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. Median home prices in Weddington and Marvin exceeded $1 million in August 2022, as they did in the prior month. Average days on market increased year-over-year and month-over-month. The list to sale ratio was down year-over-year and month-over-month.
It's clear that the Waxhaw area market is cooling down compared with the "feeding frenzy" we saw one year ago. By the same token, Waxhaw area home sellers were still in the driver's seat in August 2022.
WAXHAW AREA HOUSING MARKET HIGHLIGHTS
AUGUST 2022 VERSUS AUGUST 2021
WAXHAW AREA AVERAGE & MEDIAN HOME SALE PRICES INCREASED Y-O-Y IN AUGUST
Home sale prices increased 27.0%, on average, in August 2022 compared with the same month one year ago. The average sale price was $812,019. Month-over-month, average home prices decreased approximately $10,000. The 2022 average sale price in August was approximately $287,000 higher than in August 2020.
The median home sale price was $650,000, up 25.0% year-over-year and about $3,000 lower than in July 2022. Compared with August 2020, the median sale price is now some $200,000 higher.
Price per square foot increased 15.6% to $222/square foot in August 2022 versus the same month one year ago.
WAXHAW AREA HOMES SAW 100% LIST TO SALE PRICE RATIO IN AUGUST
With home sellers receiving a median 100% of list price in final sale price (down 1.1% year-over-year and 0.2% month-over-month), there was still little room for home buyers to negotiate on price in August 2022. This 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 3 days to 25 days from 22 days one year ago. Average days on market were 13 days lower compared with August 2020. Average days on market also increased 4 days month-over-month.
Median days on market were 6 days in August, up 3 days year-over-year and up one day month-over-month. Median days on market decreased 5 days from two years ago in August.
WAXHAW AREA SALES WERE DOWN IN AUGUST 2022
Closed sales decreased 23.2% while pending sales decreased 23.7% in August 2022 compared with the same month one year ago. This is the eighth 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 decrease in foot traffic through listed properties year-over-year.
Foot traffic in listed properties was down. Homes for sale in August saw 8.4 showings on average compared with 14.1 showings one year ago and 10.1 showings two years ago.
WAXHAW AREA'S MONTHS SUPPLY & HOUSING INVENTORY INCREASED, WHILE NEW LISTINGS DECREASED IN AUGUST
Inventory increased 10.7% year-over-year. The months supply of homes of 1.8 months in August increased 0.6 months year-over-year and 0.2 months from July 2022. New listings were down 16.2% in August 2022 compared with the same month one year ago.
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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:
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