Q2 2024 Charlotte Luxury Market Report

IVESTER

JACKSON | CHRISTIE'S LUXURY MARKET REPORT & FORECAST

Charlotte | Q2 2024

2024 Q2 Market Report

Charlotte Region Sees Historic Significant Luxury Sales

Charlotte’s ascension to that of a high demand luxury destination continues to break new ground, with the region seeing record breaking deals this summer. In May, an $8.4 million dollar estate changed hands in Charlotte’s emerging Greenwood community, and was followed by three contracts piercing the $10 million dollar level at Lake Norman, with all four transactions being brokered by Ivester Jackson | Christie’s agents. This activity seems to now have stamped the region with the ability to support prices in excess of $10 million, a level previously reserved for high demand metros and exclusive enclaves in some of the country’s most recognizable areas.

Overall luxury activity continues to surge this summer as the robust financial service industry and Charlotte’s desirability combine to spur more activity above $1 million. Inventory has increased in some areas, but remains mainly in a 30-45 day window of absorption.

SOUTHPARK

Mirroring other high demand ultra-luxury markets like Cornelius, Mooresville, Myers Park and Eastover, the SouthPark area saw a major serge in activity above $2 million in list price. Thirty-two homes closed in this range vs seventeen in the second quarter last year, a near 100% increase, with new pricing thresholds being tested monthly. There are now multiple homes listed over $10 million in value and with three homes at Lake Norman currently under contract over $11 million, it’s only a matter of time before this area cracks the eight digit mark with a closing over $10 million in value.

SOUTHPARK AREA Q2 HOMES

SOLD & SHOWINGS

MYERS PARK & EASTOVER

Like Cornelius to the north, Myers Park and Eastover remain in high demand as luxury destinations yet are restrained by available opportunities. Both communities have seen consistent increases in sell-through, a reduction in opportunities below $1 million, and in many cases even below $2 million. The value of “tear downs” continues to rise as the second quarter saw thirty-five sales over $2 million, another eleven pending contracts, and active inventory sitting at eleven listed homes

MYERS PARK Q2 HOMES SOLD & SHOWINGS

LAKE WYLIE & THE PALISADES

Like its other southern neighbors below Charlotte, this area saw a surge in million dollar activity, as forty-eight homes traded in this year’s second quarter compared with thirty last year. In slight contrast to the Ballantyne and Fort Mill area, inventory near Lake Wylie did jump to the 45-90 day range depending on price segment. Active homes over $1 million are in the 60+ range, while pending contracts are in the 20 range.

LAKE WYLIE & PALISADES

Q2 HOMES SOLD & SHOWINGS

PROVIDENCE, WEDDINGTON

& WAXHAW

Riding a three year wave of consistently high activity, this area continues to display low inventory to pending contract ratios and, in fact, seems to be accelerating. There are currently sixty-one homes pending over $1 million in value, another strong number for mid-July, as the area looks to post a second consecutive quarter with over one hundred homes transacted in the million dollar range.

PROVIDENCE,WEDDINGTON &

BALLANTYNE & SOUTH CAROLINA

Million dollar luxury activity continued to move across the state line into York and Lancaster county, with fiftyfive homes trading this quarter vs thirty-eight in last year’s second quarter. Activity in the range below $1 million remained steady, with similar results to last year and overall inventory being absorbed in about 30-45 days on average. Showing activity surged in the million dollar range, indicative of further demand for new construction and relative value given Charlotte’s robust appreciation the past few years.

BALLANTYNE & SOUTH CAROLINA Q2 HOMES SOLD & SHOWINGS

CENTER CITY LUXURY CONDOS & TOWNHOMES

One of the major trending stories of the past eighteen months has been the explosion of interest in milliondollar-plus, lock and leave townhouse and condo options near the city. Thirty-one $1 million units closed in the second quarter vs just ten last year in the same time frame, and another twenty-two were under contract heading into this quarter. Infill and development continue to bring new options to the market; currently there are twenty-two active listings in the MLS in this range with more coming online, yet demand seems poised to continue to absorb luxury lock and leave product as it becomes available.

CENTER CITY CONDOS & TOWNHOMES Q2 HOMES SOLD

Bring Unprecedented Demand and Record Setting Prices

Its seems like every market report of the past ten years has been themed around the accelerating draw of Charlotte and the region to those in other high value areas desiring a change. Combine that with the region’s strong business and financial services industry and a world class airport with convenient non-stops for business travel, and you can understand the unprecedented demand and record setting prices. The region’s cresting of the $10 million threshold in the luxury estate market, marks a new era. New construction projects have crested the mark for a couple years, but the visible establishment of comparable sales in the MLS above this threshold, is going to raise the bar and validate that price segment for the first time in our region. We also believe there will be a piggy back effect for homes in the $2-10 million range, as they will now be viewed relative to a new “top-of-the-market” threshold.

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Where

you

Charlotte

1515 Mockingbird Lane, Suite 900

Charlotte, NC 28209

Lake Norman

21025 Catawba Ave, Suite 101

Cornelius, NC 28031

North Shore

350 Morrison Plantation Parkway, Suite C1

Mooresville, NC 28117

Asheville

18 S Pack Square

Asheville, NC 28801

Wilmington 527 Causeway Drive

Wrightsville Beach, NC 28480

Highlands Cashiers

210 North Fifth Street

Highlands, NC 28741

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