When the national real estate crisis hit hard a few years back, luxury home sales were one of the first areas to decline. In fact, many real estate experts attributed many of the disheartening statistics of the last few years to an overall reduction in luxury home sales, and thus average selling prices.
In Charlotte, the luxury home market is officially back.
Lake Norman is Charlotte’s premier luxury home market with about 25% of the area’s $1,000,000+ homes. Many of the city’s other neighborhoods, however, have seen great success over the last year with high-end properties such as Myer’s Park, Glen Eagles, and even Dilworth. The average listing price in Charlotte’s Eastover neighborhood currently stands over $800,000.
Here are a few statistics that show Charlotte has a flourishing luxury home market:
- Keller Williams Mooresville reports selling 150% more luxury homes in June 2013 than in June 2012
- There are currently over 100 properties in Charlotte listed for over one-million dollars
- There are currently over 50 homes in Charlotte listed for over $2,000,000
- The average selling price of a Charlotte home has risen nearly 20% since this time last year
So, what exactly makes a “luxury home?”
In the Charlotte market, homes selling for over the $1,000,000 mark are generally considered “luxury.” In addition, other criteria that can bump a home into the luxury category include high-end customization, unique artistic influences, or designation as a vacation or second home property.
Luxury homes are marketed differently than typical single-family homes. If you’re preparing to list your home in the luxury category it’s imperative you work with a broker with experience in the field who has the type of network to support your listing. A Charlotte luxury broker expects to go above and beyond when selling a luxury property, particularly when it comes to marketing materials.
Internet marketing is a must when it comes to selling a luxury home, as are professionally printed marketing materials. It’s also important to make sure you find a seller’s agent that works with an international client base as luxury home buyers are increasingly likely to be relocation buyers from other nations. The right seller’s agent should be well-established within the local industry and have direct connections to buyer’s agents that work directly with luxury purchasers.
All across the US, luxury home sales are heating up but the steep rise is likely to level out. Now is a great time to market your million-dollar home as low interest rates are helping qualify more buyers than ever, and inventory remains low. In a few years, development will begin to flood the market with brand new, totally upgraded homes that may offer more competition for your luxury property.
If you home is large, historic, uniquely located, or simply special, call Leigh Bryant at On the Move Charlotte today to talk about a luxury listing plan. There’s never been a better time to sell your home in Charlotte, particularly if your home is high-end.
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