Indian Trail real estate saw cooling in November 2022 with sales down, home prices down, inventory substantially up, days on market up. Average home prices declined after setting new records one month ago. The median list to sale ratio dropped below 100% in November for a fourth consecutive month, providing Indian Trail home buyers a window of opportunity to negotiate.
Indian Trail Real Estate Update: November 2022
Latest news on the Indian Trail real estate market in November 2022 and what it means for you…
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 average home sale prices down, pending and closed sales down, median list to sale price ratio down, foot traffic in listed properties down, days on market up, and inventory up dramatically for a third consecutive month in November 2022.
Indian Trail Area Housing Market Highlights
November 2022 vs November 2021
INDIAN TRAIL HOME SALE PRICES DECREASED YEAR-OVER-YEAR & MONTH-OVER-MONTH
Average home prices in Indian Trail decreased 6.4% to $432,849 in November 2022 compared with the same month one year ago. Month-over-month, average home sale prices also decreased. Indian Trail home prices were approximately $153,000 higher in November 2022 compared with November 2020.
Median home prices increased 4.2% to $429,698 year-over-year. Month-over-month, median home sales were about $20,000 lower. Median home sale prices were approximately $130,000 higher in November 2022 than in November 2020. Indian Trail homeowners continue to sit on a substantial amount of equity.
Price per square foot averaged $197 (up $2/square foot from $195/square foot one year ago). Month-over-month, average price per square foot was down $11/square foot.
INDIAN TRAIL HOUSING INVENTORY INCREASED IN NOVEMBER 2022 | NEW LISTINGS DECREASED
The months supply of homes for sale increased to 2.1 months (up from 1.0 months in November 2021). Month-over-month, the months supply of homes decreased by 0.2 months.
New listings decreased 37.5%, while inventory of homes increased 69.8% year-over-year.
It appears that Indian Trail area buyers continued to pull back in November 2022 to reassess purchase plans in the face of increasing mortgage rates and home prices.
INDIAN TRAIL CLOSED & PENDING SALES DOWN IN NOVEMBER 2022
Closed sales in November 2022 decreased 25.6% year-over-year, while pending sales decreased 37%, no doubt contributing to the substantial increase in inventory in October.
Another sign of the market cooling in November 2022 was the foot traffic through home listings, which was down to an average of 5.1 showings per listing compared with 11.2 showings in November 2021. Essentially, there was 54.5% less traffic through listed properties than one year ago. Month-over-month, foot traffic was relatively flat, dropping from 5.3 average showings per listing to 5.1 showings.
DAYS ON MARKET INCREASED IN NOVEMBER 2022 YEAR-OVER-YEAR & MONTH-OVER-MONTH
Average days on market increased 7 days to 32 days in November 2022 compared with November 2021. This was the highest number of average days on market in 2022. Average days on market were three days higher than in October 2022.
Year-over-year median days on market increased 14 days to 17 days in November 2022. Month-over-month median days on market increased by one day. This is the highest median number of days on market in Indian Trail area year-to-date in 2022.
LIST TO SALE PRICE RATIO 96.6% IN NOVEMBER 2022
The median list to sale price dropped for a fourth consecutive month in November 2022, At a median selling price of 96.6% of list price (down 5.7% year-over-year and down 2% month-over-month), Indian Trail home buyers now have a window of opportunity to negotiate on price Nonetheless, Indian Trail area home buyers but should still expect minimal room to negotiate in Indian Trail’s hottest selling communities.
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Median Home Sale Price Trends For 28079 Zip Code
Median Home Sale Prices Trends For: Indian Trail, Stallings, Hemby Bridge
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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