The Charlotte custom home market is strong-  luxury appreciates nicely!

Most everyone knows that averages can hide quite a difference in real numbers. For example, I know, from MLS homes sold data,  that the average home over $800,000 in Charlotte appreciated 12% in the last 5 years... but of course that means if 12% was an average, some went up more, and some less. That's the comparison below.

This chart is a comparisons of home values over 800K, values are based on SOLD Average Cost Per Square foot, where 2003 is the base year for each category, thus all numbers to the right express appreciation or depreciation relative to 2003, so Upper Lake Norman, after a couple of down years-'04 and '05, had appreciated 5%-- and this was almost 6% below the 5 year area wide average of 1.12, or it was half the city wide average increase of 12%. The numbers in 2007 indicate a 5 year appreciation rate for that neighborhood, with Upper Lake Norman the smallest and Foxcroft the largest.

Homes priced  greater than $800,000, a 5 year comparative history, region definitions are the authors

*Close In Union County- Areas 10/1 to 10/4, Weddington, Marvin, Waxhaw, Wesley Chapel and Indian Trail

** Lower Lake Norman- The towns of Huntersville , Davidson, and Cornelius

*** Upper Lake Norman- Mooresville

Uptown, the vast majority of sales are condos well under 800K, Prior to 2005 the sample size became too small

The Southpark area - Foxcroft, has seen the highest 5 year rate of growth, and the highest in the last 2 years as well, finishing 2007 at $345/sf. The other blue chips, Charlotte 28277 and Myers Park, with 20 and 24%  5 year increases also showed strength in the last 2 years.  Of course... this chart is an accurate description of where the market has been, but where is it going? Which market will show the highest increase in the next two years?

All data is derived from the Carolina MLS, but is not supplied by them.  Clients get actual data, and comparative analysis between communities or homes is one of the reasons people choose us to help them buy their Charlotte custom home, from Weddington to Lake Norman. 

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