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 August 2023:
- Closed home sales decreased in August. By the same token, closed sales in August were at their third highest level since September 2023.
- The list to sale price ratio still at over 100% at 100.81%.
- Median sale price declined from July, but was equal to the median sale price in August one year ago.
- Average sale price declined both year-over-year and month-over-month.
- Average days on market decreased to 20 days from July's 28days. August's days on market were 13 days fewer than the year-to-date average for DOM in the Waxhaw area and decreased for a third consecutive month.
- Waxhaw housing inventory increased slightly from July and was 11+% lower than in August 2022.
- New listings declined for a fourth consecutive month and year-over-year.
WAXHAW AREA HOUSING MARKET HIGHLIGHTS
WAXHAW AREA HOME PRICES SOFTEN, BUT PRICE PER SQUARE FOOT HIGHER
The median sale price in August 2023 was $675,000, down 12.9% from $775,000 median sale price in the previous month of July. Median sale price equal to that in August 2022. The median sale price in August 2023 was its highest compared with August 2022 and August 2021.
The average sale price in August 2023 was $767,078 down 8.89% from $841,885 in July 2023. The average sale price in August 2023 declined 5.36% from $810,529 in August 2022. Most likely the decrease in prices had more to do with the price mix of homes for sale than in any diminution in home values in Waxhaw, an area that remains in very high demand.
Price per square foot was $243 in August 2023, up 9.46% from $223/square foot in July 2023 and 9.46% lower than $222 in August 2022. In August, the price per square foot was at its highest level since April 2022.
WAXHAW AREA HOMES LIST TO SALE PRICE RATIO OVER 100%
The August 2023 list to sale price ratio was 100.81%, slightly higher than the 100.6% in July and equal to the list to sale price ratio one year ago in August. At 100.81% of list to sale price, Waxhaw area home buyers had little room to negotiate on price in August 2023.
WAXHAW AREA HOMES' AVERAGE DAYS ON MARKET BELOW ONE MONTH
Average days on market in August 2023 were 20 days, decreasing eight days from 28 days in July. Compared with August 2022, average days on market increased eight days from 12 days. The August 2023 days on market were at their highest level compared with August 2022 (12 days) and August 2021 (8 days). August was the third consecutive month days on market declined in Waxhaw. Only September 2022 and May 2023 had lower days on market at 19 days.
WAXHAW AREA SALES DECLINED
Closed sales declined in August 2023 to 91, down 6.19% from 97 sold properties in July and down 22.88% from 118 sold properties in August 2022. The August 2023 sales were at their lowest level compared with August 2022 (118 sales) and August 2021 (146 sales). Although sales dropped in August, the month had it's third highest level of sales since September 2022.
WAXHAW AREA'S HOUSING INVENTORY UP FROM JULY, DOWN YEAR-OVER-YEAR
Inventory of homes for sale in August 2023 stood at 364 properties, up 3.7% from the previous month, which had with 351 properties for sale. Inventory was 11.22% lower than in August 2022. Inventory was lower compared August 2022 (41o properties for sale) and August 2021 (367 properties for sale).
NEW LISTINGS DECLINE FOR A FOURTH CONSECUTIVE MONTH
The number of new listings in August 2023 was 77, decreasing 12.5% from 88 new listings in July. New listings were 28.7% lower than the 108 new listings in August 2022. The August 2023 listings were at their lowest level compared with August 2022 (108 new listings) and August 2021 (138 new listings). The number of new listings in August were at their lowest since May 2023.
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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 expert 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