Why Charlotte’s home market is looking like a million bucks

CHARLOTTE, N.C. — The Charlotte region’s frenzied housing demand is redefining the million-dollar market here. More than 200 homes sold with a price tag of at least $1 million in June, more than double the number seen last year and in 2019, according to Canopy Realtor Association.

“A million dollars is what $500,000 was three years ago,” says Libby Gonyea, an agent with Helen Adams Realty. Move-up buyers who were budgeting $500,000 for a home previously are now searching for $1 million homes, nudged up the price ladder by high demand, low inventory and low interest rates.

“I feel like Charlotte has become a big-boy city,” Gonyea says. “A million doesn’t get you a ton anymore, and sadly that’s a relatively affordable price range, especially close in town.”

In a region where the average sales price is $406,176, million-dollar homes are still a small portion of the total inventory. In 2020, just 1.13% of the 13,625 home sales in the Charlotte area were priced over $1 million. Less than 1% — 0.76% — sold for above $1 million in 2019 and 0.57% in 2018, according to analyst Carl Van Horn with Market Opportunity Research Enterprises.

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