Luxury Homes Market Charlotte Region: May 2024

Luxury homes market Charlotte Region May 2024 continued the strong start we saw in the first four months of 2024 with homes selling quickly, sale prices increasing, and pending and closed sales increasing. Inventory and new listings also increased in May 2024, pushing the Charlotte luxury home market into a balanced market between home buyers and sellers. Despite this, the median list to sale price ratio increased to 100%, providing luxury home buyers minimal room to negotiate on price.

 

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

The May 2024 luxury homes market in Charlotte saw a 44.9% increase in new single family home listings year-over-year. Inventory  increased year-over-year by 42.2%.  The months supply of inventory moved into a balanced market with 5.5 months of homes for sale. Median home sale price increased 3.6% to $1,415,000, while the average home sale price increased 1.8%. Closed sales increased 26.2% in May 2024 versus the same month one year ago. Pending sales improved 43.6% from one year ago. Median list to sale price ratio increased 0.3% to 100%. Buyer foot traffic declined in May 2024 to 5.2 showings per listing from 5.6 showings in the same month last year. On average, single family luxury homes saw 12 showings before going under contract (down from 13 one year ago).  Median days on market were 5 in May, decreasing from 6 days the same month one year ago. 

 

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

Month-over-month, the May 2024 luxury homes market in Charlotte saw new single family home listings increase from April 2024 with 691 new listings versus 391 in the prior month.  Median sale price increased $27,000 month-over-month. The average sale price also increased $13,237 month-over-month.  Closed sales increased in April versus March, as did pending sales. The list to sale price ratio increased slightly by 0.3% from April.  Active listings increased from March to 1,348 properties from 590. Median days on market declined 2 days; average days declined 2 days from 38 days one month ago. The months supply of inventory increased 2.1 months from April. Buyer foot traffic in May declined to 5.2 showings from 7.4 showings per active listing in March.

 

Charlotte region luxury home sales snapshot May 024

Luxury Homes Market Charlotte Region May 2024 Snapshot

  • Homes Sold: 362 in May 2024, up 226.2% compared with May 2023. The number of homes sold month-over-month increased by 159 homes.
  • Pending Sales: 369 in May 2024, up 43.6% compared with May 2023. Pending sales increased month-over-month by 98 homes.
  • New Listings: 691 in May 2024, up 44.9% compared with May 2023. New listings increased by 300 homes month-over-month.
  • Inventory of Homes: up 42.2% to 1,348 in May 2024 compared May 2023.  Inventory increased by 758 homes from the previous month. 
  • Months Supply of Homes:  was 5.5 months, up from 4.6 months in May 2023. Months supply of homes increased 2.1 months from April 2024.
  • Average Days on Market: 36 days in May 2024 compared with 38 days in May 2023.  Average days on market declined 2 days from April 2024.
  • Median Days on Market: 5 days in May 2024 compared with 6 days in May 2023. Median days on market decreased 2 days from April 2024.
  • Average Sale Price: improved 1.8% year-over-year to $1,689,603 in May 2024. Compared with April 2024, average sale price was essentially flat.
  • Median Sale Price: improved 3.6% year-over-year to $1,415,000.  Month-over-month, median home sale price was essentially flat.
  • Median % Of List Price Received: increased 0.3% to 100% in May 2024 compared May 2023. Month-over-month, the list to sale price ratio improved 1.2%.

 

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

The most expensive home sold in the Charlotte region in May 2024, sold for $7,993,418 in Weddington. This custom-built home built in 2024, due for completion in 2025, by David Roge is situated on just under 6 acres on a private pond in the gated Stratford on Providence community. The 2-story, basement home features 7 bedrooms/8.4 bathrooms totaling just under 17,300 square feet, which includes a second living quarters of 1,111 square feet. The garage offers 2,218 square feet of storage space. The property includes tennis courts and an in-ground pool.

 

 

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This Charlotte region luxury homes market May 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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Charlotte Region Luxury Homes Market Report: April 2024           Charlotte Region Luxury Homes Market Report: March 2024

Charlotte Region Luxury Homes Market Report: February 2024     Charlotte Region Luxury Homes Market Report: January 2024

Charlotte Region Luxury Homes Market Report: December 2023     Charlotte Region Luxury Homes Market Report: November 2023

Charlotte Region Luxury Homes Market Report: October 2023      Charlotte Region Luxury Homes Market Report: September 2023

Charlotte Region Luxury Homes Market Report: August 2023     Charlotte Region Luxury Homes Market Report: July 2023

Charlotte Region Luxury Homes Market Report: June 2023     Charlotte Region Luxury Homes Market Report: May 2023

 

 

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