Has Charlotte Luxury Real Estate Market Peaked?

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.

Luxury 4

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%

$ 4

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%

 

 

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