Home Prices Up 36.87%, Year-Over-Year, In Somerset In Waxhaw: Q3-2021

By
Real Estate Agent with Coldwell Banker Realty

 

Somerset Neighborhood in Waxhaw, NC

Real Estate Report & Community Spotlight

Quarter 3 - 2021

 

In the 3rd Quarter 2021, 10 homes sold in the Somerset neighborhood, equal to the number of homes sold in the same quarter of the previous year. Two fewer homes sold in Quarter 3 - 2021 versus Quarter 2 - 2021. New listings were also flat year-over-year with eight new listings in each of the third quarters. 

 

Median listing and sale prices increased compared with the Third Quarter 2020.  Average selling price was $587,981, increasing 36.87% year-over-year. The median sale price in Somerset was $568,00, increasing 34.44% year-over-year. Average home prices increased approximately $54,000 over the Second Quarter 2021; median home sale prices increased about $138,000 over the Second Quarter 2021.

 

Somerset home sellers received 105.5% of listing price in final sale price, on average, and 107.0% on a median basis. With more buyers "chasing" after fewer listings, there's no negotiating room on Somerset homes.

 

Average days on market were seven days, down 36 days from the same time frame one year ago. Average days on market were also down five days quarter-over-quarter. Median days on market were just three days.

 

At quarter-end, one home was listed for sale and one home was under contract.

 

Somerset Home Sale Snapshot: Quarter 3 - 2021

 Somerset Neighborhood In Waxhaw Real Estate Report Quarter 3 - 2021

 

Detailed report on Somerset neighborhood home sales in the 3rd Quarter 2021.

 

 To track sales in Somerset "real time," click here for our Neighborhood Analyzer Report and sign up to automatically receive reports on Somerset sales activity.

 

Median Sale Price History For Homes In Somerset

 

 

Why Somerset Is An In-Demand Waxhaw Neighborhood

 

Somerset Neighborhood In Waxhaw ClubhouseSomerset is a 200-acre master-planned community situated on the border of Mecklenburg and Union Counties, minutes from Ballantyne and surrounded by some of Charlotte/Waxhaw area's most prestigious and upscale neighborhoods, including Hunter Oaks, Providence Country Club, Longview, and Marvin Creek. Outstanding community amenities in Somerset include a pool, clubhouse, tennis courts, play ground, and walking trails.

 

The Somerset community was developed between 1998 and 2003 by St Lawrence Homes, D R Horton, Fortis, and Ryland. The homes in Somerset range in size from about 1,990 square feet to over 4,500 square feet with average square footage just under 3,000. Lot sizes average about .3 of an acre but can also range from .2 of an acre to over half an acre.

 

Somerset is located minutes from Charlotte's trendy and popular Ballantyne area. All the shopping you could want is literally just minutes away along Rea Road or Providence Road,  including three, large outdoor shopping centers (Blakeney, Waverly and Stonecrest) offering grocery shopping, high-end boutiques, spas, casual and fine dining restaurants, movie theatres, and more. Carolina Place Mall and Carolinas Medical Center/Pineville are clse by. Ballantyne Village, the world-class Ballantyne Resort and Spa are all also quickly accessible. All the major medical practices in Charlotte, which maintain offices in Ballantyne, are but five minutes down the road. Also nearby are Trader Joe's, Ballantyne Country Club, Piper Glen Club, horseback riding facilities in nearby Waxhaw. 

 

Somerset provides easy commuting to the Ballantyne Corporate Park, South Park, Matthews, Charlotte-Douglas Airport, as well as easy access to I-485 and primary local roads.

 

All of life life's necessities are within easy reach of Somerset in less than a mile. And if you love the "great outdoors" and/or golf, there are 23 golf courses within 10 miles of Somerset and numerous parks for both humans and dogs!

 

Somerset Neighborhood in Waxhaw is convenient to all the necessities of life  Somerset neighborhood in Waxhaw is close to parks and golf

 

 

Top-rated Union County Schools Serve the Somerset Neighborhood in WaxhawTop-Rated Union County Schools 

 Somerset is served by some of the top Union County public schools in: Marvin Ridge High School, Marvin Ridge Middle School, and Rea View Elementary School, all located within less than four miles of the neighborhood. 

  

Marvin Ridge High School is one of the top ranked high schools in the Charlotte region, ranked #1 out of the top 25 high schools for 2022. Marvin Ridge Middle School ranks in the top 15 middle schools in the Charlotte region. Rea View Elementary ranks in the top 25 elementary schools in the Charlotte region.) School rankings provided by niche.com.)

