Latest news on the Waxhaw | Weddington | Marvin real estate markets in May 2021 and what it means for you...
The Waxhaw area of the Charlotte, North Carolina metro area (the 28173 zip code–encompassing the three towns of Waxhaw, Marvin and Weddington) continued to see tight inventory (dropping almost 75% year-over-year) in May 2021 along with a drop in new listings, as well. The lack of inventory resulted in lackluster closed and pending sales in May 2021.
Average days on market decreased 17 days to 25 days year-over-year. Median days on market were 3 days in May, down 7 days year-over-year and down 15 days from two years ago.
Continued tight inventory and a months supply of homes of 0.7 months (a 2.8 month's drop from 3.5 months one year ago), kept the Waxhaw area a seller’s market in May 2021.
With home sellers receiving a median 101.3% of list price in final sale price (up 2.5% year-over-year), there was virtually no room for home buyers to negotiate in May 2021.
Home sale prices increased 17.3%, on average, in May 2021 compared with the same month one year ago. The average sale price was $574,672. Month-over-month average sale prices increased almost $40,000. Average home sale prices increased some $140,000 over the past two years in the Waxhaw area.
The median home sale price was $500,050, up 20.9% year-over-year. Month-over-month, median home sale prices in Waxhaw increased by about $60,000. From two years ago, median home sale prices increased approximately $115,000.
Price per square foot increased 18.8% to $177/square foot (up $28/square foot) in May 2021 versus the same month one year ago.
Closed sales increased 4.9% while pending sales increased 13.8% in May 2021 compared with the same month one year ago. The somewhat "anemic" increase in closed and pending sales was due to lack of inventory and fewer new listings, which dropped 9.9% compared with May 2020.
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This Charlotte, North Carolina real estate monthly update for Waxhaw, Weddington, Marvin is provided by Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, your Greater Charlotte area residential real experts and Waxhaw/Weddington/Marvin area specialists. We've been opening doors for Waxhaw area home buyers and sellers for 20+ years.
If you're considering selling or purchasing a home in the Waxhaw area or anywhere in the Charlotte metro area, I'd love an opportunity to earn your business, to exceed your expectations, and to show you how:
"The Right Broker Makes All The Difference."
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