Waxhaw | Weddington | Marvin, NC Real Estate Report: February 2023

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...

 

Key "take-aways" about the Waxhaw area of the Charlotte, North Carolina metro area (the 28173 zip code–encompassing the three towns of Waxhaw, Marvin and Weddington)--included the following in February 2023:

  • Both average and median home sale prices increased year-over-year and month-over-month.

  • The list to sale price ratio held its own month-over-month, but decreased year-over-year.

  • Average days on market increased both year-over-year and month-over-month.

  • Closed sales in February 2023 were at the lowest level in three years.

  • Housing inventory was down from January  2023, but up year-over-year.

  • With the exception of December 2022, the Waxhaw area saw the lowest number of new listings come on market in three years.

 

WAXHAW AREA HOUSING MARKET HIGHLIGHTS

FEBRUARY 2023

Waxhaw Weddington & Marvin, NC Home Sales Report February 2023

WAXHAW AREA MEDIAN & AVERAGE HOME SALE PRICES INCREASED YEAR-OVER-YEAR & MONTH-OVER-MONTH

The median sale price in February 2023 was $615,000, 17.14% higher than the $525,000 median sale price in the previous month of January. It was also 10.81% higher than $555,000 in February 2022. The median sale price in February 2023 was its highest compared with February 2022 and February 2021.

 

The average sale price in February 2023 was $767,386, up 24.74% from $615,182 in January 2023. It was also 15.45% higher than the $664,673 average price in February 2022. The average sale price in February 2023 was its highest compared with February 2022 and February 2021.

 

Price per square foot was $213, up 4.4% from January and 3.4% higher than the $206/square foot in February 2022. The price per square foot in February 2023 was its highest compared with February 2022 and February 2021.

 

WAXHAW AREA HOMES' LIST TO SALE PRICE RATIO DOWN YEAR-OVER-YEAR

The February 2023 sale to list price ratio was 98.1%, equal to the previous month of January, but down from 103.3% in February 2022. This was the lowest price per square foot ratio in the Waxhaw area in three years.

 

WAXHAW AREA HOMES SAW LONGER DAYS ON MARKET IN FEBRUARY 2023

Average days on market in February 2023 were 63 days, increasing 20 days from 43 days in January. Compared with February 2022, average days on market increased 46 days from 17 days. The January 2023 days on market were at their highest level compared with February 2022 and February 2021. The average days on market in February were the longest Waxhaw area has seen in three years.

 

WAXHAW AREA SALES DROPPED TO THEIR LOWEST LEVEL SINCE 2020

Closed sales decreased in February 2023 to 53, down 13.1% from 61 sold properties in January and down 30.3% from 76 sold properties in February 2022. The February 2023 sales were at their lowest level compared to February 2022 and February 2021. This was also the lowest level of closed sales in three years. 

 

Earlier in the year it was evident that lack of inventory stifled sales. As interest rates have significantly increased monthly mortgage costs  since June, it's apparent that sales are slowing and buyers are stepping back from the market for now, as also evidenced by the decrease in foot traffic through listed properties year-over-year.

 

Foot traffic in listed properties was down significantly. Homes for sale in February had 9.1 showings, on average, compared with 25.1 showings one year ago. This was a 63.7% decrease in buyer foot traffic. Month-over-month, foot traffic decreases compared with 11.3 showings in January.

 

WAXHAW AREA'S HOUSING INVENTORY UP YEAR-OVER-YEAR & DOWN MONTH-OVER-MONTH 

NEW LISTINGS & MONTHS SUPPPLY OF HOMES DECREASED IN DECEMBER 2022

Inventory of homes for sale in February 2023 stood at 342 properties, down 6.3% from 365 properties in the previous month of January. Inventory was 10.7% higher than the 309 properties for sale in February 2022. Inventory was at its highest level compared with February 2022 and February 2021. It's worth pointing out that inventory in February 2023 was lower than in the months of June, July, August, September, October, November, December 2022 and January 2023.

 

The number of new listings in February 2023 was 52, down 3.7% from 32 new listings in January. New listings were 38.1% lower than the 84 new listings in February 2022. The February 2023 listings were at their lowest level compared with February 2022 (84 new listings) and February 2021 (124 new listings). With the exception of December 2022, we saw the lowest level of new listings in February 2023 in three years.

 

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?

We can help.

Call us today at 704-779-0813 or contact us here.