 

  GET UPDATES ON SOMERSET HOME SALES ACTIVITY

 

Free home listing alerts from www.GreatHomesInCharlotte.com

 

SEARCH ALL SOMERSET HOMES FOR SALE 

 

WONDERING WHAT YOUR SOMERST HOME IS WORTH IN TODAY'S MARKET?

 

What's Your Somerset Home In Waxhaw NC Worth?

 

THINKING ABOUT SELLING YOUR HOME? SEE WHAT THE COLDWELL BANKER MARKETING ADVANTAGE IS ALL ABOUT.

 

 SEARCH ALL WAXHAW, NC AREA HOMES FOR SALE

Search Waxhaw Area Homes For Sale

 

 If you're considering purchasing or selling a home in Somerset, contact Nina Hollander/Carolinas Realty Partners with Coldwell Banker Realty. If you're buying, we have the complete inventory list of homes for sale in Somerset. If you're selling, let's get together and discuss the supply conditions in Somerset and how we can assist you in gaining access to buyers who area ready, willing, and able to buy now.

And let us show you why experience matters and how:

"The Right Broker Makes All The Difference."

Great Homes In Charlotte

Posted by

 

 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

Broker, Realtor, MBA, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Realty
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: News You Can Use From The Greater Charlotte Area
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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

Comments (22)

Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 hi Sheila... thanks for that shout-out... no doubt in my own mind if any Somerset homeowner wants to sell, I can help them cash in on major equity.

Oct 25, 2021 04:42 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Wayne Martin good morning, Wayne... Somerset is adjacent to the Hunter Oaks neighborhood I wrote about yesterday with 40+% increase in home prices year-over-year.

Oct 25, 2021 04:43 AM
Brian England
Vacasa - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Prices sure have changed dramatically in a year, those that purchased in Somerset last year are probably feeling pretty good about right now.

Oct 25, 2021 05:25 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This definitely a good time for home sellers to take advantage of the higher prices.

Oct 25, 2021 05:30 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Brian England hi Brian... I have clients who purchased in Somerset two years ago and they are really sitting pretty!

Oct 25, 2021 05:34 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Roy Kelley good morning, Roy... a great time to take advantage of cashing in on equity... no doubt about that.

Oct 25, 2021 05:35 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, your numbers are just amazing - over 105% to list in Somerset.  We are definitely not that strong right now.

Oct 25, 2021 05:51 AM
Bill Salvatore - YVP Blog
Arizona Elite Properties - Chandler, AZ
Realtor - Valley of the Sun / golfArizona@cox.net

Nina,

North Carolina continues to the the pace, well done.  It Monday, the weekend is in the rear window,  Have a productive week, and thanks again for the post.  Bill Salvatore

Oct 25, 2021 06:15 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox hi Joan... we'll see what the fourth quarter 2021 brings. I'm not guessing!

Oct 25, 2021 06:17 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Bill Salvatore - YVP Blog thanks, Bill, for popping by this Monday morning. Wishing you a lovely week ahed.

Oct 25, 2021 06:17 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Good morning Nina,

And the story of rising prices continue in the Waxhaw Sommerset market also.  Wishing you a wonderful Monday and week. A

Oct 25, 2021 06:18 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Ron and Alexandra Seigel hi Alexandra... maybe the pace of increasing home prices will level off, but I don't see home prices dropping any time soon. We would need an awful lot of new inventory to see that happen.

Oct 25, 2021 06:22 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Nina - in a few months we will catch up with Phyllis' nephew and wife who live in Charlotte.  Theirs was the wedding we attended.  I know they had a home when they were married to years ago.  I guess it is a double edged sword.  Sell quickly at a profits but where to get an offer accepted on a new home.  Just found out they are pregnant.

Oct 25, 2021 07:30 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Grant Schneider hi Grant... that is indeed the conundrum... you'll sell quickly but not find a home quite as quickly. If they can qualify for a mortgage without selling their current home, they should be able to start home shopping and make an offer and then put their house up for sale. Congratulations on the new addition to-be to your family!

Oct 25, 2021 07:50 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Nina,  Always look for your market reports and glad to see what is happening always in your market!

 

Oct 25, 2021 09:30 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Will Hamm thanks much, Will, for checking in on my post and for taking time to leave me a comment.

Oct 25, 2021 09:31 AM
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Nina- good news for sellers and not-so-good news if you're are a buyer. And if you are selling and buying...good luck. 

Oct 25, 2021 10:21 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Kathy Streib hi Kathy... I do believe you've summed it up just perfectly!

Oct 25, 2021 11:31 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Somerset home buyers and sellers are sure to value your real estate market report, Nina.

Oct 25, 2021 07:11 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Myrl Jeffcoat thanks for popping by and wishing you a lovely Tuesday ahead.

Oct 26, 2021 04:29 AM