Luxury Homes Market Charlotte Region: February 2024

YEAR-OVER-YEAR TRENDS IN THE LUXURY SINGLE FAMILY HOME MARKET 

The February 2024 luxury homes market in Charlotte saw a 71.1% increase in new listings year-over-year.  Inventory  increased  year-over-year by 28.8%.  The months supply of inventory remained relatively low despite increasing to 2.8 months from 2.5 months year-over-year. Median home sale price declined 7.3% to $1,279,000, while the average home sale price declined 2.3%. Closed sales increased 35.1% in February 2024 versus the same month one year ago. Pending sales improved 61.1% from one year ago. Median list to sale price ratio increased 1% to 99.1%. Buyer foot traffic declined slightly to 7.9 showings per listing from 8.2 showings in the same month last year.  Median days on market were 7 in February, declining from 16 days the same month one year ago. 

MONTH-OVER-MONTH TRENDS IN THE LUXURY SINGLE FAMILY HOME MARKET 

Month-over-month, the luxury homes market in Charlotte saw new listings increase from January 2024 with 272 new listings versus 185 in the prior month.  Median sale price declined slightly from the previous month. The average sale price increased from January 2024.  Closed sales increased in February versus January, while pending sales increased month-over-month. The list to sale price ratio improved 5% from January.  Active listings increased from January to 474 properties from 426. Median days and average days on market declined 20 days and 8 days, respectively, from January 2024. The months supply of inventory increased 0.2 months from January. Buyer foot traffic in February increased to 7.7 showings from 4.8 showings per active listing in January, indicating that luxury home buyers were out looking for homes to purchase. 

 

 

 

Luxury Homes Market Charlotte Region February 2024 Snapshot

• Homes Sold: 131 in February 2024, up 35.1% compared with February 2023. The number of homes sold month-over-month increased by 45 homes.
• Pending Sales: 203 in February 2024, up 61.1% compared with February 2023. Pending sales increased month-over-month by 53 homes.
• New Listings: 272 in February 2024, up 71.1% compared with February 2023. New listings increased by 87 homes month-over-month.
• Inventory of Homes: up 28.8% to 474 in February 2024 compared with February 2023.  Inventory increased by 48 homes from the previous month. 
• Months Supply of Homes:  was 2.8 months, up from 2.5 months in February 2023. Months supply of homes increased 0.1 month from January 2024.
• Average Days on Market: 41 days in February 2024 compared with 56 days in February 2023.  Average days on market declined 8 days month-over-month. 
• Median Days on Market: 7 days in February 2024 compared with 16 days in February 2023. Compared with the prior month of January, median days on market declined 20 days.
• Average Sale Price: declined 2.3% year-over-year to $1,514,769 in February. Compared with January 2024 the average sale price declined approximately $62,100.
• Median Sale Price: declined 7.3% to $1,279,000.  Month-over-month, median home sale price declined approximately $62,000.
• Median % Of List Price Received: improved 1% to 99.1% in February 2024 compared February 2023. Month-over-month, the list to sale price ratio improved 5%.

 

THE MOST EXPENSIVE HOME SOLD IN THE CHARLOTTE REGION IN FEBRUARY 2024

The most expensive home sold in the Charlotte region in February 2024, sold for $4,350,000 in Charlotte’s Myers Park. Built in 2007 and situated on .63 acres, this 5,804 square foot, 1.5 story basement home featured 5 bedrooms/4.2 bathrooms. Additional features included a main floor primary suite, chef’s kitchen, elevator, in-ground, heated salt-water pool, cabana, outdoor shower, gated entry, covered patio.

 

Want to know what this would mean for your family if you decide to buy or sell a Charlotte region luxury home?

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This Charlotte region luxury homes market February 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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