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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 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.
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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...
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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:
Read the original post at www.GreatHomesInCharlotte.com