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 July 2023:
- Closed home sales decreased in July after four consecutive months of increases. By the same token, closed sales in July were second highest in 2023.
- The list to sale price ratio still at over 100% at 100.06%.
- Median sale price increased 2.5% from June and 18.6% year-over-year.
- Average sale price declined 5.2% month-over-month and was flat year-over-year. The average sale price in June 2023 was abnormally high at $905,000. It would appear that the drop had more to do with the price mix of homes sold in July 2023 than a decline in Waxhaw home values.
- Average days on market increased to 26 days from June's 24 days. June's days on market were seven days fewer than the year-to-date average for DOM in the Waxhaw area.
- Waxhaw housing inventory dropped to its lowest level in more than one year. Inventory was down year-over-year and flat month-over-month.
- New listings declined almost 45% from July one year ago and almost 23% from one month ago.
WAXHAW AREA HOUSING MARKET HIGHLIGHTS
WAXHAW AREA MEDIAN SALE PRICE UP YEAR-OVER-YEAR & MONTH-OVER-MONTH
The median sale price in July 2023 was $775,000, 2.51% higher than the $756,500 median sale price in the previous month of June. Median sale price was 18.58% higher than $654,000 in July 2022. The median sale price in July 2023 was its highest compared with July 2022 and July 2021.
The average sale price in July 2023 was $844,444 down 5.17% from $890,520 in June 2023. The average sale price in July 2023 was equal to that of July 2022. It's worth pointing out that the average sale price in June 2023 was abnormally high at $905,000, which indicates that the drop had more to do with the price mix of homes sold in July 2023 than a decline in Waxhaw home values.
Price per square foot was $223, down 5.91% from $227/square foot in June 2023 and 3.88% lower than $232 in July 2022. In June, the price per square foot was at its highest level since June 2020. Again, the drop in price per square foot had more to do with the price and size mix of homes sold in July 2023 than a decline in Waxhaw home values.
WAXHAW AREA HOMES LIST TO SALE PRICE RATIO OVER 100%
The July 2023 sale to list price ratio was 100.06%, down 1.55% compared with the previous month of June and down from 101.31% in July 2022. Nonetheless, at 100% of list to sale price, Waxhaw area home buyers had little room to negotiate on price in July 2023.
WAXHAW AREA HOMES' AVERAGE DAYS ON MARKET BELOW ONE MONTH
Average days on market in July 2023 were 28 days, increasing four days from 24 days in June. Compared with July 2022, average days on market increased 21 days from 7 days. The July 2023 days on market were at their highest level compared with July 2022 (7 days) and July 2021 (11 days).
WAXHAW AREA SALES DECLINED AFTER FOUR CONSECUTIVE MONTHS OF INCREASING SALES
Closed sales declined in July 2023 to 96, down 18.64% from 118 sold properties in June and down 11.11% from 108 sold properties in July 2022. The July 2023 sales were at their lowest level compared with July 2022 (108 sales) and July 2021 (135 sales). It's worth pointing out that in June 2023, closed home sales were at their highest level in some nine months. If you exclude closed sales in June 2023, the 96 homes sold in July 2023 were at their highest level in 2023.
WAXHAW AREA'S HOUSING INVENTORY LOW AND DECLINED YEAR-OVER-YEAR
Inventory of homes for sale in July 2023 stood at 346 properties, essentially equal to the previous month of June with 343 properties for sale. Inventory was 16.02% lower than in July 2022. Inventory was lower compared with July 2022 (412 properties for sale) and July 2021 (360 properties for sale).
NEW LISTINGS DOWN YEAR-OVER-YEAR & MONTH-OVER-MONTH
The number of new listings in July 2023 was 86, decreasing 22.52% from 111 new listings in June. New listings were 44.87% lower than the 156 new listings in July 2022. The July 2023 listings were at their lowest level compared with July 2022 (156 new listings) and July 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 expertand 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:
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