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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 5th best suburb to live in in Charlotte metro area and the 8th best suburb in North Carolina?

Marvin is ranked as the 3rd best suburb to live in in Charlotte metro area and the 7th best suburb in North Carolina?

Waxhaw is ranked as the 12th best suburb to live in in Charlotte metro area and the 20th best suburb in North Carolina?

  ... So why not check out...

 

 THE 10 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 22+ 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
Blog: News You Can Use From The Greater Charlotte Area
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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)

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

Wayne Martin hi Wayne... these days, tracking the market has one's head spinning. I don't know why buyers or sellers would want to make such huge financial decisions without the help of an experienced professional.

Mar 09, 2023 04:48 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Kat Palmiotti hi Kat... no, I only report on DOM from date of listing to date of contract. The days to close can be anything. For example, I have a closing in about a week where we negotiated a longer closing of 60 days. I have another closing in May that was about 90 days longer than normal. A closing date in a DOM number only skews the actual time it takes to sell a home.

Mar 09, 2023 04:50 AM
Kat Palmiotti

Interesting - that's another metric that is different depending on where you live. Days on Market where I am is listing to close.

Mar 09, 2023 05:52 AM
Nina Hollander, Broker

Kat Palmiotti hi Kat... I have access to both calculations... I just don't use the list to close metric.

Mar 09, 2023 06:35 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, interesting market report, and your days on market are increasing.   I think the March numbers in Denver will show LESS days on market.

Mar 09, 2023 05:06 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox hi Joan... yes, days on market are up... but so are home prices. And inventory is not escalating hugely with new listings down. 

Mar 09, 2023 05:15 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Waxhaw, what a cool name foe a place to live.  So much better than mine, Gilbert. Great information.  Thanks for sharing and enjoy your week! 

Mar 09, 2023 05:47 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

The average price in the Waxhaw area is pretty high.  Those who live in the area must feel pretty good!

Mar 09, 2023 05:50 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

That's another good sign that average and median home prices increased in Weddington/Marvin. Owners take note of this and call Nina now!

Mar 09, 2023 06:13 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Bill Salvatore - East Valley hi Bill... Waxhaw was the home of the Waxhaw Indians. Hence the "cool" name.

Mar 09, 2023 06:35 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Brian England hi Brian... Waxhaw area is one of the more expensive areas in the Charlotte region when it comes to home prices.

Mar 09, 2023 06:36 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 good morning, Sheila... until we see a significant increase in new listings, I expect that home prices will continue to appreciate.

Mar 09, 2023 06:37 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Nina and thank you for sharing your market report with us here in the Rain.  Make it a great day!

 

 

Mar 09, 2023 08:18 AM
Roy Kelley
Retired - Gaithersburg, MD

Thank you very much, Nina, for sharing your excellent local real estate reports.

Mar 09, 2023 09:43 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Will Hamm thanks, Will, for stopping by today. Trust all is well at your end.

Mar 09, 2023 11:58 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Thank you, Roy, for always make time to stop by and leave me a nice comment. Trust you've had a good Thursday.

Mar 09, 2023 11:59 AM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Nina,

You certainly provide your clients with a lot of rich content to help them make a decision on their real estate needs. There are so many good neighborhoods and communities.  

Mar 09, 2023 03:14 PM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Nina- What an increase in DOM.  I agree with what Wayne Martin said. If I were a seller or a buyer in your area, I would call you before making a move. 

Mar 09, 2023 04:37 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Sheri Sperry - MCNE® good morning, Sheri... I know I've said it before... but I believe it bears repeating... our clients should never be making home buying or selling decisions in a vacuum.

Mar 10, 2023 04:16 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

@KathyKathy Streib good morning, Kathy... increasingly, as we look at the numbers from 2021 and 2022, we realize those years were an anomaly in real estate and we are finally getting back to "normal."

Mar 10, 2023 04:17 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Nina Hollander, Broker - Buyers and Sellers always needed a reputable and credible real estate agent. But now is even more important and critical for them to not take chances on anyone they don't know who solicits them. Experience with the market, builders, and all types of clients really makes a difference in quality of services. Clearly, you know what you are doing and you qualify!

Mar 11, 2023 04:08 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Patricia Feager, MBA, CRS, GRI,MRP thanks, Patricia, for that nice comment. At the end of the day, our value to the buying and selling public is not our ability to open a door... it's our knowledge of the marketplace to help them make the right decisions.

Mar 11, 2023 04:43 AM