Charlotte Region real estate in December 2022 saw home sales drop 37.7% year-over-year, while home prices increased 7.3%, on average. Sales dropped for a 12th consecutive month due to higher home prices, increasing interest rates, and fewer new listings. Homes sold in 41 days, on average. The months supply of homes, while increasing, remained below two months at 1.6 months, keeping Charlotte in “home seller territory.” Home affordability continues to suffer.
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Tega Cay real estate December 2022 saw higher home prices year-over-year. At 0.9 months of housing inventory Tega Cay remained a seller’s market. Inventory and new listings decreased, as did pending and closed sales. At the same time, Tega Cay home buyers did have an opportunity to negotiate on home prices with a list to sell ratio of 96.9%.
Fort Mill real estate in December 2022 (29715 and 29708 zip codes) saw higher average home prices compared with December 2021, but slightly lower prices month-over-month. Median home prices up year-over-year and month-over-month. Still a low months supply of inventory at 1.3months, although increasing year-over-year. New listings down for a seventh consecutive month. List to sale ratio of 96.9% at lowest level since December 2020.
Indian Land real estate December 2022 set new records for home prices, despite fewer closed sales. Months supply of homes remained low at 1.2 months, while overall inventory increased, as did days on market. New listings decreased 5.4%, despite a year-over-year 87.5% increase in new construction inventory and a 66.7% increase in resale home inventory. First time since February 2021 list to sale price ratio dropped below 100%.
Indian Trail real estate saw continued cooling in December 2022 with sales down, home prices down, inventory substantially up, days on market up. Average home prices declined a second consecutive month after setting new records two months ago. The median list to sale ratio dropped below 100% in November for a fifth consecutive month, providing Indian Trail home buyers a window of opportunity to negotiate.
Matthews real estate market in December 2022 saw a cooling in the market with higher inventory, lower list to sale price ratios, longer days on market, significantly lower closed and pending sales. At the same time, home prices increased year-over-year and month-over-month and fewer new listings came on market.
Waxhaw area real estate market in December saw a 12th consecutive month of lower closed sales, indicating buyers are taking a step back, due to a combination of higher home prices and interest rates. Days on market also increased. Nonetheless, the months supply of inventory remained in seller “territory” at 1.5 months in December 2022, new listings were down, and home prices were up.
Ballantyne real estate market in December 2022 saw higher home prices and new listings down 58.4% year-over-year. Months supply of inventory was under one month at 0.8 months, which is extremely low. Days on market increased. Sellers saw a lower median list price to final sale price at 96.4%. Closed and pending sales were down. The “feeding frenzy” of 2021 and first half of 2022 is over in the Ballantyne area.
Luxury homes market in Charlotte region saw closed and pending sales down year-over-year. However, closed sales were up month-over-month. Months supply of homes stood at 2.5 months in December and new listings were down significantly. List to sale price ratio continued to drop providing luxury home buyers an opportunity to negotiate on price.
Real estate markets 2023: what’s ahead in the new year? It’s been a wild few years in the real estate market. From price fluctuations to skyrocketing mortgage rates, there’s been plenty of drama to go around. But what will the year ahead hold? We share leading economists’ predictions for 2023. Find out where mortgage rates and home prices are headed; when the pace of home sales is expected to once again pick up; what it call means for homeowners, buyers, and sellers.