Indian Trail real estate saw a cooling in August 2022 with sales down, inventory up, days on market up. The median list to sale ratio dropped below 100% in August, showing a small window of opportunity for Indian Trail home buyers to negotiate. Nonetheless, home prices increased year-over-year, new listings were down, price per square foot set a new record, and homes sold in 15 days on average.
Indian Trail Real Estate Update: August 2022
Latest news on the Indian Trail real estate market in August 2022 and what it means for you…
Indian Trail area (28079 zip code), which includes the towns of Indian Trail, Stallings, Hemby Bridge showed signs of a shifting and cooling market with pending and closed sales down, median list to sale price ratio down, foot traffic in listed properties down, and inventory up dramatically in August 2022. By the same token, home prices increased, days on market remained relatively low, price per square foot set a new record.
Another sign of the market cooling somewhat in August 2022 was the foot traffic through home listings, which was down to an average of 7.3 showings per listing compared with 13.5 showings in August 2021. Month-over-month, foot traffic dropped from 8.1 average showings per listing to 7.3 showings.
Average home prices in Indian Trail increased 18.6% to $431,858 in August 2022 compared with the same month one year ago. Month-over-month, average home sale prices decreased approximately $11,000. Indian Trail home prices were approximately $132,000 higher in August 2022 compared with August 2020. Median home prices increased 11.8% to $450,000 year-over-year. Median home sale prices were approximately $25,000 lower in August 2022 than in July 2022. Median home sale prices in August 2022 were about $105,000 higher than in August 2020. Indian Trail homeowners continue to sit on a substantial amount of equity.
Price per square foot averaged $211 (up $45/square foot from $166/square foot one year ago). This set a new record high for price per square foot.
The months supply of homes for sale increased to 2 months (up from 1.7 months in August 2021). Month-over-month, the months supply of homes was 0.1 months higher. New listings decreased 18.9%, while inventory of homes increased 94% year-over-year. It appears that Indian Trail area buyers pulled back in August 2022 to take time to reassess purchase plans in the face of increasing mortgage rates and home prices.
Average days on market increased two days to 15 days in August 2022 compared with August 2021. Average days on market were 17 days lower than in August 2022. Year-over-year median days on market increased three days to seven days in August 2022. Month-over-month, median days on market increased by three days. Although average and median days on market are increasing, they are still quite low.
Closed sales in August 2022 decreased 28.6% year-over-year, while pending sales decreased 22.7%, no doubt contributing to the increase in inventory in August.
At a median selling price of 99.1% of list price (down 5% year-over-year and down 2.5% month-over-month), Indian Trail home buyers might be seeing a small window of opportunity to negotiate on price, but should still expect minimal room to negotiate in Indian Trail’s hottest selling communities.
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This Charlotte, North Carolina real estate monthly update for the Indian Trail area in the 28079 zip code is provided by Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, Greater Charlotte residential real estate experts and Indian Trail specialists. We’ve been opening doors for Indian Trail area home buyers and sellers for 20+ 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:
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