Home Prices Up 25.95% In Waxhaw's Somerset Neighborhood: Qtr 4-2021

By
Real Estate Agent with Coldwell Banker Realty

Somerset Neighborhood in Waxhaw, NC

Real Estate Report & Community Spotlight

Quarter 4 - 2021

 

In the 4th Quarter 2021, four homes sold in the Somerset neighborhood, one less than in the same quarter of the previous year. Six fewer homes sold in Quarter 4 - 2021 versus Quarter 3 - 2021. New listings increased by three year-over-year from three homes to six homes in the fourth quarter 2021.

 

Median listing and sale prices increased compared with the Fourth Quarter 2020.  Average selling price was $567,413, increasing 25.95% year-over-year. The median sale price in Somerset was $575,000, increasing 26.69% year-over-year. Home sales prices ranged from a low of $480,000 to a high of $653,500 in the fourth quarter 2021.

 

Somerset home sellers received 103.5% of listing price in final sale price, on average. With more buyers "chasing" after fewer listings, there's little to no negotiating room on Somerset homes.

 

Average days on market were 27 days, up 9 days from the same time frame one year ago. The average days on market were skewed by one home that took 91 days to sell. Take that one home out of the equation and average days on market drop to just five days. Median days on market were just two days.

 

At quarter-end, NO homes were listed for sale and NO homes were under contract in Somerset.

 

Somerset Home Sale Snapshot: Quarter 4 - 2021

 Somerset Neighborhood In Waxhaw Home Sales Report For Quarter 4-2021

 

Detailed report on Somerset neighborhood home sales in Quarter 4 - 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 the #1 high school in Greater Charlotte for 2022. Marvin Ridge High School also ranks #7 out 584 high schools in North Carolina. Marvin Ridge Middle School ranks in the top 15 middle schools in the Charlotte region and as the #2 best public middle school in Union County. Rea View Elementary ranks #19 in the top 25 elementary schools in the Charlotte region and the #5 best elementary pubic school in Union County. (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
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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 (12)

Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

An increase of that size can only mean a real shortage of inventory Nina Hollander, Broker . I wishing you great success in getting a ton of listings in 2022.

Jan 26, 2022 09:06 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, when I see 20+% increases in home values this early, where are prices going during the busiest time of year?  Great report for Somerset.

Jan 26, 2022 10:16 AM
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

Wow, going up a forth in value over a one year period. That is just crazy.

Jan 26, 2022 10:25 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Bob "RealMan" Timm hi Bob... the only way to describe our inventory shortage is by calling them the "hunger games."

Jan 26, 2022 10:41 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox hi Joan... there's no real seasonality in our market anymore to speak of... meantime, I'll be watching the impact of higher rates on homes sales. Although in this price point I don't expect a lot of pull-back in demand.

Jan 26, 2022 10:43 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Jeffrey DiMuria 321.223.6253 Waves Realty hi Jeffrey... the market is really astonishing, but I'm not surprised anymore to see these kinds of increases.

Jan 26, 2022 10:44 AM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

Our seasonability has disappeared also. The last 2 years have been crazy. I hope you had warm Wednesday 😎

Jan 26, 2022 07:02 PM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Nina - there appears to be no let up.  That is surely one reason companies are seeing that they must step up their compensation.

Jan 27, 2022 03:23 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Paul S. Henderson, REALTOR®, CRS good morning, Paul... Charlotte had a tiny bit of seasonality years ago... not anymore! As for staying warm yesterday, see my post today! Happy Thursday, my friend!

Jan 27, 2022 04:23 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Grant Schneider good morning, Grant... there will be no let-up in price increases until we get more inventory. And our inventory will continue to be strained so long as 120 people are moving to Charlotte region each day and looking for homes as part of that move.

Jan 27, 2022 04:24 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

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

Jan 27, 2022 04:09 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Myrl Jeffcoat good morning, Myrl... Somerset has long been one of favorite neighborhoods to sell in... lovely homes, great location, terrific schools.

Jan 28, 2022 05:16 AM