Luxury Homes Market: Charlotte October 2024

YEAR-OVER-YEAR TRENDS IN CHARLOTTE REGION’S LUXURY SINGLE FAMILY HOME MARKET 

The October 2024 luxury homes market in the Charlotte region saw a 13.2% increase in new listings. Inventory increased 31.5%. The months supply of homes for sale declined to 3.7 months, keeping the luxury segment of Charlotte’s market in a balanced position. Median home sale price declined 2.6% to $1,363,975, while the average home sale price declined 7.5% to $1,605,072. Price per square foot declined 3.5% to $355 over last year. Closed sales increased 44.3% in October 2024 versus the same month one year ago. Pending sales improved 82.1% from one year ago. Median list to sale price ratio declined 0.4% to 97.8%. Buyer foot traffic declined in October 2024 to 4.8 showings per listing from 5.7 showings in the same month last year. On average, single family luxury homes saw 13 showings before going under contract (no change from one year ago).  Median days on market were 17 in October 2024, increasing from 11 days the same month one year ago. Average days on market declined six days compared with October 2023  to 36 days. The months supply of inventory increased 5.7% versus one year ago in October.

MONTH-OVER-MONTH TRENDS IN CHARLOTTE REGION’S LUXURY SINGLE FAMILY HOME MARKET 

Month-over-month, October 2024 luxury homes market in Charlotte region saw single family home new listings decline from September 2024 with 265 new listings versus 299 in the prior month.  Median sale price declined month-over-month. The average sale price also declined month-over-month. Closed sales increased from September by 22 sales. Pending sales increased to 213 from 197 one month ago. The average list to sale price ratio improved month-over-month by 1.1%. Active listings declined to 726 in October from 797 in September. Median days on market declined four days; average days declined nine days from 44 days one month ago. The months supply of inventory declined to 3.7 months from 4.2 months in September. Month-over-month, buyer foot traffic was unchanged at 4.8 showings per listing.

Luxury Homes Market Charlotte Region October 2024 Snapshot

• Homes Sold: 202 in October 2024, up 44.3% compared with October 2023. The number of homes sold month-over-month increased by 22 homes.
• Pending Sales: 213 in October 2024, up 82.1% compared with October 2023. Pending sales increased month-over-month by 16 homes.
• New Listings: 265 in October 2024, up 13.2% compared with October 2023. New listings declined by 34 homes month-over-month. 
• Inventory of Homes: up 31.5% to 726 in October 2024 compared with October 2023.  Inventory decreased by 71 homes from the previous month. 
• Months Supply of Homes:  was 3.7 months, up from 3.5 months in October 2023. Months supply of homes declined from 4.2 months in the previous month.
• Average Days on Market: 35 days in October 2024 compared with 41 days in October 2023.  Average days on market declined 9 days from September 2024.
• Median Days on Market: 17 days in October 2024 compared with 11 days in October 2023. Median days on market decreased 4 days from September 2024.
• Average Sale Price: declined 7.5% year-over-year to $1,605,072 in October 2024. Compared with September 2024, the average sale price declined by just under $130,000.
• Median Sale Price: declined 2.6% year-over-year to $1,363,875.  Month-over-month, median home sale price declined by about $36,000.
• Median % Of List Price Received: declined 0.4% to 97.8% in October 2024 compared with October 2023. Month-over-month, the list to sale price ratio saw a 1.1% increase.

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This Charlotte region luxury homes market October 2024 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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