I recently wrote a blog about how the Charlotte home market is doing and I have been asked how that compares to the “Luxury Home” market.  Generally, I believe that the term “luxury home ” is a relative term which starts at around $500,000 in Charlotte.  However, for this report, I researched home sales for homes with a list price of $1,000,000 or more for the metro-Charlotte area.

Here are the stats:

Median Sales Price is up 3.1%

Average Sales Price is up 4.7%

Sales Price To List Price is up 2.9%

Days On Market is down 12.1%

So, the luxury home market is holding up very well in comparison with the general Charlotte Metro area.  Many “Move Up” buyers are taking advantage of the historically low interest rates which are providing buyers with incredible buying power.  Although sellers are taking a hit on their current home they are selling, if they are moving up in price point, they can expect to make up for the loss they are taking on their current home and then some on the home they are purchasing.

So, if you are in the market to sell a luxury home, now is better than a year ago.  Although we are no where near the glory years; the market today is better, not worse, than it was one year ago.

Cheers!

Ben Bowen