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Waxhaw's Somerset Neighborhood Home Prices Soften In Quarter 1-2023

By
Real Estate Agent with Coldwell Banker Realty 179530

Somerset Neighborhood in Waxhaw, NC

Real Estate Report & Community Spotlight: Quarter 1 - 2023

 

After softening somewhat in the Third Quarter of 2022, Somerset home prices rebounded in the Fourth Quarter of 2022. In the First Quarter 2023, Somerset home prices softened again compared with the most recent three months. Average sale price declined 4%, while median home price declined 6%. Despite the decline in home prices, the list to sale price ratio was a very respectable 99.14%. Days on market increased to 46 but are in line with the Waxhaw area's days on market.

 

SOMERSET HOME SALES SNAPSHOT: QUARTER 1 - 2023

Somerset Neighborhood In Waxhaw Housing Market Snapshot Quarter 1-2023

 

 To track sales in Somerset "real time," click here for our Neighborhood Analyzer Report and sign up to automatically receive reports on Somerset sales activity.

 

Median Sale Price History For Homes In Somerset

 

 

Why Somerset Is An In-Demand Waxhaw Neighborhood

 

Somerset Neighborhood In Waxhaw ClubhouseSomerset is a 200-acre master-planned community situated on the border of Mecklenburg and Union Counties, minutes from Ballantyne and surrounded by some of Charlotte/Waxhaw area's most prestigious and upscale neighborhoods, including Hunter Oaks, Providence Country Club, Longview, and Marvin Creek. Outstanding community amenities in Somerset include a pool, clubhouse, tennis courts, play ground, and walking trails.

 

The Somerset community was developed between 1998 and 2003 by St Lawrence Homes, D R Horton, Fortis, and Ryland. The homes in Somerset range in size from about 1,990 square feet to over 4,500 square feet with average square footage just under 3,000. Lot sizes average about .3 of an acre but can also range from .2 of an acre to over half an acre.

 

Somerset is located minutes from Charlotte's trendy and popular Ballantyne area. All the shopping you could want is literally just minutes away along Rea Road or Providence Road,  including three, large outdoor shopping centers (Blakeney, Waverly and Stonecrest) offering grocery shopping, high-end boutiques, spas, casual and fine dining restaurants, movie theatres, and more. Carolina Place Mall and Carolinas Medical Center/Pineville are close by. Ballantyne Village is quickly accessible. All the major medical practices in Charlotte, which maintain offices in Ballantyne, are but five minutes away. Also nearby are Trader Joe's, Ballantyne Country Club, Piper Glen Club, and horseback riding facilities in nearby Waxhaw. 

 

Somerset provides easy commuting to the Ballantyne Corporate Park, South Park, Matthews, Charlotte-Douglas Airport, as well as easy access to I-485 and primary local roads.

 

All of life life's necessities are within easy reach of Somerset in less than a mile. And if you love the "great outdoors" and/or golf, there are 23 golf courses within 10 miles of Somerset and numerous parks for both humans and dogs!

 

Somerset Neighborhood in Waxhaw is convenient to all the necessities of life  Somerset neighborhood in Waxhaw is close to parks and golf

 

 

Top-rated Union County Schools Serve the Somerset Neighborhood in WaxhawTop-Rated Union County Schools 

Somerset is served by some of the top Union County public schools in: Marvin Ridge High School, Marvin Ridge Middle School, and Rea View Elementary School, all located within less than four miles of the neighborhood. 

  

Marvin Ridge High School is one of the top ranked high schools in the Charlotte region, ranked #1 out of the top 25 high schools for 2023, as it was in 2022. Marvin Ridge Middle School ranks as the #2 best public middle school in Union County and in the top 15 public middle schools in the Charlotte region. Rea View Elementary ranks in the top 20 public elementary schools in the Charlotte region out of 292 elementary public schools and is also ranked as the #2 best public elementary school in Union County. (Rankings by niche.com)

 

Do top schools make a difference when buying or selling a home? The answer is a YES! Find out why good schools matter when you’re buying or selling a home here.

 

  GET UPDATES ON SOMERSET HOME SALES ACTIVITY

 

Free home listing alerts from www.GreatHomesInCharlotte.com

 

SEARCH ALL SOMERSET HOMES FOR SALE 

 

WONDERING WHAT YOUR SOMERST HOME IS WORTH IN TODAY'S MARKET?

