Latest news on the Indian Trail real estate market in August 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, and Hemby Bridge showed signs of a shifting and cooling market with pending and closed sales down, median list to sale price ratio down, foot traffic in listed properties down, and inventory up dramatically in August 2022. By the same token, home prices increased, days on market remained relatively low, price per square foot set a new record.
Indian Trail Area Housing Market Highlights
August 2022 vs August 2021
INDIAN TRAIL HOME SALE PRICES INCREASED YEAR-OVER-YEAR BUT DECREASED MONTH-OVER-MONTH
Average home prices in Indian Trail increased 18.6% to $431,858 in August 2022 compared with the same month one year ago. Month-over-month, average home sale prices decreased approximately $11,000. Indian Trail home prices were approximately $132,000 higher in August 2022 compared with August 2020.
Median home prices increased 11.8% to $450,000 year-over-year. Median home sale prices were approximately $25,000 lower in August 2022 than in July 2022. Median home sale prices in August 2022 were about $105,000 higher than in August 2020. Indian Trail homeowners continue to sit on a substantial amount of equity.
Price per square foot averaged $211 (up $45/square foot from $166/square foot one year ago). This set a new record high for price per square foot.
INDIAN TRAIL HOUSING INVENTORY INCREASED IN AUGUST 2022, BUT NEW LISTINGS DECREASED
The months supply of homes for sale increased to 2 months (up from 1.7 months in August 2021). Month-over-month, the months supply of homes was 0.1 months higher. New listings decreased 18.9%, while inventory of homes increased 94% year-over-year. It appears that Indian Trail area buyers pulled back in August 2022 to take time to reassess purchase plans in the face of increasing mortgage rates and home prices.
INDIAN TRAIL CLOSED & PENDING SALES DOWN IN AUGUST 2022
Closed sales in August 2022 decreased 28.6% year-over-year, while pending sales decreased 22.7%, no doubt contributing to the increase in inventory in August.
Another sign of the market cooling somewhat in August 2022 was the foot traffic through home listings, which was down to an average of 7.3 showings per listing compared with 13.5 showings in August 2021. Month-over-month, foot traffic dropped from 8.1 average showings per listing to 7.3 showings.
DAYS ON MARKET INCREASED IN AUGUST 2022 YEAR-OVER-YEAR & MONTH-OVER-MONTH
Average days on market increased two days to 15 days in August 2022 compared with August 2021. Average days on market were 17 days lower than in August 2022. Year-over-year median days on market increased three days to seven days in August 2022. Month-over-month, median days on market increased by three days. Although average and median days on market are increasing, they are still quite low.
LIST TO SALE PRICE RATIO DECREASED IN AUGUST 2022
At a median selling price of 99.1% of list price (down 5% year-over-year and down 2.5% month-over-month), Indian Trail home buyers might be seeing a small window of opportunity to negotiate on price, but should still expect minimal room to negotiate 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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