The Waxhaw area housing market remained a home seller’s market in February 2022 with continued significant decreases in inventory and new construction. With 57% less inventory year-over-year and continued buyer demand, days on market were down dramatically, while average home prices rose almost 50%. Both closed and pending sales were down due to the lack of inventory and new listings.
Waxhaw (28173 Zip Code) Home Sales Report: February 2022
Latest news on the Waxhaw area (28173 zip code) real estate market in February 2022 and what it means for you…
The Waxhaw area of the Charlotte, North Carolina metro area (the 28173 zip code–encompassing the three towns of Waxhaw, Marvin and Weddington) saw continued significant declines in inventory, declines in pending and closed sales, declines in new listings, declines in days on market in February 2022 versus February 2021. The only thing that increased were home prices, which increased almost 50% year-over-year. Lack of inventory is certainly impacting sales volume and home prices in the 28173 zip code.
Average days on market decreased 31 days (down 47%) to 35 days year-over-year from 66 days one year ago. Average days on market were down 44 days compared with February 2020. Median days on market were 3 days in February, down 25 days year-over-year and down 37 days from two years ago in February.
Continued tight inventory and a months supply of homes of 0.5 months (a 0.5 month’s drop from 1 month one year ago and a 2.7 month’s drop from 3.2 months in February 2020), kept the Waxhaw area a home seller’s market in February 2022. The months supply of homes also dropped month-over-month. New construction inventory, down 51.6% year-over-year and long a staple of Waxhaw’s housing market, was at some of its lowest level in 15+ years, contributing to the lack of inventory and low months supply of homes in February 2022.
With home sellers receiving a median 101.9% of list price in final sale price, there was virtually no room for home buyers to negotiate in February 2022.
One indicator of demand for homes is the number of showings per listed property. In February 2022, the average Waxhaw area home had 26.5 showings compared with 16.8 showings in 2021 and 9 showings in 2020. When showings per home increase 57.7% year-over-year, it’s very much a case of more buyers chasing fewer listings.
Home sale prices increased 49.7%, on average, in February 2022 compared with the same month one year ago. The average sale price was $617,576. The median home sale price was $517,253, up 35.6% year-over-year. Price per square foot increased 25.6% to $206/square foot in February 2022 versus the same month one year ago, setting a new record for price per square foot in the Waxhaw area.
Closed sales decreased 18.8% while pending sales decreased 37.1% in February 2022 compared with the same month one year ago. The decrease in closed and pending sales can be attributed to lack of inventory and fewer new listings, which dropped 35.8% compared with February 2021.
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MORE INFORMATION ABOUT THE WAXHAW HOUSING MARKET’S PERFORMANCE
MORE INFOMATION ABOUT THE WEDDINGTON HOUSING MARKET’S PERFORMANCE
MORE INFORMATION ABOUT THE MARVIN HOUSING MARKET’S PERFORMANCE
Waxhaw Area Housing Market Highlights:
February 2022 versus February 2021
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This Charlotte, North Carolina real estate monthly update for Waxhaw, Weddington, Marvin is provided by Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, your Greater Charlotte area residential real experts and Waxhaw/Weddington/Marvin area specialists. We’ve been opening doors for Waxhaw area home buyers and sellers for 20+ years.
If you’re considering selling or purchasing a home in the Waxhaw area or anywhere in 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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