 

What's Your Somerset Home In Waxhaw NC Worth?

 

 SEARCH WAXHAW, NC AREA HOMES FOR SALE

Search Waxhaw Area Homes For Sale

 

 If you're considering purchasing or selling a home in Somerset, contact Nina Hollander/Carolinas Realty Partners with Coldwell Banker Realty. If you're buying, we have the complete inventory list of homes for sale in Somerset. If you're selling, let's get together and discuss the supply conditions in Somerset and how we can assist you in gaining access to buyers who area ready, willing, and able to buy now.

And let us show you why experience matters and how:

"The Right Broker Makes All The Difference."

Great Homes In Charlotte

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
Search For All Charlotte Area Homes: 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.

 

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

Nina, Looks like some of your Waxhaw's are doing what some other areas are doing too. To know what's really happening in your neighborhoods, buyers and sellers need to keep in contact with you, and they will be well informed! 

Apr 15, 2023 06:01 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Great information.  Thanks for sharing, enjoy your weekend, and here's a GOOD LUCK to your favorite NBA or NHL Team in the playoffs!

Apr 15, 2023 06:14 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 good morning, Sheila... Somerset was another one of those communities that went bananas with home prices, so I'm not surprised that prices have leveled off a bit. Also, the neighborhood has two distinct sections and one is much more expensive... so it depends from which sections homes were listed.

Apr 15, 2023 06:20 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

Bill Salvatore - East Valley good morning, Bill... thanks for stopping by today. Sadly, I have no favorite NBA or NHL teams. Have never cared for professional basketball and went to exactly one hockey game in my life and realized I didn't need to experience hockey ever again... and haven't for over 40 years now.

Apr 15, 2023 06:21 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

There really isn't a reason for prices to soften, yet too many people believe what is said and make it happen, haha.  I am feeling it on one of my listings that I got under contract right away but the buyer didn't perform and we had to go back on the market.

Apr 15, 2023 07:37 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, looks like another neighborhood just correcting after going bananas price-wise in Somerset.

Apr 15, 2023 07:49 AM
Roy Kelley
Retired - Gaithersburg, MD

Good Saturday morning, Nina.

Have a great day and an outstanding weekend.

Apr 15, 2023 08:00 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!

Apr 15, 2023 09:07 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Nina- If I were moving to your area, my biggest problem would be choosing which wonderful communities you highlight I'd want to live in!!!  You do an excellent job of highlighting your communities. 

Apr 15, 2023 12:50 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

Brian England hi Brian... sorry to hear that... but maybe the second time around will be the charm!

Apr 15, 2023 12:56 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

Hi Roy... thanks for stopping by... we are having a beautiful day in Charlotte but I think the rains return tomorrow.

Apr 15, 2023 12:57 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

Will Hamm thank you, Will, for stopping by today... trust you're enjoying your weekend.

Apr 15, 2023 12:58 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

Joan Cox hi Joan... Somerset has two sections, one of which is much higher priced side of the neighborhood, so sometimes it also depends which side of the neighborhood most of the listings and sales came from and not a reflection of lower market values.

Apr 15, 2023 12:59 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

Kathy Streib hi Kathy... the neighborhoods I highlight are truly the tip of the iceberg in terms of what we have here in Charlotte.

Apr 15, 2023 12:59 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Nina loved your bantering with Kathy Streib and all because of this post, hope someone who is interested in buying will reach out to you based on this post, Endre

Apr 15, 2023 11:55 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

Endre Barath, Jr. good morning and thank you, Endre. (Sadly, still waiting for that first call from an AR post.)

Apr 16, 2023 05:24 AM
George Souto
George Souto NMLS #65149 - Middletown, CT
Your Connecticut Mortgage Expert

Nina "softening" is not a word I hear often in the describing the house market around you.  But sooner or later we are going to see more and more softening of the housing market.

Apr 16, 2023 03:01 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

George Souto good morning, George... I wouldn't be surprised to see the market "harden" next quarter in those subdivisions that softened in the first.

Apr 17, 2023 05:40 AM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Another great neighborhood report, Nina! Also love the Somerset community - and the location is primo!

Apr 17, 2023 07:12 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

Debe Maxwell, CRS thanks, Debe. The only problem with selling a home in Somerset is that your clients never want to leave! 

Apr 17, 2023 08:37 AM