NO Slowdown In Waxhaw, Weddington, Marvin Housing Markets: April 2022

By
Real Estate Agent with Coldwell Banker Realty

Latest news on the Waxhaw | Weddington | Marvin, NC real estate markets in April 2022...

What you need to know...

What it means for you...  

 

While we've heard lots of talk about housing markets showing signs of slowing down and inventory gradually increasing in April to benefit home buyers, we saw NO SLOWDOWN in Charlotte's Waxhaw area where average days on market continued to drop, home prices continued to increase, inventory continued to decrease. Home sellers continued to received a substantial amount over asking price in final sale price.

 

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 significant declines in inventory, declines in pending and closed sales, declines in new listings, declines in days on market in April 2022 versus April 2021. The only thing that increased were home prices, which increased 36.7% year-over-year, on average. Lack of inventory is clearly impacting sales volume and home prices in the 28173 zip code.

 

 Waxhaw Area Housing Market Highlights

April 2022 Versus April 2021

Waxhaw Area (28173 Zip Code) Housing Market Update April 2022

 

Average days on market decreased 12 days (down 42.9%) to 16 days year-over-year from 28 days one year ago. Average days on market were down 28 days compared with April 2020. Average days on market were also down 14 days month-over-month.  Median days on market were 3 days in April, down one day year-over-year and down five days from two years ago in April. 

 

Continued tight inventory and a months supply of homes of 0.7 months (a 0.3 month's drop from 1.0 months one year ago and a 2.8 month's drop from 3.5 months in April 2020), kept the Waxhaw area a home seller’s market in April 2022. New construction inventory, down 63% year-over-year, and long a staple of Waxhaw's housing market, was at some of its lowest levels in 15+ years, contributing to the lack of inventory and low months supply of homes in April 2022.

 

With home sellers receiving a median 104.3% of list price in final sale price (up 2.98% year-over-year and month-over-month), there was virtually no room for home buyers to negotiate in April 2022.

 

One indicator of demand for homes is the number of showings per listed property. In April 2022, the average Waxhaw area home had 18.3 showings. It's a case of more buyers chasing fewer listings.

 

Home sale prices increased 36.7%, on average, in April 2022 compared with the same month one year ago. The average sale price was $719,068. Month-over-month, home prices increased about $45,000, on average. The median home sale price was $619,000, up 45.6% year-over-year. Month-over-month, median home prices increased about $79,000. Price per square foot increased 25.7% to $215/square foot in April 2022 versus the same month one year ago, setting a new record for price per square foot in the Waxhaw area for a third consecutive month.

 

Closed sales decreased 18.9% while pending sales decreased 17.8% in April 2022 compared with the same month one year ago. The decrease in closed and pending sales can be attributed to lack of inventory (down 47.6%) and fewer new listings, which dropped 20.6% compared with April 2021.

 

    Want to know what this would mean for your family if you decide to buy or sell a Waxhaw area home?

 

Curious About The Real Estate Market In Waxhaw?

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MORE INFORMATION ABOUT THE WAXHAW HOUSING MARKET'S PERFORMANCE

 

MORE INFOMATION ABOUT THE WEDDINGTON HOUSING MARKET'S PERFORMANCE

 

MORE INFORMATION ABOUT THE MARVIN HOUSING MARKET'S PERFORMANCE 

                   

FIND OUT MORE ABOUT THE WAXHAW | WEDDINGTON | MARVIN AREAS AND WHY PEOPLE LOVE LIVING THERE

Did You Know...

Weddington is ranked as the 4th best suburb to live in in Charlotte metro area and the 10th best suburb in North Carolina?

Marvin is ranked as the 8th best suburb to live in in Charlotte metro area and the 16th best suburb in North Carolina?

Waxhaw is ranked as the 12th best suburb to live in in Charlotte metro area and the 24th best suburb in North Carolina?

  ... So why not check out...

 

 THE 12 HOTTEST SELLING NEIGHBORHOODS IN WAXHAW | WEDDINGTON | MARVIN

 

Hot Selling Neighborhoods In Waxhaw, NC

         

 SEARCH ALL WAXHAW | WEDDINGTON | MARVIN AREA HOMES

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FREE Home Buyer Guide: “Things To Consider When Buying A Home”

 

WONDERING WHAT YOUR WAXHAW AREA HOME IS WORTH?

What's My Waxhaw Area Home Worth?

