 2025, up 10.3% compared with February 2024. New listings increased by 98 homes month-over-month.
- Inventory of Homes: up 20% to 551 in January 2025 compared with January 2024. Inventory decreased by 74 homes from the previous month.
- Months Supply of Homes: was 2.9 months in February 2025,down from 3.0 months in February 2024. Months supply of homes increased from 2.7 months in the previous month.
- Average Days on Market: 56 days in February 2025 compared with 41 days in February 2024. Average days on market increased one day from January 2025.
- Median Days on Market: 19 days in February 2025 compared with seven days in February 2024. Median days on market declined nine days from January 2025.
- Average Sale Price: increased 6.4% year-over-year to $1,609,291 in February 2025. Compared with January 2025, the average sale price declined $198,475.
- Median Sale Price: increased 9.1% year-over-year to $1,39,000 in February 2025. Month-over-month, median home sale price declined $70,000.
- Median % Of List Price Received: declined 0.7% to 98.1% in February 2025 compared with February 2024. Month-over-month, the list to sale price ratio saw a 2.5% improvement.
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This Charlotte region luxury homes market January 2025 update is provided by Nina Hollander with Coldwell Banker Realty, Greater Charlotte Region luxury residential real estate expert serving Greater Charlotte luxury home buyers and sellers since 1999.
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:
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Previous Charlotte Region Luxury Homes Market Reports
Charlotte Region Luxury Homes Market Report: January 2024
Charlotte Region Luxury Homes Market Report: December 2023
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