Indian Trail real estate saw a continued cooling trend in January 2023 with much higher days on market and fewer sales. At the same time, home prices increased and new listings decreased. With a 3.7% decrease in the list to sale price ratio year-over-year to 98.5%, Indian Trail home buyers are seeing an opportunity to negotiate on price.
Indian Trail Real Estate Update: January 2023
Indian Trail area (28079 zip code), which includes the towns of Indian Trail, Stallings, and Hemby Bridge, continued to show signs of a cooling market with sales down, days on market up, and inventory up. At the same time, average home prices increased and new listings decreased year-over-year and month-over-month, while the list to sale price ratio increased by 1% compared with the previous month of December 2022.
Indian Trail Area Housing Market Highlights: January 2023
INDIAN TRAIL AVERAGE HOME SALE PRICES INCREASED YEAR-OVER-YEAR & MONTH-OVER-MONTH
Average home prices in Indian Trail increased 1.5% to $452,845 from $446,047 in December 2022. Compared with January 2022, home prices in Indian Trail increased 5.6% from $428,995. The January 2023 average sale price was at its highest level compared with January 2022 and January 2021.
Median home prices increased in January 2023 by 4.4% from $416,220 in December 2022 to $434,325. However, the median home price decreased 4.5% year-over-year from $455,000 in January 2022.
Price per square foot averaged $192, down 4.95% from $202 in the previous month of December 2022, but 6.08% higher than the $181 per square foot in January 2022.
INDIAN TRAIL HOUSING INVENTORY INCREASED TO ITS HIGHEST LEVELS IN 3+ YEARS
The number of properties for sale in January 2023 was 190, down 14.4% from December 2022 and 41.8% higher than 134 properties for sale one year ago in January 2022. The number of properties for sale in January 2023 was at its highest level compared with January 2022 and January 2021. Inventory of homes for sale was also at its highest level in three years.
New listings decreased in January 2023 to 39 from 41 listings in December 2022. New listings were 46.6% lower than the 73 listings we saw one year ago in January 2022. This was the lowest number of new listings coming on market in Indian Trail area since February 2020, except for December 2020 when the new number of listings was also 39.
INDIAN TRAIL SALES AT THEIR LOWEST LEVEL SINCE FEBRUARY 2020
Sales in January 2023 decreased 37.5% to 35 compared with the previous month of December 2022. Sales were 18.6% lower than in January 2022 which had 43 sales. The January 2023 sales were at their lowest level compared with January 2022 and January 2021. They were also at their lowest level since February 2020.
DAYS ON MARKET AT THEIR HIGHEST LEVEL SINCE FEBRUARY 2020
Average days on market increased 11 days to 51 days in January compared with December 2022. Compared with January 2022, days on market increased 363.4% from 11 days to 51 days. The January 2023 days on market were at their highest level compared with January 2022 and January 2021. They were also at their highest level since February 2020.
LIST TO SALE PRICE RATIO
The list to sale price ratio in January 2023 was 98.5% compared with December 2022 when it was 97.5%. However, the list to sale price ratio in January 2023 was 3.7% lower than what we saw in January one year ago when it was 102.2%
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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 22+ years.
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