Indian Trail real estate in June 2022 remained a home seller’s market with both average and median home sale prices increasing year-over-year. Closed sales increased 61.7%. Inventory increased despite a decrease in new listings as buyers pulled back somewhat.
Indian Trail Real Estate Update: June 2022
Latest news on the Indian Trail real estate market in June 2022 and what it means for you…
Indian Trail area (28079 zip code), which includes the towns of Indian Trail, Stallings, Hemby Bridge, remained a home seller’s market in June 2022. In fact, it’s been more than six years since Indian Trail could be considered a balanced market, much less a home buyer’s market. Home sale prices increased 10.1%, on average, year-over-year, and the months supply of homes remained low at 1.2 months. That being said, it’s clear the Indian Trail real estate market showed signs of cooling off in June 2022 when looking at days on market and an increase in inventory despite a decrease in new listings. Another sign of the market cooling somewhat in June 2022 was the foot traffic through home listings, which was down 48.2% year-over-year. It appears that buyer activity is reverting to what we saw in 2019 prior to the onset of the pandemic.
Average home prices in Indian Trail increased 10.1% to $413,339 in June 2022 compared with the same month one year ago. Indian Trail home prices were approximately $105,000 higher in June 2022 compared with June 2020. Median home prices increased 6.8% to $389,990 year-over-year and were $81,000 higher in June 2022 than in June 2020. Clearly, Indian Trail homeowners are sitting on a substantial amount of equity.
Price per square foot averaged $190 (up $29/square foot from $161/square foot one year ago).
The months supply of homes for sale increased slightly to 1.2 months (up from 1.0 months in June 2021 and down from 1.9 months in June 2020). Month-over-month, the months supply of homes was 0.3 months higher. New listings decreased 11.4%, while inventory of homes increased 26.6% year-over-year. It appears that buyers pulled back somewhat in June 2022 to reassess purchasing plans in the face of increasing mortgage rates and home prices.
Average days on market increased 15 days to 22 day in June 2022, further suggesting that buyers pulled back this month. Median days on market increased three days to seven in June 2022. Month-over-month, average days on market dropped by two days, while median days increased by three days.
Closed sales in June 2022 increased 61.7% year-over-year, while pending sales decreased 23.3%.
At a median selling price of 102.0% of list price, Indian Trail home buyers should still expect minimal room to negotiate, especially 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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