Record High Home Sale Prices (Up 29.3%) In Waxhaw Area In May 2022

By
Real Estate Agent with Coldwell Banker Realty

LATEST NEWS ON THE WAXHAW |  WEDDINGTON | MARVIN HOUSING MARKET...

WHAT YOU NEED TO KNOW...

WHAT IT MEANS FOR YOU...

 

Although we've heard lots of talk about housing markets slowing down and inventory gradually increasing to benefit home buyers, we saw NO SLOWDOWN in Charlotte's Waxhaw area in May 2022, where average days on market continued to decrease, 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 declines in inventory, declines in pending and closed sales, declines in new listings, declines in days on market in May 2022 versus May 2021. The only thing that increased were home prices, which increased 29.3% year-over-year, on average, and set a new record. Lack of inventory clearly impacted both  sales volume and home prices in the 28173 zip code in May 2022.

 

WAXHAW AREA HOUSING MARKET HIGHLIGHTS

MAY 2022 VERSUS MAY 2021

 

Waxhaw, Weddington, Marvin, NC Housing Market Snapshot For May 2022

 

WAXHAW AREA AVERAGE HOME SALE PRICES IN MAY 2022 WERE $239,000 HIGHER THAN IN MAY 2020

Average Waxhaw home sale prices increased 29.3% to $729,165 in May 2022 compared with the same month one year ago, setting a new record for Waxhaw area home prices. Month-over-month, average sale prices increased approximately $10,000.  Median home sale prices increased 21.4% to $600,847 in May 2022.  Median home sale prices were  $187,000 higher in May 2022 than they were in May 2020, while average home sale prices were about $239,000 higher than they were two years prior in May. Homeowners are sitting on a ton of equity.

 

WAXHAW AREA HOMES CONTINUED TO SELL OVER ASKING PRICE

Home sellers in Waxhaw area received a median 103.5% of list price in final sale price in May 2022, up 2.2% year-over-year. Waxhaw area home buyers had virtually no opportunity to negotiate on price in May 2022.

 

Average Price Per Square Foot increased to $225/square foot in May 2022, up 28.6% over one year ago. The $225/square foot sets a new record for Waxhaw area homes.

 

WAXHAW AREA HOMES CONTINUED TO SELL QUICKLY

Waxhaw homes continued to sell quickly with Median Days on Market just 3 days, flat year-over-year, and down seven days from two years ago. Average Days on Market were down 52% to 12 days, down 13 days year-over-year and down 30 days compared with May 2020. Month-over-month, average days on market decreased by four days.

 

WAXHAW AREA SALES WERE DOWN DUE TO LACK OF INVENTORY

Closed sales decreased 21.0%, while pending sales decreased 30.8% in May 2022 compared with one year ago. New listings decreased 19.6% year-over-year, no doubt contributing to lower sales.

 

WAXHAW AREA'S MONTHS SUPPLY & HOUSING INVENTORY REMAINED LOW

Waxhaw area's months supply of homes remained low at under one month at 0.9 months.  This, coupled with a 30.4% drop in housing inventory in May, kept the Waxhaw area/28173zip code a home seller's market.

 

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

Curious about the real estate market in Greater Charlotte?

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Call us today at 704-779-0813 or contact us here.

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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
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 (30)

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

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 hi Sheila... top public schools keep demand for Waxhaw area homes very high... and with that, home prices, too.

Jun 20, 2022 06:19 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Will Hamm hi Will... thanks for stopping by... wishing you a lovely Monday and good week ahead.

Jun 20, 2022 06:20 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Nina - I am sure that your area will remain strong long after others have moved more toward balanced.

Jun 20, 2022 06:24 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, well, Waxhaw is officially now more expensive than Denver!   Goodness, that didn't take long!

Jun 20, 2022 06:43 AM
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

Astounding numbers once again Nina Hollander, Broker . The old saying "list and live" could not be more true then it is in your area.

Jun 20, 2022 07:17 AM
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

We are starting to see some adjustments to the market. I think the high end (because of the huge interest rates) are softening.

Jun 20, 2022 08:18 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Grant Schneider hi Grant... when the market started crashing in 2008, Charlotte area was one of the last to feel it. When it started to recover, we were one of the first areas to start recovering.

Jun 20, 2022 08:24 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox hi Joan... you have to remember that Waxhaw area is a compilation of three small towns with some of the most expensive real estate in the Charlotte region. It's not representative of our area as a whole.

Jun 20, 2022 08:25 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Bob "RealMan" Timm hi Bob... that may be what they say, but right now listings are hard to come by... I continue to make a better than decent income working with buyers.

Jun 20, 2022 08:26 AM
Bob "RealMan" Timm

That is super Nina Hollander, Broker and a wonderful statement as to your reputation and integrity. 

Jun 20, 2022 08:38 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Jeffrey DiMuria 321.223.6253 Waves Realty hi Jeff... I'm waiting to see what June brings... I've always felt the high end is more immune to higher rates. 

Jun 20, 2022 08:27 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Families on the move will appreciate your outstanding local real estate reports.

Jun 20, 2022 10:26 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Thank you, Roy, as always for taking time to stop by and leave me a comment. Wishing you a good new week.

Jun 20, 2022 11:44 AM
Elyse Berman, PA
Best Connections Realty, Inc. - Boca Raton, FL
Boca Raton FL (561) 716-7824

Good afternoon Nina,

Great market report.  Wow!  Almost a 30% increase!   It sounds like your market is still hot, as you said.  Have a great week!

Jun 20, 2022 12:27 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

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

Jun 20, 2022 01:25 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Elyse Berman, PA hi Elyse... certainly no real cooling (yet) in areas around the Charlotte region. I'm sure it's coming.

Jun 20, 2022 02:38 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Myrl Jeffcoat hi Myrl... happy Monday to you... thank you, as always, for popping by and leaving me a comment.

Jun 20, 2022 02:39 PM
Kathy Streib
Cypress, TX
Retired Home Stager/Redesign

Hi Nina- no matter what the talking heads say, you can only go by the stats in your area are saying. That's why buyers and sellers in your area need to contact you. 

Jun 20, 2022 07:25 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Kathy Streib hi Kathy... I've long said that real estate is not local, but hyper-local... and numbers from around the Charlotte area totally support that premise.

Jun 21, 2022 03:51 AM
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

People are expecting prices to improve. Some areas are still very strong and it sounds like Waxhaw is one of them. 

Jun 27, 2022 05:28 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Carla Freund good morning, Carla... buyers keep asking me if they should wait to buy until prices drop. I keep telling them I don't expect prices to drop... they just won't appreciate at the same rate as we've seen in the past two years. And with increasing interest rates waiting will only cost them more to purchase and carry a home.

Jun 27, 2022 05:32 AM
Carla Freund

That's right. They can always refinance if rates go down.

Jun 27, 2022 06:16 AM