Your guide to the top-residential real estate market statistics throughout North America, with a more in-depth analysis of Charlotte, NC. This Luxury Real Estate Market Report provides an overall analysis of trends, and showcases comparative data month over month as well as the 13 month trend.
What impact will the Coronavirus pandemic have on the luxury housing market? It is highly unlikely that the luxury real estate market will remain immune from it’s affects, especially in our northern states. However, at this time the figures for the luxury real estate market for the first quarter of 2020 showed very little slow down and are higher compared to the same period in 2019. Due to Charlotte’s great climate, low cost of living, and status as a banking hub, our luxury real estate has fared much better than most cities in uncertain or down times.
Although Mecklenburg County only recently started allowing Real Estate Brokers and Buyers to tour occupied homes, Giving Tree Realty immediately put into place measures to protect our Sellers, Buyers, and Agents; including COVID-19 posters at the entrance of homes explaining safety guidelines to follow while touring our listings, supplying our Agents with COVID-19 bags which include gloves, booties and sanitizers, as well as a Coronavirus Addendum drawn up by our in-house attorneys. Due to our high inventory of out of state buyers, we already had measures in place to accommodate remote purchases and closings. From 3D tours to live virtual property visits with our agents answering specific questions about features of the home to live streaming of virtual Open Houses.
For homeowners looking to sell or buy their luxury home in today’s market, The Institute for Luxury Home Marketing recommends working with a Realtor who can provide you with critical knowledge about your local market, maintain a high level of security during the transaction and knows how to leverage technology to provide maximum exposure and assistance. It is our responsibility as your trusted Realtor to ensure that when others around you are lowering their expectations, that it is the time for us to switch gears and discover how to leverage the market effectively to achieve your real estate goals.
This Luxury Market Report delves deeper into our local real estate market and gives the following statistics that show as of today, May 5th 2020, Charlotte is in a Seller’s Market. Homes sold for a median of 98.89% of list price in March 2020. The most active price band was $600,000-$699,999. The median luxury sales price for single-family homes has decreased to $750,000. The median days on market for March 2020 was 13 days, down from 59 in February 2020. Read more about our local luxury real estate market below. To search for luxury homes for sale in the Charlotte area click here.