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 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?
We can help.
Call us today at 704-779-0813 or contact us here.
There’s absolutely NO OBLIGATION.
A consultation with Carolinas Realty Partners is FREE.
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...
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:
Read the original post at www.GreatHomesInCharlotte.com