The Waxhaw/Weddington/Marvin areas housing market remained a seller’s market in October 2018, suffering from a distinct lack of affordable, resale homes with average home prices now in the mid $400,000’s. New construction remains a driving force in the 28173 zip code, further driving up average and median home prices.
Waxhaw | Weddington | Marvin Areas Remained A Seller’s Market In October
Waxhaw | Weddington | Marvin Housing Market Update/Video: October 2018
October 2018 home sales in the Waxhaw area of the Charlotte, North Carolina metro area (the 28173 zip code–encompassing the three towns of Waxhaw, Marvin and Weddington)–continued the trends we’ve seen all year with home prices increasing and inventory decreasing, especially in affordable homes. New construction sales remain a driving force in the Waxhaw area market.
- The average sale price of Waxhaw area homes was up 10.1% to just under $449,000 in October 2018 versus the same period one year ago. Median sale price was up 1.5% to $379,000.
- Average days on market for property listings were 67 days, up 14 days compared with the same time frame one year ago.
- Median days on market were 41 (up 17 days).
- Average price per square foot was $135/square foot in October 2018, up 8%. (New construction is averaging $140/square foot, about $8 more per square foot than resale homes.)
- Closed sales in Waxhaw/Weddington/Marvin areas decreased 1.9% in October 2018 as compared with October 2017.
- Pending sales were down 10.6% versus October 2017.
- Median percent of original list price that sellers received for their homes was 97.3%, showing relatively little negotiating room for Waxhaw area homes for a third year in a row.
- The Waxhaw area’s months supply of homes was down 10.4% to 4.3 months with new listings down 3.2% versus October 2017. Factoring out new construction, the month’s supply of homes is only 3 months (down 18.9%) versus October 2017. Resale inventory was down 13.4% versus the same time frame one year ago.
- New listings were down 3.2% compared with one year ago. New listings of more affordable resale homes priced under $315,000 were down 25.9%.
- Average sale price for new construction homes was $472,3313. Average sale price of new construction homes was almost $11,000 higher than that of a resale home in October 2018 versus the same month one year ago. New home construction remains a driving force in the 28173 zip code.
This Charlotte, North Carolina real estate monthly update for Waxhaw, Weddington, Marvin is brought to you by Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area residential real experts and Waxhaw area specialists.
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