Somerset Neighborhood In Waxhaw, NC
Real Estate Report For 2024 + Neighborhood Spotlight
In 2024, Somerset home sales remained strong and steady. Average and median home sale prices rose by 15% and 17%, respectively, compared with the previous year. The price per square foot decreased by 3% to $243. The number of homes sold dropped significantly, down 20% to just 12 homes.
The list-to-sale price ratio fell 3% year-over-year to 101.2%, with Quarter 1 of 2024 being the only quarter where this ratio exceeded 100%. This shift provided Somerset homebuyers with more opportunities to negotiate on price throughout the year. Days on market decreased by 16% to an average of 21 days. It’s worth noting that one outlier sale in Quarter 1-2024 heavily influenced this metric.
The Somerset months supply of inventory increased by 22% to 0.33 months, which, while slightly higher year-over-year, still kept Somerset firmly in a seller’s market in 2024.
SOMERSET 2024 HOME SALES
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Median Sale Price History For Homes In Somerset
Why Somerset Is An In-Demand Waxhaw Neighborhood
Somerset is a 200-acre master-planned community with some 457 homes situated on the border of Mecklenburg and Union Counties, minutes from Ballantyne and surrounded by some of Charlotte/Waxhaw area's most prestigious and upscale neighborhoods, including Hunter Oaks, Providence Country Club, Longview, and Marvin Creek. Outstanding community amenities in Somerset include a pool, clubhouse, tennis courts, play ground, and walking trails.
Somerset Neighborhood Clubhouse
The Somerset community was developed between 1998 and 2003 by St Lawrence Homes, D R Horton, Fortis, and Ryland. The homes in Somerset range in size from about 1,990 square feet to over 4,500 square feet with average square footage just under 3,000. Lot sizes average about .3 of an acre but can also range from .2 of an acre to over half an acre.
Somerset is located minutes from Charlotte's trendy and popular Ballantyne area. All the shopping you could want is literally just minutes away along Rea Road or Providence Road, including three, large outdoor shopping centers (Blakeney, Waverly and Stonecrest) offering grocery shopping, high-end boutiques, spas, casual and fine dining restaurants, movie theatres, and more. Ballantyne Village is quickly accessible. All the major medical practices in Charlotte, which maintain offices in Ballantyne, are but five minutes away. Also nearby are Trader Joe's, Ballantyne Country Club, Piper Glen Club, and horseback riding facilities in nearby Waxhaw.
Somerset provides easy commuting to the Ballantyne Corporate Park, South Park, Matthews, Charlotte-Douglas Airport, as well as easy access to I-485 and primary local roads.
All of life life's necessities are within easy reach of Somerset in less than a mile. And if you love the "great outdoors" and/or golf, there are 20+ golf courses within 10 miles of Somerset and numerous parks for both humans and dogs!
Top-Rated Union County Schools
Somerset is served by some of the top Union County public schools: Marvin Ridge High School, Marvin Ridge Middle School, and Rea View Elementary School, all located within less than four miles of the neighborhood.
Marvin Ridge High School is one of the top ranked high schools in the Charlotte region, ranked #1 public high school in Union County and #9 best public high school in North Carolina. According to state test scores 93% of students are proficient in math and reading.
Marvin Ridge Middle School ranks as the #4 best public middle school in Union County and #14 out of 140 public middle schools in the Charlotte region. Marvin Ridge Middle School ranks in the top 3% of North Carolina public middle schools. According to state test scores, 89% of students are proficient in math and 86% in reading.
Rea View Elementary ranks in the top 20 public elementary schools in the Charlotte region out of 295 elementary public schools and is also ranked as the #3 best public elementary school in Union County. Rea Vue Elementary School ranks in the top 3% of North Carolina public elementary schools. According to state test scores, 89% of students are proficient in math and 87% in reading. (Rankings by niche.com)
Do top schools make a difference when buying or selling a home? The answer is a YES!
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If you're considering purchasing or selling a home in Somerset, contact Nina Hollander with Coldwell Banker Realty. If you're buying, I have the complete inventory list of homes for sale in Somerset and in Waxhaw. If you're selling, let's get together and discuss the supply conditions in Somerset and how I can assist you in gaining access to buyers who area ready, willing, and able to buy now.
Let me show you why experience matters and how:
"The Right Broker Makes All The Difference."
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