It’s still tight inventory in the Waxhaw area, encompassing the towns of Waxhaw, Weddington, and Marvin in the 28173 zip code. Availability of new construction inventory was significantly down in December 2019. Resale inventory was also significantly down in December year-over-year, resulting in much higher home sale prices. Closed and pending sales were both up, days on market down.
Waxhaw Area Real Estate Report & Housing Market Snapshot: December 2019
Latest news on the Waxhaw area real estate market and what it means for you…
Waxhaw area (28173 zip code) real estate report/snapshot for December 2019. The Waxhaw area of the Charlotte, North Carolina metro area (28173 zip code–encompassing the three towns of Waxhaw, Marvin and Weddington) continued to see tight inventory (dropping 21.7% year-over-year).
Despite an 8.1% increase in new listings in the Waxhaw area, new construction inventory, which has long been a “staple” for Waxhaw area home sales, plummeted 49.7% year-over-year. Resale inventory also dropped significantly (17.8%) year-over-year. This drop in inventory caused an increase in average home prices — up 11.6% for resale homes and up 8.7% for new construction homes.
Average days on market decreased 19 days to 57 days year-over-year and by 17 days month-over-month. Median days on market decreased by 7 days to 34 days in December year-over-year and by 15 days month-over-month. Waxhaw area homes sold at a higher pace, for more money, and more quickly in December 2019 compared with one year ago.
Continued tight inventory and a months supply of homes of 2.7 months ( a full month’s drop from 3.7 months one year ago), kept the Waxhaw area a seller’s market. The months supply of resale homes was even lower in December at 1.6 months, down from 2.2 months in December 2018.
With home sellers receiving 98.4% of list price there’s minimal room for home buyers to negotiate.
Home sale prices (median [$411,905] and average [$482,124]) increased in December 2019 — up 11.2% on average and up 11.3% for median home prices year-over-year. Both average and median sale prices increased significantly over the prior month of November 2019. Price per square foot increased by $3/square foot to $144 in December versus the same month one year ago.
Closed sales increased 29.8% and pending sales increased 68.5% in December 2019 compared with the same month one year ago.
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Waxhaw Area Housing Market Highlights: December 2019 Versus December 2018
Median Home Price Trends In Waxhaw Area
Find Your Waxhaw Area Dream Home
Did You Know…
Weddington is ranked as the 4th best suburb to live in in Charlotte metro area and the 10th best suburb in North Carolina?
Marvin is ranked as the 8th best suburb to live in in Charlotte metro area and the 16th best suburb in North Carolina?
Waxhaw is ranked as the 12th best suburb to live in in Charlotte metro area and the 24th best suburb in North Carolina?
… So why not check out…
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Previous Waxhaw Area Housing Market Updates
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This Charlotte, North Carolina real estate monthly update for Waxhaw, Weddington, and Marvin is provided by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Residential Brokerage, your Waxhaw area specialists and Charlotte metro area residential real estate experts. We’ve been opening doors for Waxhaw area home buyers and sellers for 20+ years.
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- Waxhaw Area Real Estate Report & Housing Market Snapshot: December 2019
- Waxhaw Area Housing Market Highlights: December 2019 Versus December 2018
- Median Home Price Trends In Waxhaw Area
- Find Your Waxhaw Area Dream Home
- What's Your Waxhaw Area Home Worth?
- Previous Waxhaw Area Housing Market Updates
- Whether You're Buying Or Selling A Waxhaw Area Home...