Latest news on the Indian Trail real estate market in May 2022...
What you need to know...
What it means for you...
Indian Trail area (28079 zip code), which includes the towns of Indian Trail, Stallings, Hemby Bridge in Union County, remained a home seller's market in May 2022, despite all the talk of a market correction. It's been more than six years since Indian Trail could be considered a balanced market, much less a home buyer's market. Average home prices increased 32.5% year-over-year, setting a new record. Average days on market also dropped in May. Pending sales also decreased 12.4% year-over-year, while closed sales increased 7.4%. Inventory increased year-over-year 3.7% (equal to three additional homes on the market).
Indian Trail Area Housing Market Highlights
May 2022 vs May 2021
INDIAN TRAIL HOME SALE PRICES SET NEW RECORDS IN MAY 2022
Average home prices increased 32.5% to $465,341 in May 2022 compared with the same month one year ago. This set a new record for Indian Trail area home prices. Average home prices were also approximately $36,000 higher in May 2022 compared with April 2022. Home prices were about $157,000 higher in May 2022 compared with April 2020.
Median home prices increased 26.0% to $456,900 year-over-year, setting a new record for Indian Trail area median home prices. Month-over-month, median home sale prices also increased about $24,000 and were $155,000 higher in May 2022 than in May 2020. Clearly, Indian Trail homeowners are sitting on a lot of equity.
Price per square foot averaged $204 (up $43/square foot from $161/square foot one year ago), increasing 26.7% year-over-year and setting a new record for price per square foot for Indian Trail homes.
INDIAN TRAIL HOUSING INVENTORY INCREASED SLIGHTLY, BUT REMAINED LOW IN MAY 2022
The months supply of homes for sale dropped to one month from 1.1 months in May 2021 and down from 1.9 months in May 2020. Month-over-month, the months supply of homes increased 0.3 months. New listings increased 11.2% and inventory of homes increased 3.7% year-over-year (equal to three additional homes on the market).
INDIAN TRAIL CLOSED HOME SALES UP, PENDING SALES DOWN IN MAY 2022
Closed sales in May 2022 increased 7.4% year-over-year, while pending sales increased 12.4%. No doubt the higher home prices, higher interest rates caused some buyer to pause and back away from contracting for a home in May.
DAYS ON MARKET REMAINED LOW IN MAY 2022
Average days on market were 17, down two days year-over-year, but up two day month-over-month. Median days on market were four days in May 2022, up one day year-over-year and month-over-month. Median days on market were down 11 days from May 2022. Low inventory will continue to put pressure on home prices.
LIST TO SALE PRICE RATIO STILL OVER 100% IN MAY 2022
At a median selling price of 102.1% of list price, Indian Trail home buyers should expect minimal room to negotiate, especially in Indian Trail's hottest selling communities.
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Did you know that Indian Trail's Porter Ridge Middle School and Union Prep Academy are ranked in the top 20 middle schools in the Charlotte metro area?
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Median Home Sale Price Trends For 28079 Zip Code
Median Home Sale Prices Trends For:
Indian Trail, Stallings, Hemby Bridge
This Charlotte, North Carolina real estate monthly update for the Indian Trail area in the 28079 zip code is provided by Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, Greater Charlotte area residential real estate experts and Indian Trail specialists. We've been opening doors for Indian Trail area home buyers and sellers for 20+ years.
If you're considering selling or purchasing a home in the Indian Trail area, or anywhere in the the Charlotte metro area, I'd love an opportunity to earn your business, to exceed your expectations, and to show you why experience matters and how:
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