Waxhaw Area (28173 Zip Code) Sees Record High Home Prices In July 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...

 

The Waxhaw area of the Charlotte, North Carolina metro area (the 28173 zip code–encompassing the three towns of Waxhaw, Marvin and Weddington) saw a significant increase in home prices, year-over-year and month-over-month in July 2022. Average home sale prices set a new record. Median home prices in Weddington and Marvin exceeded $1 million in July 2022. Average days on market increased year-over-year. The list to sale ratio was down year-over-year and month-over-month. While the Waxhaw area market is definitely cooling somewhat, home sellers remained in the driver's seat in July.

 

WAXHAW AREA HOUSING MARKET HIGHLIGHTS

JULY 2022 VERSUS JULY 2021

 

Waxhaw Weddington Marvin NC Home Sales Report July 2022

 

WAXHAW AREA AVERAGE HOME SALE PRICES SET NEW RECORD HIGHS

Home sale prices increased 32.2%, on average, in July 2022 compared with the same month one year ago. The average sale price was $822,234, setting a new record high for Waxhaw area home prices. Month-over-month, average home prices increased almost $77,000. The median home sale price was $653,000, up 17.5% year-over-year. 

 

Price per square foot increased 25.4% to $232/square foot in July 2022 versus the same month one year ago. This set a new record for price per square foot in the Waxhaw area in July 2022.

 

WAXHAW AREA HOMES CONTINUED TO SELL OVER ASKING PRICE

With home sellers receiving a median 100.4% of list price in final sale price (down 2.2% year-over-year), there was still little room for home buyers to negotiate on price in July 2022. The list to sale price ratio was also down 3.9% month-over-month. This decrease indicates that the frenzied activity we saw in summer 2021 has diminished.

 

WAXHAW AREA HOMES SAW INCREASED DAYS ON MARKET

Average days on market increased 7 days  to 21 days from 14 days one year ago. Average days on market were down 30 days compared with July 2020. Average days on market also increased 8 days month-over-month.  Median days on market were 5 days in July, up two days year-over-year and up one day month-over-month. Median days on market decreased 11 days from two years ago in July. 

 

WAXHAW AREA SALES WERE DOWN IN JULY 2022

Closed sales decreased 28.2% while pending sales decreased 16.3% in July 2022 compared with the same month one year ago. This is the seventh consecutive month that closed sales in the Waxhaw area decreased while home prices increased. Earlier in the year it was evident that lack of inventory stifled sales. Since interest rates have increased the monthly mortgage costs by 50% in the past couple of months, it's apparent that sales are also being stifled by buyers who are stepping back from the market for now, as evidenced by the 31.2% decrease in foot traffic through listed properties year-over-year.

 

WAXHAW AREA'S MONTHS SUPPLY & HOUSING INVENTORY REMAINED TIGHT | NEW LISTINGS DROPPED Y-O-Y

Continued tight inventory (up just 1.2% over July 2021) and a months supply of homes of 1.6 months (up 0.5 months compared with the same month one year ago) kept the Waxhaw area a home seller’s market in July 2022. The increase in July's inventory was equivalent to just two additional homes on market. New listings were down 6.5% in July 2022 over the same month one year ago.

 

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

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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
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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 (22)

Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Nina - It looks that Waxhaw and Charlotte are leading the country now in sellers market.

Aug 07, 2022 05:16 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Wayne Martin good morning, Wayne... when I see the median home prices in Waxhaw, Weddington and Marvin I am totally gob-smacked. I remember the days when people barely knew how to find these towns. I used to take my "budget" buyers to Waxhaw when they couldn't afford Ballantyne or South Charlotte.

Aug 07, 2022 05:21 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Roy, and thanks for stopping by. Wishing you and Dolores a lovely Sunday.

Aug 07, 2022 05:21 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Grant Schneider good morning, Grant. I keep reading articles on how the Charlotte region is one of the top overheated markets and that it's due for a big correction, but as of July nothing much in terms of a major correction. We'll see what August brings.

Aug 07, 2022 05:23 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Nina, A significant increase in home prices for the Waxhaw areas should interest homeowners to call you now and also be a SOLD!

Aug 07, 2022 05:36 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

What a great year for your area.  Thank you for the update!

Aug 07, 2022 06:07 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 hi Sheila... those buyers who keep asking me if they should wait till home prices drop need to look at Waxhaw area trends. Prices are not dropping.

Aug 07, 2022 06:10 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Ray Henson good morning, Ray... Waxhaw area homeowners are sitting on a pile of equity right now.

Aug 07, 2022 06:11 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Enjoyed your post this morning.  Have a wonderful and restful Sunday. Bill

Aug 07, 2022 06:23 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Nina,

Same song second verse..we are hearing the same thing most everywhere the real estate is cooling some but the seller's remain in the driver's seat (for now).

Aug 07, 2022 06:38 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Bill Salvatore - East Valley good morning, Bill... still a lot on my plate to get done this morning before I get any rest. What is it they say? "No rest for the weary?"

Aug 07, 2022 06:51 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Dorie Dillard Austin TX good morning, Dorie... with all the talk of cooling off I was really expecting more of a cool-off in July than what I've seen. Now waiting to see what August brings us.

Aug 07, 2022 06:52 AM
Eric Bouler
Gardner Realtors, Licensed in La. - New Orleans, LA
Listening to your Needs

Happy Sunday Morning. Hope all is great today. Grandson was birthday yesterday. Parker was 10 years old. Photo was Christimas at sons house years ago. 

Aug 07, 2022 06:58 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Eric Bouler good morning, Eric... happy Sunday to you and happy 10th birthday to Parker.  The first "double digit" birthday is always a big deal!

Aug 07, 2022 08:08 AM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Nina Hollander, Broker - The Waxhaw market continues to be on fire!  Buyers and sellers should seek out your expertise in this hot, hot market!  Happy Sunday!

Aug 07, 2022 03:07 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, although the days on market have increased slightly, the prices sure aren't decreasing.  Great report.

Aug 07, 2022 04:48 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Sheri Sperry - MCNE® good morning, Sheri... in-demand areas like Waxhaw, Weddington, Marvin continue to be hot spots in Charlotte. And it's driving prices up like mad.

Aug 08, 2022 04:08 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox hi Joan... I don't think I've seen any price decreases year-over-year in the areas I follow and, in fact, many of the areas are seeing record high prices.

Aug 08, 2022 04:09 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, I record a few pieces of data every day, and have for the last year and a half.   Today we have 28% price decreases, and the new listings are equal with the pending properties.

Aug 08, 2022 10:46 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox hi Joan... I'm seeing price decreases but I don't think we are seeing almost 30% of our listings dropping their prices. And we have more listings... but it's also a question of where are those listings... our MLS covers 16 counties in two states. It's still almost impossible to find listings in prime neighborhoods in my immediate area.

Aug 08, 2022 01:36 PM