Q4 2022
OVERALL MARKET REPORT
Charlotte Luxury Market Bucks
National Media Narrative
COMMUNITY UPDATES
SouthPark
Myers Park & Eastover
Lake Wylie & The Palisades
Providence, Weddington & Waxhaw
Ballantyne & South Carolina
Center City Luxury Condos
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Charlotte's Economic Boom Continues
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2022 Q4 Market Report
contents
Charlotte Luxury Market Bucks National Media Narrative
The Charlotte region’s luxury real estate market generated historically high sell-through in 2022, as record numbers of million, and multi-million dollar properties, changed hands. In the ranges above $1 million in list price, the region has shown an almost tripling in sell-through from 2019 ’ s pre-Covid 19 days. Despite some tapering in the more interest rate sensitive ranges around $1 million in list price and below, unit sell-through numbers remain high, with the ultra-luxury range above $2 million recording a record fourth quarter in comparison with the prior 3 years ’ ending quarters.
SOUTHPARK
The city’s flagship areas continued to perform well in the fourth quarter, with the SouthPark area showing flat or just slight declines from 2021 ’ s historically high fourth quarter sellthrough in the luxury ranges. The just completed quarter will go down as the second highest on record in the SouthPark area, with 30 homes closing in the $1 million range vs. 34 last year.
The ultra-luxury segment also saw 11 homes close vs. 13 in 2021 ’ s fourth quarter, yet a whopping 16 homes in this segment were pending heading into this year ’ s first quarter
SOUTHPARK AREA Q4 HOMES SOLD & SHOWINGS
LAST 90 DAYS
MYERS PARK & EASTOVER
Always in demand, Myers Park and Eastover posted solid finishes to 2022, with 30 homes closing above $1 million in list price overall, vs 26 during the same period the previous year. The quarter ended with 7 homes pending over $2 million on an active inventory of only 6 homes in the ultra-luxury segment, roughly 45 days worth of inventory, with private sales continuing to occur in this area.
MYERS PARK Q4 HOMES SOLD & SHOWINGS
LAST 90 DAYS
LAKE WYLIE & PALISADES
While the segment below $1 million slowed in the fourth quarter in comparison to 2021, it remained well above 2020 and 2019 levels The luxury range above $1 million actually surged upward, with 25 homes closing over the $1 million mark Compare this to just 14 in the last quarter of 2021, one of the best quarters on record in this area and price range The pending contract level in the under $1 million segment posted a solid 93 contracts on an inventory of 108 active homes, which is roughly 45 days of inventory Meanwhile, the luxury range saw 7 pending contracts on an active inventory of 20 listings, which is roughly 4 months of inventory. Showings in both price ranges saw declines over the past 30 days, indicative of a slower start to 2023.
LAKE WYLIE & PALISADES
Q4 HOMES SOLD & SHOWINGS
LAST 90 DAYS
PROVIDENCE, WEDDINGTON & WAXHAW
After a torrid last 36 months, this area did see some tapering in both the under $1 million range and the luxury range above $1 million, albeit very slightly in the luxury range. The luxury range recorded 50 closings in the fourth quarter after seeing 60 in the same period in 2021 Pending contracts in both segments were very healthy despite a downturn in showings, with 44 homes pending in the $500k-$999k range on 44 active listings. 37 additional luxury homes were pending over $1 million with just 24 remaining active, which is roughly 30 days of inventory
PROVIDENCE,WEDDINGTON & WAXHAW Q4 HOMES SOLD &
LAST 90 DAYS
BALLANTYNE & SOUTH CAROLINA
This area continued to see upward momentum in the just completed fourth quarter, with the $500k-$999k range seeing unit sell-through increase from 163 units in 2021 to 213 in 2022. The luxury segment above $1 million, saw an increase from 24 closings to 28 in the fourth quarter Active inventory, while increasing, remained in fairly healthy proportion to new pending contracts, as 50 homes were pending below $1 million on 111 units in inventory, while the segment over $1 million saw 12 homes pending with just 11 active listings. Showing request activity on active inventory was trending downward in both segments.
BALLANTYNE & SOUTH CAROLINA Q4 HOMES SOLD & SHOWINGS
LAST 90 DAYS
CENTER CITY LUXURY CONDOS
The condo/townhouse market in uptown and the adjacent 277 beltway corridor continued to buzz, as 72 units closed in the $500k-$999k range vs 62 last year, while the $1 million plus range saw an uptick from 9 closings to 11. This luxury segment is growing rapidly, as more new construction options become available. Currently, there are 22 units pending over $1 million in list price while another 62 went pending just below $1 million
CENTER CITY CONDO MARKET Q4 HOMES SOLD
LAST 90 DAYS
CHARLOTTE MARKET FORECAST
Ultra Luxury Market Analysis
In the $2 Million Plus Range, Charlotte's economic boom continues to drive executive relocation which is keeping this range at record levels, with 183 closings vs 140 last year and 64 in 2019 There were 38 closings in the fourth quarter and another 21 pending to start this year
The $1 Million to $1 99 Million range is the largest luxury segment in the state, with 966 closings in the just completed year, which is up from 439 from 2019 This segment appears to have accelerated in the fourth quarter in comparison to previous years, with 193 closings vs 185 in the year prior, and a very strong 92 pending deals heading into this quarter This is a very active price range where the largest competitor only has 6% listing market share
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