As interest rate-sensitive price segments in the housing market slowed during the third quarter, the Lake Norman luxury market continued to show relative strength compared to lower price segments. Overall, as the quarter closed, the million- and multi-million-dollar ultra-luxury price points trended even or ahead of last year's Q3.
Despite a national and local media narrative claiming that the luxury market had hit the skids, Cornelius, Mooresville, and Denver all posted impressive sold results in the $2 million-plus range. Additionally, 33 homes over $2 million closed in those markets compared to just 19 in last year's Q3, an increase of almost 70%. Conversely, the market below $1 million in list price has shown a demonstrable and quick decline following the tightening of credit markets and will likely return to conditions more similar to 2019.
