Latest news on the Indian Trail real estate market in August 2023...
What you need to know...
What it means for you...
2.29 Months Of Inventory In August Kept Indian Trail A Home Seller's Market
Key take-aways about the Indian Trail area (28079 zip code) housing market in August 2023, which includes the towns of Indian Trail, Stallings, and Hemby Bridge in Union County, include:
- Both average and median home prices increased year-over-year and month-over-month.
- New listings declined from almost 32.99% compared with August one year ago. New listings declined slightly from July 2023.
- Housing inventory declined year-over-year and was up slightly month-over-month. Months supply of inventory at 2.29 months kept Indian Trail in "seller territory" in August 2023.
- Days on market increased by 3 days to 27 over July. This was the first increase in days on market after six consecutive months of decline.
- Closed sales increased in August both year-over-year and month-over-month despite the decline in inventory.
- List to sale price ratio remained flat 99.53% compared with one month ago and one year ago. Not much negotiating room for Indian Trail home buyers.
Indian Trail Area Housing Market Highlights: August 2023
INDIAN TRAIL HOME SALE PRICES UP YEAR-OVER-YEAR & MONTH-OVER-MONTH
Average home sale price in Indian Trail at $456,929 increased 4.86% from $435,767 in the previous month of July. The average sale price was 4.49% lower than the $437,280 in August 2022. The August 2023 average sale price was at its highest level compared with August 2022 and August 2021. It was also at its highest level since September 2020.
Median home sale price increased 12.03% to $445,300 in August 2023 from $397,500 in July 2023. Compared with August 2022, median sale price increased 11.32% from $400,000. The median sale price was at its highest level compared with August 2022 and August 2021.
Price per square foot averaged $204 in August 2023, down 1.92% from $208 in the previous month of July. Price per square foot was 2.39% lower than $209 in August 2022. July's price per square foot was the highest since August 2020, so it's not a total surprise that this price dropped a bit in August.
INDIAN TRAIL HOUSING INVENTORY UP SLIGHTLY OVER JULY BUT DOWN FROM AUGUST 2022
The number of properties for sale in August 2023 was up 2.87% with 179 compared with both July which had 174 properties for sale. Inventory was 24.15% lower than in August 2022 when inventory stood at 236 homes. With the months supply of homes at 2.29, home sellers were in the "driver's seat" in August.
NEW LISTINGS DOWN FROM LAST YEAR & LAST MONTH
New listings declined 1.52% in July 2023 to 65 from 66 listings in August 2023. New listings were 32.99% lower than the 97 new listings we saw one year ago in August 2022. August 2023 new listings were at their lowest compared to August 2022 (97 new listings) and August 2021 (120 new listings).
INDIAN TRAIL HOME SALES INCREASED YEAR-OVER-YEAR & MONTH-OVER-MONTH
Sales in August 2023 increased 16.42% to 78 compared with 67 sales in the previous month of July 2023. Sales were 16.42 % higher than in August 2022 which had 67 sales. The July 2023 sales were at mid-level compared with August 2022 (67 sales) and August 2021 (80 sales).
DAYS ON MARKET UP SLIGHTLY AFTER SIX CONSECUTIVE MONTHS OF DECLINES
Average days on market increased three days to 27 days in August compared with July 2023. Compared with August 2022, days on market increased eight days from 19 days. The August 2023 days on market were at their highest level compared with August 2022 (19 days) and August 2021 (8 days).
LIST TO SALE PRICE RATIO JUST UNDER 100%
The list to sale price ratio in August 2023 was 99.53%, essentially equal to the previous month of July and to August 2022.
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Did You Know...
Indian Trail has been rated the #5 best place to live in Union County, NC?
Indian Trail has been rated in the top 25 best North Carolina suburbs in which to buy a home?
Indian Trail has been ranked in the top 20% of top North Carolina suburbs?
Indian Trail was named by Family Circle Magazine as one of the 10 Best Places In America to Raise A Family? .
... so why not CHECK OUT THE:
Did you know that Indian Trail's Porter Ridge Middle School and Union Prep Academy are ranked in the top 20 middle schools in the Charlotte metro area?
Median Home Sale Price Trends For 28079 Zip Code
Median Home Sale Prices Trends For:
Indian Trail, Stallings, Hemby Bridge
This Charlotte, North Carolina real estate monthly update for the Indian Trail area in the 28079 zip code is provided by Nina Hollander with Coldwell Banker Realty, Greater Charlotte area residential real estate expert and Indian Trail specialist. I've been opening doors for Indian Trail area home buyers and sellers for 24+ years.
If you're considering selling or purchasing a home in the Indian Trail area, or anywhere in the the Charlotte metro 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