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Waxhaw, Weddington, Marvin Home Sales Report: May 2023. What To Know.

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 May 2023:

  • Closed home sales increased for a third consecutive month and were at  their highest level of closed sales since September 2022.

  • The list to sale price ratio was just under 101% at 100.72%.

  • Median sale price declined slightly from April 2023 (most likely due to price mix of homes for sale), but increased year-over-year.

  • Average days on market were at their lowest since September 2022, decreasing 7 days to 19 days in April.

  • Waxhaw housing inventory dropped to its lowest level since May 2022 and despite an increase in new listings from April 2023.

 

WAXHAW AREA HOUSING MARKET HIGHLIGHTS

MAY 2023

Waxhaw Area Home Sales Trends May 2023

WAXHAW AREA MEDIAN & AVERAGE SALE PRICES DECLINE

The median sale price in May 2023 was $639,250, 8.2% lower than the $696,346 median sale price in the previous month of April. Median sale price was 5.47% higher than $606,000 in May 2022. The median sale price in May 2023 was its highest compared with May 2022 and May 2021. It should be pointed out the most likely to drop in median sale price from last month has more to do with the price mix of listed/sold properties than because of an actual decline in value for Waxhaw homes.

 

The average sale price in May 2023 was $741,418, down 14.11% from $863,219 in April 2023. The average sale price in May 2023 was 14.22% lower than $863,219 in April 2023. As with the median sale price in May, the lower average sale price has more to do with the price mix of listed/sold properties than because of an actual decline in value for Waxhaw homes.

 

Price per square foot was $227, down 84.42% from $237/square foot in April 2023 and equal to the price per square foot in May 2022.

 

WAXHAW AREA HOMES LIST TO SALE PRICE RATIO JUST UNDER 101%

The May 2023 sale to list price ratio was 100.72%, increasing a full 1% month-over-month, but down from 104.37% in May 2022.

 

WAXHAW AREA HOMES SAW THEIR LOWEST DAYS ON MARKET SINCE SEPTEMBER 2023

Average days on market in May 2023 were 19 days, decreasing 7 days from 26 days in April. Compared with May 2022, average days on market increased 12 days from 7 days. The May 2023 days on market were at their highest level compared with May 2022 (7 days) and April 2021 (9 days). At 19 days on market in April, these were the lowest days on market since September 2022. 

 

WAXHAW AREA SALES INCREASED MONTH-OVER-MONTH FOR A THIRD CONSECUTIVE MONTH

Closed sales increased in May 2023 to 88, up 7.32% from 82 sold properties in April and down 16.19% from 115 sold properties in May 2022. The May 2023 sales were at their lowest level compared with May 2022 (105 sales) and May 2021 (126 sales). This was also the highest level of closed sales since September 2022.

 

WAXHAW AREA'S HOUSING INVENTORY AT ITS LOWEST LEVEL SINCE MAY 2022

Inventory of homes for sale in May 2023 stood at 334 properties, down 3.75% from 347 properties in the previous month of April . Inventory was equal to the number of properties for sale one year ago in May 2022. Inventory was relatively flat compared with May 2022 (334 properties for sale) and May 2021 (340 properties for sale). Waxhaw area's housing inventory in May was at its lowest since May 2022 when the inventory stood at 334 properties for sale.

 

NEW LISTINGS DOWN YEAR-OVER-YEAR & UP MONTH-OVER-MONTH

The number of new listings in May 2023 was 122, increasing 40.23% from 87 new listings in April. New listings were 10.9% lower than the 136 new listings in May 2022. The May 2023 listings were at their lowest level compared with May 2022 (136 new listings) and May 2021 (167 new listings). 

 

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, 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

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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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.

 

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, wow, average sales price is sure creeping up quickly.  Great market update for Waxhaw/Weddington/Marvin.

Jun 08, 2023 07:05 AM
Roy Kelley
Retired - Gaithersburg, MD

Good Thursday morning, Nina.

ActiveRain seems to have regular early morning issues.

Jun 08, 2023 07:07 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

Joan Cox good morning, Joan... no real slowdown in our markets here... days on market have been dropping in a number of our high-demand areas.

Jun 08, 2023 07:19 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

Hi Roy... this week has been impossible in the Rain. Two summers ago I abandoned AR because of these kinds of issues... wasn't worth the time. I'm getting close to it again... but I have a feeling if I abandon again, I won't be back.

Jun 08, 2023 07:20 AM
Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

Good morning Nina. You and I are o the same wavelength regarding our presence here. I am optimistic that Support is more frustrated than we are and will have the Chihuahua back in its cage shortly and may the 500 Internal Error hit the circular file. By the way, great market report. Supply still lagging demand, so buyers need expert advice navigating the terrain. Enjoy your day.

Jun 08, 2023 07:29 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

Wayne Martin thanks, Wayne. With respect to the AR issues... we can all deal with a problem for a day, even two.... but when it's a week and something as substantial as not being able to log onto the system and there's no real explanation as to what's causing the problem and what's being done to fix it.... it becomes more than a bit untenable.

Jun 08, 2023 07:34 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

Nina, Yes, it's remarkable how the average sales price is increasing rapidly in the Waxhaw/Weddington/Marvin area. It's definitely a positive market update and indicative of strong demand in the region.

Jun 08, 2023 07:56 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Nina and thank you for you market report to share with us here in the Rain.  Make it a great Thursday!

 

Jun 08, 2023 08:29 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 hi Sheila... I can't tell you how often people moving here from out of town come to me with a list of areas they are wanting to live in... and when I suggest the Waxhaw area and show it to them, they forget about all the other choices and insist on finding a home in Waxhaw.

Jun 08, 2023 08:51 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

Will Hamm hi Will... thanks for popping by today... wishing you a terrific Thursday, as well.

Jun 08, 2023 08:52 AM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Nina Hollander, Broker - The Waxhaw market is doing well.  Inventory issues are not holding the market down. 

Jun 08, 2023 09:25 AM
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Nina, what a Waxhaw market to sell in.  Great report & may all sellers come to you!

Jun 08, 2023 10:17 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

Sheri Sperry - MCNE® hi Sheri... thanks for popping by. Of course, what we can't measure is how much higher sales would have been with more inventory.

Jun 08, 2023 10:21 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

Ginny Gorman thanks, Ginny. Waxhaw is almost always a "hot" market... beautiful area, great schools, terrific location.

Jun 08, 2023 10:22 AM