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 April 2023:
- Closed home sales were at their highest level since September 2022.
- The list to sale price ratio was just under 100% at 99.72%.
- Both average and median sale prices increased month-over-month and year-over-year.
- Average days on market were at their lowest since September 2022, decreasing 15 days to 26 days in April.
WAXHAW AREA HOUSING MARKET HIGHLIGHTS
APRIL 2023
WAXHAW AREA MEDIAN & AVERAGE SALE PRICES INCREASE
The median sale price in April 2023 was $696,346, 9.7% higher than the $635,000 median sale price in the previous month of March. It was also 12.2% higher than $620,000 in April 2022. The median sale price in April 2023 was its highest compared with April 2022 and April 2021.
The average sale price in March 2023 was $863,219, up 19.1% from $724,860 in March 2023. The average sale price in April 2023 was 17.7% higher than $733,611 in April 2022. The average sale price in April 2023 was its highest compared with April 2022 and April 2021.
Price per square foot was $237, up 8.2% from $219/square foot in March 2023 and 10.23% higher than the $215/square foot in April 2022. The price per square foot in April 2023 was its highest compared with April 2022 and April 2021.
WAXHAW AREA HOMES LIST TO SALE PRICE RATIO JUST UNDER 100%
The April 2023 sale to list price ratio was 99.72%, equal to the previous month of March, but down from 104.67% in April 2022.
WAXHAW AREA HOMES SAW THEIR LOWEST DAYS ON MARKET SINCE SEPTEMBER 2023
Average days on market in April 2023 were 26 days, decreasing 15 days from 41 days in March. Compared with April 2022, average days on market increased 15 days from 11 days. The April 2023 days on market were at their highest level compared with April 2022 (11 days) and April 2021 (15 days). At 26 days on market in April, these were the lowest days on market since September 2022.
WAXHAW AREA SALES INCREASED MONTH-OVER-MONTH
Closed sales increased in April 2023 to 82, up 3.8% from 79 sold properties in March and down 34.92% from 126 sold properties in April 2022. The April 2023 sales were at their lowest level compared with April 2022 (126 sales) and April 2021 (145 sales). This was also the highest level of closed sales since September 2022.
Foot traffic in listed properties was down significantly. Homes for sale in April had 7.8 showings, on average, compared with 12.3 showings one year ago. This was a 36.6% decrease in buyer foot traffic year-over-year. Month-over-month, foot traffic was down from 9.2 showings.
WAXHAW AREA'S HOUSING INVENTORY AT ITS LOWEST LEVEL SINCE MAY 2022
Inventory of homes for sale in April 2023 stood at 347 properties, down 3.9% from 361 properties in the previous month of March. Inventory was 8.44% higher than the 320 properties for sale in April 2022. Inventory was at its highest level compared with April 2022 (320 properties for sale) and slightly lower compared with April 2021 (328 properties for sale). Waxhaw area's housing inventory in April was at its lowest since May 2022 when the inventory stood at 334 properties for sale.
NEW LISTINGS DOWN YEAR-OVER-YEAR & MONTH-OVER-MONTH
The number of new listings in April 2023 was 87, down 6.5% from 93 new listings in March. New listings were 37.9% lower than the 140 new listings in April 2022. The April 2023 listings were at their lowest level compared with April 2022 (140 new listings) and April 2021 (173 new listings).
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MORE INFORMATION ABOUT THE WAXHAW HOUSING MARKET'S PERFORMANCE
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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?
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This Charlotte, North Carolina real estate monthly update for Waxhaw, Weddington, Marvin is provided by Nina Hollander, Coldwell Banker Realty, Greater Charlotte residential real experts and Waxhaw/Weddington/Marvin area specialist. I've been opening doors for Waxhaw area home buyers and sellers for 24+ 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
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