 

FREE Home Seller Guide: “Things To Consider When Selling Your House”

 

THINKING OF SELLING YOUR HOME? CHECK OUT THE COLDWELL BANKER MARKETING ADVANTAGE 

 

Median Home Price Trends In Waxhaw | Weddington | Marvin

 

This Charlotte, North Carolina real estate monthly update for Waxhaw, Weddington, Marvin is provided by  Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, Greater Charlotte  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:

 "The Right Broker Makes All The Difference."

 

Read the original post at www.GreatHomesInCharlotte.com

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 (37)

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

Patricia Feager, MBA, CRS, GRI,MRP thank you so much, Patricia... how lovely of you to say that! Wishing you a lovely weekend ahead.

May 13, 2022 08:56 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Bob "RealMan" Timm hi Bob... I recently read something that said the NAR lost 30,000 members already this year... guess lots of realtors figuring out it's not easy money or work.

May 13, 2022 08:57 AM
Bob "RealMan" Timm

That was one problem I faced when I was an active RE Broker Nina Hollander, Broker . It was a surprise to many new agents that they had to go get business and that it didn't just fall into their laps.

May 13, 2022 09:12 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Ginny Gorman hi Ginny... I dread getting phone calls from "new" buyers. So little to show them in any price point these days.

May 13, 2022 08:58 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Nina Hollander, Broker  You always do such a beautiful job on your reports your phone should be ringing 

May 13, 2022 09:32 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hannah Williams thank you, Hannah, for the nice comment. Still after 12+ years waiting on my phone to ring as a result of an Active Rain post or market report.

May 13, 2022 10:03 AM
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

We are starting to see more homes listed, but they are still going under contract quickly, but showings are down.

May 13, 2022 10:26 AM
Kathy Streib
Cypress, TX
Retired Home Stager/Redesign

Hi Nina- I've said this before but your market is phenomenal!!!  If I were a buyer or seller in your area, I'd call ou. 

May 13, 2022 11:17 AM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

I just had client get clobbered by the interest rate hike so I hope the market stays strong for you 🙂

May 13, 2022 03:03 PM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good evening Nina - this is so exhausting for buyers.  Some have moved in with their parents.

May 13, 2022 07:14 PM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Nina,

As long as the Waxhaw inventory stays tight I think you will continue to see a strong market.   Our inventory is starting to improve and you can see a difference in the buyer "frenzy" or lack of it!  Happy Friday!

May 13, 2022 07:21 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Waxhaw - Weddington - Marvin home buyers and sellers are sure to value your real estate market report, Nina.

May 13, 2022 07:47 PM
Buzz Mackintosh
Mackintosh REALTORS - Frederick, MD
“Experience, reliable, leadership”

Looks like our markets are very comparable. We have not seen much of a slow down either with the lack of inventory. Great market report !

May 14, 2022 04:36 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Nick Vandekar, 610-203-4543 good morning, Nick... it does feel somewhat "quieter" here in Charlotte area, but homes are still generally moving quickly, especially in in-demand areas.

May 14, 2022 04:40 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Kathy Streib good morning, Kathy... I do appreciate that vote of confidence. When the market crashed last time, Charlotte arrived very late to that "party" and I wouldn't even call our market as one that "crashed." When the market started turning around, Charlotte was one of the first areas to improve.

May 14, 2022 04:41 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Paul S. Henderson, REALTOR®, CRS good morning, Paul... I would think there's hardly an agent out there who doesn't have at least one client who's been "clobbered" by the increase in interest rates. 

May 14, 2022 04:42 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Grant Schneider good morning, Grant... such a good way to describe the market for buyers -- exhausting. They are being clobbered two way: by higher rates and higher home prices. And renting is increasingly becoming a poor option given how high rents have risen.

May 14, 2022 04:43 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Sheri Sperry - MCNE® good morning, Sheri... I suspect that our buyer "frenzy" is a bit down in that there are fewer offers on homes. But lack of inventory still has homes selling quickly (at least through April).

May 14, 2022 04:44 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Myrl Jeffcoat good morning, Myrl... still lots of buyers out there who seem to think that interest rates will pull back along with home prices... as long as inventory is tight I don't see home prices pulling back. And interest rates definitely are not pulling back.

May 14, 2022 04:46 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Buzz Mackintosh good morning and thanks, Buzz. We might see a few more days on market going forward but until inventory rises I don't see home prices pulling back.

May 14, 2022 04:47 AM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

There are always pockets of the country that have a lot of abundance somewhere out there, I noticed at least

May 15, 2022 09:23 PM