It wasn't too long ago that luxury homes in any U.S. market were sitting stagnant on the market for months, if not years, before getting an offer. For the uber-high-end luxury homes, that is still the case. But the low- to mid-level luxury home range from about $1 to $3 million seems to be a sweet spot in the market, with these high-end listings getting bids from luxury home buyers.
Why the change? Inventory shortage.
There is clearly not enough existing home inventory in any price range, much less the luxury tier. That means buyers have fewer choices when looking for their next Charlotte luxury home. And that means luxury homes are starting to get bids again.
There is also the fact that companies like MetLife, Areva, Microsoft, and Chiquita are moving thousands of employees in total to Charlotte. That has a direct effect on housing prices, but also means they are reducing available inventory even further. Many of these relocated and new positions are high-paying jobs, and that puts additional pressure on the luxury end of the market.
For buyers looking for a home at $1 million or more, it is important to be decisive when you find the home you want. Often, homes are getting multiple offers, and the early bird gets the worm.
Since MetLife's relocation in particular is bringing over 1300 employees alone to Charlotte later this year, prices are expected to be pushed higher and inventory is expected to shrink even further as the year progresses.
If you're in the market for Charlotte luxury homes, or have one you want to sell, please call Kam Pardasani, North Carolina's leading Charlotte luxury home specialist, at 704-469-4223. Kam will help you find the perfect home.
