Luxury Homes Market Charlotte Region: March 2024

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

The March 2024 luxury homes market in Charlotte saw a 10% increase in new single family home listings year-over-year.  Inventory  increased year-over-year by 19.7%.  The months supply of inventory remained relatively low despite increasing to 3.0 months from 2.8 months year-over-year. Median home sale price improved 1.8% to $1,382,250, while the average home sale price declined 2.2%. Closed sales increased 20.8% in March 2024 versus the same month one year ago. Pending sales improved 32.2% from one year ago. Median list to sale price ratio declined 1.2% to 98.6%. Buyer foot traffic declined slightly to 7.3 showings per listing from 8.8 showings in the same month last year.  Median days on market were 5 in March, declining from 7 days the same month one year ago. 

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

Month-over-month, the March 2024 luxury homes market in Charlotte saw new single family home listings increase from February 2024 with 329 new listings versus 272 in the prior month.  Median sale price increased by just over $100,000 from the previous month. The average sale price increased just over $160,000 from February 2024.  Closed sales increased in March versus February, while pending sales also increased month-over-month. The list to sale price ratio declined slightly by 0.5% from February.  Active listings increased from February to 516 properties from 474. Median days and average days on market declined 2 days and 9 days, respectively, from February 2024. The months supply of inventory increased 0.2 months from February. Buyer foot traffic in March declined to 7.3 showings from7.7 showings per active listing in February.

 

 

 

Luxury Homes Market Charlotte Region March 2024 Snapshot

• Homes Sold: 174 in March 2024, up 20.8% compared with March 2023. The number of homes sold month-over-month increased by 43 homes.
• Pending Sales: 254 in March 2024, up 32.2% compared with March 2023. Pending sales increased month-over-month by 51 homes.
• New Listings: 329 in March 2024, up 10% compared with March 2023. New listings increased by 57 homes month-over-month.
• Inventory of Homes: up 19.7% to 516 in March 2024 compared with March 2023.  Inventory increased by 42 homes from the previous month. 
• Months Supply of Homes:  was 3 months, up from 2.8 months in March 2023. Months supply of homes increased 0.2 months from February 2024.
• Average Days on Market: 38 days in March 2024 compared with 47 days in March 2023.  Average days on market declined 3 days month-over-month. 
• Median Days on Market: 5 days in March 2024 compared with 7 days in March 2023. Compared with the prior month of February, median days on market declined 2 days.
• Average Sale Price: declined 2.2% year-over-year to $1,676,116 in March 2024. Compared with February 2024 the average sale price improved approximately $161,000.
• Median Sale Price: improved 1.8% to $1,382,250.  Month-over-month, median home sale price improved approximately $103,000.
• Median % Of List Price Received: declined 1.2% to 98.6% in March 2024 compared March 2023. Month-over-month, the list to sale price ratio declined 0.5%.

 

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

The most expensive home sold in the Charlotte region in March 2024, sold for $5,300,000 in Charlotte’s gated Morrocroft Estates neighborhood in South Park. Built in 1997 and situated on 1.1 acres, this 9,149 square foot, 2-story basement home featured 6 bedrooms/8.2 bathrooms. Additional features included five fireplaces, chef’s kitchen, mahogany study with wet bar and fireplace, 900-bottle wine cellar, interior elevator, in-ground pool with grotto spa, outdoor fireplace, 3-car garage with EV charging station.

 

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This Charlotte region luxury homes market March 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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