Charlotte’s luxury home market sizzles during pandemic

CHARLOTTE — Luxury residential real estate in Charlotte has taken off during the pandemic, much like the local housing market in general.

There have been more than 1,220 single-family homes, townhouses and condos to sell at or above $1 million in the local market from January through August of this year, according to data provided to CBJ by the Canopy Realtor Association. That’s up 86% from the 660 closings at that price point across the 16-county Charlotte region during the same eight-month span in 2020. And it’s a 130% increase from the 534 homes priced at $1 million and up that sold from January to August in 2019.

In Mecklenburg County alone, there have been nearly 700 homes to close at the $1 million-and-higher level so far this year, with another 143 properties under contract as of earlier this month, said Reed Jackson, managing partner at high-end residential real estate firm Ivester Jackson Distinctive Properties I Christie’s International Real Estate.

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That compares to 705 home closings at that price point for the full year of 2020 and 543 for 2019, he told CBJ.

“We’re on pace to close almost 1,000 homes in the county at over $1 million in value, almost double two years ago,” said Jackson, offering perspective on the local luxury market.

He attributed that growth to “tremendous interest from out-of-state buyers, private equity-fueled business buyouts and IPO activity, as well as executive corporate relocation.”

Read more about the state of the market here and check out photos of some of the top home sales of the past few years.