Latest news on the Waxhaw | Weddington | Marvin real estate markets in November 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) saw continued declines in inventory, declines in pending and closed sales, declines in new listings, declines in days on market in November 2021 versus November 2020. The only thing that increased were home prices, which increased year-over-year and were the highest prices seen in Waxhaw history. Lack of inventory is certainly impacting sales volume and home prices in the 28173 zip code.
Average days on market decreased 6 days (down 15%) to 34 days year-over-year. Average days on market were down 39 days compared with November 2019. Median days on market were 7 days in November, down two days year-over-year and down 43 days from two years ago in November. November 2021 saw the lowest average and median days on market in Waxhaw's history.
Continued tight inventory and a months supply of homes of 0.9 months (a 0.8 month's drop from 1.7 months one year ago and a 2.7 month's drop from 3.6 months in 2019), kept the Waxhaw area a home seller’s market in November 2021. New construction inventory, down 77.6% year-over-year and long a staple of Waxhaw's housing market, remained at some of it's lowest levels in 15+ years, contributing to the lack of inventory and low months supply of homes in November 2021.
With home sellers receiving a median 100% of list price in final sale price, there was virtually no room for home buyers to negotiate in November 2021.
One indicator of demand for homes is the number of showings per listed property. In November 2021, the average Waxhaw area home had 16.3 showings compared with 8.4 showings in 2020 and 5.9 showings in 2019. When showings per home increased 94% year-over-year, Iit's very much a case of more buyers chasing fewer listings.
Home sale prices increased 9.4%, on average, in November 2021 compared with the same month one year ago. The average sale price was $592,011. The median home sale price was $540,000, up 22.9% year-over-year. Average home prices in November 2021 were almost $169,000 higher than in November 2019. Median home sale prices were $192,600 high in November 2021 than in November 2019.
Price per square foot increased 21.6% to $197/square foot (up $35/square foot) in November 2021 versus the same month one year ago. The $197 average price per square foot in November 2021 was the highest average price per square foot in Waxhaw's history.
Closed sales decreased 29.3% while pending sales decreased 25% in November 2021 compared with the same month one year ago. The decrease in pending sales can be attributed to lack of inventory and fewer new listings, which dropped 10.7% compared with November 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 Greater Charlotte area, I'd love an opportunity to earn your business, to exceed your expectations, and to show you why experience matters and how:
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