Million Dollar Range Surges in 2016, Post-Election Showings Point to Further Momentum

Luxury Market Surges

The Charlotte luxury market surged forward in 2016, bolstered by a strong performance in the $1 million to $2 million dollar price range which showed a 30% annualized increase in Charlotte, and a whopping 59% increase in Union County.
825 Eagle Road kitchen
The entry luxury range below $1 million, also showed strong performance in both areas, posting a 17% increase in Charlotte, and a 23% increase in hopping Union County.

Pre and Post-Election Activity

Pre-election surveys reported as much as 45% of high net worth individuals indicated they had parked money on the sidelines, making the yearly results all the more impressive. Not surprisingly, post-election showing activity jumped, particularly in the million dollar range, with showings in Union County jumping 39% over the same November/December period last year, while Charlotte posted a 33% increase, a clear indication that first quarter 2017 looks to post strong results.
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The range above $2 million continued to see a competitive resale market due to custom build options and infill/tear down activity striking a popular chord with ultra luxury buyers. Sold resale results in this range were down slightly compared to 2015.
unit sales

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