From the bustling cities of Charlotte and Raleigh to the serene Blue Ridge Mountains and Crystal Coast, North Carolina has emerged as a leading destination for luxury living, offering a diverse blend of natural beauty, economic opportunities, and vibrant communities. As such, the state’s luxury real estate market has become a magnet for discerning buyers. Here, insights from three industry leaders—Maria Kazakos, President of Berkshire Hathaway HomeServices Carolinas Companies; Deidre Olson, Managing Broker of the Ballantyne Office; and Player Murray, Managing Broker at Berkshire Hathaway HomeServices York Simpson Underwood Realty—highlight the trends and unique appeal of North Carolina’s luxury market.

A Market on the Rise

The numbers tell a story, but they don't capture the full picture of North Carolina's luxury real estate scene. “The overall luxury market has outperformed other segments in North Carolina since COVID,” said Kazakos. “Much of this is due to people choosing to move to North Carolina and leveraging the equity appreciation from the markets they’re coming from.” It's a phenomenon fueled by a surge of newcomers, many of whom arrive with ample financial resources, rendering them less vulnerable to the fluctuating tides of interest rates. The state has witnessed significant inward migration from larger markets like California, Washington State, and the Northeast. These buyers bring strong purchasing power, driving demand and keeping prices competitive. 

Referring to the area encompassing Raleigh, Durham, and Chapel Hill, Murray added, “The Triangle’s luxury market is as strong as it’s ever been. In Raleigh, the average list price broke $1 million for the first time in 2024.” This reflects a broader trend of increasing activity and appreciation in the luxury segment, even as other market segments experience fluctuations. 

Why North Carolina?

North Carolina’s appeal lies in its unique combination of natural and urban attractions. As Kazakos noted, “North Carolina offers every lifestyle within driving distance. We have the Blue Ridge Mountains, the Crystal Coast, and two international airports—Charlotte Douglas and Raleigh-Durham—making the state highly accessible.” 

Olson emphasized the variety within Charlotte’s luxury market, highlighting areas like Myers Park, South End, and Ballantyne. “Charlotte’s luxury market is unique in that it offers something for everyone, whether you’re looking for historical charm, vibrant nightlife, or neighborhoods with exceptional outdoor amenities and recreational spaces” she explained. 

Additionally, North Carolina’s climate and central location contribute to its growing popularity. “Interestingly, we’ve seen a reverse retirement trend,” said Kazakos. “People who initially retired in Florida often miss experiencing all four seasons and decide to move back halfway, settling comfortably in North Carolina—often to be closer to their children and grandchildren.

Key Markets Driving Growth

Several regions stand out for their growth in luxury real estate. Pinehurst, known as a global golf destination, has seen tremendous development. “With the USGA relocating their capital there and the U.S. Open held every four years, Pinehurst has solidified its status as a premier location,” said Kazakos. 

Raleigh’s luxury market has also boomed. Murray highlights neighborhoods in North Raleigh, where larger lots and high-end homes priced between $2 million and $4 million attract buyers. “The trend seems to be towards larger homes with ‘staycation’ features as more people work and spend time at home,” he noted. 

What Buyers Want

Outdoor living is a major draw in North Carolina, thanks to the temperate climate. Kazakos notes that you can "be outdoors nine to ten months of the year and swim in your pool as early as April and as late as October," making these spaces invaluable. Modern conveniences are a must, but the desire for outdoor spaces is what defines luxury in this region. Olson echoes this, noting the popularity of luxury pools, high-end patios, and country club communities. In the Triangle, Murray is seeing a focus on country clubs, larger lots, and proximity to top schools. He also notes the rising demand for pools and basements, features previously not as sought after, plus the expectation of three-car garages and multiple home offices. It’s about creating a personal sanctuary where every detail enhances your daily life. 

Where Are They Coming From?

The influx of out-of-state buyers is reshaping North Carolina's luxury landscape. Kazakos observes that "those who have had the largest impact in driving luxury home prices up are coming from outside our markets". These newcomers are drawn to the burgeoning opportunities and quality of life in cities like Charlotte, Raleigh, Durham, and Chapel Hill. Murray indicates that in the Triangle area, 60% of luxury buyers are from out of town or state, while 40% are local moves. Olson adds that the state's appeal is diverse, attracting both out-of-state luxury home buyers drawn by major businesses and retirees seeking a more favorable climate. The narrative of North Carolina as a premier destination is spreading, and luxury buyers are responding. 

The luxury market isn't a monolith; it's composed of various buyers with distinct needs and desires. Kazakos highlights the difference between in-town and out-of-town buyers, noting that those already in the area are more selective and less willing to compromise. They seek the perfect home, while those relocating may be more flexible due to time constraints. As Kazakos puts it, "The biggest difference between luxury consumers and other consumers is that they're not as willing to settle". Murray points out that first-time luxury buyers often lack the equity that seasoned investors or second-home buyers possess, making them more sensitive to market dynamics. Olson underscores that decreased affordability has impacted first-time homebuyers. Understanding these nuances is crucial for navigating this diverse market. 

Challenges and Advice for Buyers

While the luxury market in North Carolina is thriving, buyers should approach it with careful planning. “Location is everything,” cautioned Murray. “In the Triangle, it’s easy to be drawn to a home without fully considering the area. Many buyers later wish they’d focused more on finding the right neighborhood.” Kazakos advises luxury buyers to be clear about their priorities. “Understand whether you’re purchasing for personal enjoyment or investment potential. Choosing a location that holds its value is critical, even if it means compromising on features or finishes.”

A Bright Future

The future of North Carolina's luxury real estate market is as radiant as the state's famed sunsets. “There is nowhere else in America I’d rather be in business,” said Kazakos. “The state provides an excellent quality of life that’s relatively affordable, with proximity to mountains, beaches, airports, and world-class amenities.” Olson concluded, “Our markets continue to see strong appreciation and demand. With North Carolina’s diverse and evolving markets, it’s an attractive option for anyone looking to call this state home.” Murray shares similar optimism, emphasizing the unique lifestyle North Carolina offers. “It’s not just about the homes—it’s the entire experience. The state has something special that keeps people coming back.” 

With its growing luxury market, North Carolina stands out as a place where elegance meets opportunity, drawing buyers from across the nation. To learn more, visit www.BHHSCarolinas.com.