Waxhaw Area (28173 Zip Code) Home Prices Up, Sales Down: August 2022

By
Real Estate Agent with Coldwell Banker Realty 179530

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 Weddington Marvin Home Sales Report: August 2022

 

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.

 

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

Curious about the real estate market in Greater Charlotte?

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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
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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 (26)

Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox hi Joan... Weddington and Marvin are two little "hamlets" in the Charlotte area where homes average over $1 million because they are large custom homes on large acreage. The really distort the overall averages. Waxhaw itself is just $625,000.

Sep 13, 2022 06:17 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Bill Salvatore - East Valley thanks, Bill... Waxhaw is a hot area and has been for a while. I expect it will stay that way for a while.

Sep 13, 2022 06:20 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

It's nice to read that Waxhaw Area homes sales are up. Sellers lets increase the number of homes on the market and call Nina Hollander to get your house SOLD!

Sep 13, 2022 06:34 AM
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

I am appreciating the increase in homes on the market and so are my many buyers.  Hope you have a fabulous day!

Sep 13, 2022 06:56 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 hi Sheila... well, Waxhaw area home prices are up (in the stratosphere)... but actual sales continue to decrease. Harder for people to afford those prices.

Sep 13, 2022 06:58 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Norma J. Elkins hi Norma... our increases in inventory are not yet doing much to generate actual sales and in August new listings went down over much of the region. Meantime, home prices continue to stay high.

Sep 13, 2022 06:59 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Thank you for your update.  We have had a similar market in Elk Grove over the last few months.  I need to get to my update for August, though.  I have been a little slow.  There is just too much going on.

Sep 13, 2022 07:01 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Ray Henson hi Ray... totally get it... it seems there's always more to do than time to get it all done!

Sep 13, 2022 07:04 AM
Roy Kelley
Retired - Gaithersburg, MD

Families on the move will love your outstanding local real estate reports.

Sep 13, 2022 07:05 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning again and thank you, Roy. Wishing you a terrific Tuesday... hope it's off to a good start already.

Sep 13, 2022 07:05 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Nina - thank you for another thorough report. There is so much information out there that it is hard to decide what to do. If I were a seller or buyer in your area, you would be the one I'd call. 

Sep 13, 2022 10:24 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Kathy Streib hi Kathy... that's what a good professional should be able to do for clients... make the market understandable and eliminate all the unnecessary noise.

Sep 13, 2022 10:48 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Hi Nina,

No one has a cystal ball and the headlines are scary concerning the real estste market. Remembering real estate is local and talking to a good professional in your area will give you the accurate picture of what is really happening!

Sep 13, 2022 01:17 PM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

This is a telltale sign for me that market is beginning to change. We saw this a couple of months ago around here Nina Hollander, Broker 

Sep 13, 2022 01:29 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Dorie Dillard Austin TX hi Dorie... that's why I tell everyone to ignore the media headlines. I keep close track of trends but learned a long time ago not to worry about things until I really need to worry about them.

Sep 13, 2022 01:50 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Paul S. Henderson, REALTOR®, CRS hi Paul... there are areas like Waxhaw/Weddingto/Marvin that I don't worry about too much... they always seem to be in demand. Of course, I could be dead wrong. Wouldn't be the first time!

Sep 13, 2022 01:52 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Nina Hollander, Broker  you inspired me to do another market report this time of Malibu, CA:))Endre

Sep 13, 2022 10:01 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Endre Barath, Jr. good morning, Endre.... I'm always delighted to be a source of inspiration and I look forward to your Malibu market report. I'm sure I'll be totally gob-smacked by the prices when I do see the report.

Sep 14, 2022 04:47 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Waxhaw home buyers and sellers are sure to value your real estate market report, Nina.

Sep 14, 2022 11:38 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Myrl Jeffcoat good morning, Myrl... thanks for popping by. Wishing you a terrific Thursday!

Sep 15, 2022 04:37 AM