Charlotte Region Luxury Home Market Overview: August 2023
Luxury homes market in Charlotte update for August 2023 and what it means for you…
Charlotte Region luxury home market more than held its own in August 2023. Luxury home sales Charlotte Region in August saw average and median home sale prices increase from from July and June 2023. Pending sales declined, while closed sales increased year-over-year and month-over-month. Median days on market were just eight. Average days on market declined from July 2023 and increased by just two days from August one year ago. Median list to sale price ratio was 98.6%. New listings increased 9.8%. Inventory declined 6%. Months supply of inventory declined 0.4 months year-over-year to 3.1 months, keeping luxury home sellers in the “driver’s seat” in the Charlotte region.
YEAR-OVER-YEAR TRENDS IN THE LUXURY SINGLE FAMILY HOME MARKET IN CHARLOTTE REGION
The luxury homes market in Charlotte saw a 9.8% increase in new listings year-over-year. Inventory decreased year-over-year by 6%, despite the increase in new listings. The months supply of inventory declined to 3.1 months year-over-year from 3.5 months one year ago. Median home sale price increased 3.4%, while the average home sale price increased 4.6%. Closed sales increased 10.1% in August 2023 versus the same month one year ago. Median list to sale price ratio decreased 1.4% year-over-year to 98.6%. Buyer foot traffic increased 26.2% to 7.7 showings per home from 6.1 showings year-over-year. Median days on market were eight in August, one day higher versus the same month one year ago.
MONTH-OVER-MONTH TRENDS IN THE LUXURY SINGLE FAMILY HOME MARKET IN CHARLOTTE REGION
Month-over-month, the luxury homes market in Charlotte saw new listings increase in August 2023 with 235 new listings versus 223 in July 2023. Both average and median sale prices increased from the previous month. Closed sales increased in August versus July. Pending sales decreased compared with JuLy2023. The list to sale price ratio declined 0.2% month-over-month. Active listings increased in August compared with July. Average days on market declined by three days in August compared with July. The months supply of inventory remained unchanged month-over-month at 3.1 months. Buyer foot traffic in August increased to 7.7 average showings per listing compared with 7.2 months in July.
Luxury Homes Market Snapshot For Single Family Homes: Charlotte Region August 2023
Homes Sold: 196 in August 2023, up 10.1% compared with August 2022. The number of homes sold month-over-month increased by 33 homes.
Pending Sales: 182 in August 2023, up 18.2% compared with August 2022. Pending sales declined month-over-month by 12 homes.
New Listings: 235 in August 2023, up 9.8% compared with August 2022. New listings decreased by 62 homes month-over-month.
Inventory of Homes: down 8.4% to 490 in July 2023 compared with July 2022. Inventory decreased by 121 homes from July 2023.
Months Supply of Homes: down 11.4% (by 0.4 months supply) compared with August 2022. Months supply of homes remained unchanged compared with July 2023.
Average Days on Market: 31 days in August 2023 compared with 29 days in August 2022. Average days on market decreased 3 days month-over-month.
Median Days on Market: 8 days in August 2023 compared with 7 days in August 2022.
Average Sale Price: up 4.6% year-over-year to $1,630,670 in August. Month-over-month average sale price increased just under $12,000.
Median Sale Price: increased 3.4% year-over-year to $1,347,000 in August. Month-over-month, median home sale price was essentially flat, decreasing by $3,000.
Median % Of List Price Received: decreased 1.4% to 98.6% in August 2023 compared with 100% in August 2023. Month-over-month, the list to sale price ratio decreased 0.2%.
THE MOST EXPENSIVE HOME SOLD IN THE CHARLOTTE REGION IN AUGUST 2023
The most expensive home sold in the Charlotte region in August 2023, sold for $7,100,000 in Davidson. Built in 2020, the gated, custom-built home is situated on approximately 15acres and features 5 bedrooms, 6 bathrooms, 7,600+ square feet of heated living area on two levels. Amenities included a chef’s kitchen + separate scullery and wind room, a primary wing with office and private porch, a 50,000 gallon heated salt water pool and spa, a climate-controlled 3-car garage with workshop area, a dog-washing station.
Want to know what this would mean for your family if you decide to buy or sell a Charlotte region luxury home?
This Charlotte region luxury housing market update is provided by Nina Hollander with Coldwell Banker Realty, Greater Charlotte Region luxury residential real estate expert serving Charlotte area luxury home buyers and sellers for 24+ years.
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: