Not yet…but growth is slowing and even negative in some locations/price points. Below are 6-month Luxury ($500K+) results for Charlotte, Union County and Lake Norman by 2 measures: 1. # of Luxury Homes Sold, 2. $ Sold Per Sq Ft
1. # OF LUXURY HOMES SOLD
# of Charlotte Luxury Homes Sold Sales increased 6% from 871 to 900
All 3 Charlotte Luxury segments grew:
- $1- $2M segment led the way – jumping 19% to 191 sales.
- $500K – $999K grew 3% tempered by relatively low home supply of 4 months.
- $2M+ grew a healthy 10% with 34 closings – an all-time high.
Union County # of Luxury Homes Sold sales decreased 2% from 316 to 311.
- Unlike Charlotte where the $1M – $2M segment was strongest, it was the weakest in Union County dropping 15%.
- Other 2 segments were flat.
Lake Norman # of Luxury Homes Sold sales increased 7% from 767 to 782.
- $500-999K segment increased 10%, $2M+ market up 11%
- $1M-$2M segment was down 10%
2. $ SOLD PER SQ FT
Charlotte Luxury Homes Sold Price Per Square Foot increased 1%, with all 3 segments increasing between 0 and 2%
Union County Luxury Homes Sold Price Per Square Foot sales increased 1%.
- $500K – $999K grew 1%
- $1 – $2M segment increased 5%
- $2M+ up 13%, but only 3 homes sold in Union County over $2M.
Lake Norman Luxury Homes Sold Price Per Square Foot was down 1%.
- $500K – $999K and $1M – $2M down 2%
- $2M+ increased 7%