Charlotte’s growth rate for luxury home prices shoots up the list of US metros
Charlotte’s housing market is ending the year on a high note. Actually, it’s an expensive note that’s been on the rise for the past decade.
Charlotte hit the 10th spot for U.S. metros with the fastest growth rates of luxury home prices, according to an analysis from Redfin Real Estate.
The research and online brokerage group defines luxury homes as residences in the top 5% of the area’s price range. That price typically surpasses the $1 million mark. The survey looked at the 50 most-populous U.S. metros.
Looking at data from October 2015 through this past October, Charlotte’s luxury price point grew by 121% going from a median high-end sale price of $751,491 to nearly $1.7 million.
Seeing those price changes is a trend among Sunbelt states, especially Florida. Tampa, Orlando, Miami and West Palm Beach all ranked above Charlotte, with West Palm Beach in the lead with a growth rate of almost 188%.
Other areas ranking above Charlotte include Denver, Seattle, Las Vegas, Phoenix and Nashville, Tennessee, which ranked second.
A Charlotte home can be yours for less than $15M
The price change and increase in luxury homes is something real estate have seen first hand, according to Gary Scott, president of Howard Hanna Allen Tate Real Estate.
In a quick Zillow search, about 25 homes that have been on the market for less than 30 days are over the million-dollar mark. And expanding that search to six months on the market, a home in the Old Farm neighborhood off of Providence Road is going for almost $15 million.
Looking at Charlotte MLS data, Scott said 379 units sold for over a million dollars in 2015. This year, 2,669 units topped that mark. That’s an average of 222 a month.
Why is Charlotte seeing a boost in million-dollar homes?
Home prices overall are increasing in Charlotte.
In November, the median sale price increased by 1.2% to $430,000, according to Canopy MLS data. The Charlotte metro area saw an increase of 3.1% to $415,000. The metro area includes Cabarrus, Gaston, Iredell, Lincoln, Mecklenburg, Rowan and Union Counties in North Carolina and Chester, Lancaster and York Counties in South Carolina.
Year-over-year sales growth also showed an almost 20% increase in home sales between $600,000 and $700,000, according to Canopy.
So on a basic level, Charlotte is seeing a rise in luxury home prices because overall housing is more expensive. Diving deeper using Homes.com data, Myers Park saw a 38% increase in growth sales. The average home sale price in the wealthy, historic neighborhood is almost $1.9 million.
Homes in Charlotte are also appreciating at a higher level, Scott said.
Charlotte ranked 12th for annual price appreciation out of the 40 largest markets, according to Homes.com. That equity is increasing home prices and allowing residents to move into more expensive housing, Scott said.
Another reason is Charlotte’s growing population. Newcomers, who frequently hail from California and New York, are used to that type of pricing.
“Our prices have moved dramatically … But we have an affordable luxury alternative, which makes Charlotte and the Carolinas a really viable option for companies and individuals,” Scott said. “We are on the map as a desirable luxury location and that’s really a dramatic shift in the past 10 years.”
What’s next for Charlotte’s housing market?
Yes, Charlotte is seeing an increase in million dollar homes and even houses in the multimillion.
But the luxury market is just one part of the city’s overall housing sector.
And for those not selling or buying million-dollar homes, Scott said the market is entering a balanced and predictable era.
Inventory is increasing. Interest rates are decreasing. And the average sale price is increasing slowly, Scott said. All three points will bring more buyers into the market, which helps the seller, he added.
The biggest challenge the market will see next year, Scott said, is sellers pricing their homes right. Nationally, about 40% of listings have seen a price change, which makes a buyer more conservative, Scott said.
But at the same time, 20% of properties nationally have sold at or above asking price, Scott added.
“If you price it right, it’ll sell for above,” Scott said. “If you price it wrong, you’re going to take a lot less money than had you priced it right.”
This story was originally published January 2, 2026 at 6:02 AM.
