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
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).
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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...
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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:
Read the original post at www.GreatHomesInCharlotte.com