Waxhaw area real estate market in February 2023 saw a 14th consecutive month of lower closed sales, indicating buyers are taking a step back, due to a combination of higher home prices, higher interest rates, and economic uncertainty. Days on market increased. Median and average sale prices increased year-over-year and month-over-month. New listings were at their lowest level in three years with the exception of December 2022.
Waxhaw (28173 Zip Code) Real Estate Report: February 2023
WAXHAW | WEDDINGTON | MARVIN HOUSING MARKET HIGHLIGHTS
WAXHAW AREA MEDIAN & AVERAGE HOME SALE PRICES INCREASED YEAR-OVER-YEAR & MONTH-OVER-MONTH
The median sale price in February 2023 was $615,000, 17.14% higher than the $525,000 median sale price in the previous month of January. It was also 10.81% higher than $555,000 in February 2022. The median sale price in February 2023 was its highest compared with February 2022 and February 2021.
The average sale price in February 2023 was $767,386, up 24.74% from $615,182 in January 2023. It was also 15.45% higher than the $664,673 average price in February 2022. The average sale price in February 2023 was its highest compared with February 2022 and February 2021.
Price per square foot was $213, up 4.4% from January and 3.4% higher than the $206/square foot in February 2022. The price per square foot in February 2023 was its highest compared with February 2022 and February 2021.
WAXHAW AREA HOMES’ LIST TO SALE PRICE RATIO DOWN YEAR-OVER-YEAR
The February 2023 sale to list price ratio was 98.1%, equal to the previous month of January, but down from 103.3% in February 2022. This was the lowest price per square foot ratio in the Waxhaw area in three years.
WAXHAW AREA HOMES SAW LONGER DAYS ON MARKET IN FEBRUARY 2023
Average days on market in February 2023 were 63 days, increasing 20 days from 43 days in January. Compared with February 2022, average days on market increased 46 days from 17 days. The January 2023 days on market were at their highest level compared with February 2022 and February 2021. The average days on market in February were the longest Waxhaw area has seen in three years.
WAXHAW AREA SALES DROPPED TO THEIR LOWEST LEVEL SINCE 2020
Closed sales decreased in February 2023 to 53, down 13.1% from 61 sold properties in January and down 30.3% from 76 sold properties in February 2022. The February 2023 sales were at their lowest level compared to February 2022 and February 2021. This was also the lowest level of closed sales in three years.
Earlier in the year it was evident that lack of inventory stifled sales. As interest rates have significantly increased monthly mortgage costs since June, it’s apparent that sales are slowing and buyers are stepping back from the market for now, as also evidenced by the decrease in foot traffic through listed properties year-over-year.
Foot traffic in listed properties was down significantly. Homes for sale in February had 9.1 showings, on average, compared with 25.1 showings one year ago. This was a 63.7% decrease in buyer foot traffic. Month-over-month, foot traffic decreases compared with 11.3 showings in January.
WAXHAW AREA’S HOUSING INVENTORY UP YEAR-OVER-YEAR & DOWN MONTH-OVER-MONTH |
NEW LISTINGS & MONTHS SUPPPLY OF HOMES DECREASED IN DECEMBER 2022
Inventory of homes for sale in February 2023 stood at 342 properties, down 6.3% from 365 properties in the previous month of January. Inventory was 10.7% higher than the 309 properties for sale in February 2022. Inventory was at its highest level compared with February 2022 and February 2021. It’s worth pointing out that inventory in February 2023 was lower than in the months of June, July, August, September, October, November, December 2022 and January 2023.
The number of new listings in February 2023 was 52, down 3.7% from 32 new listings in January. New listings were 38.1% lower than the 84 new listings in February 2022. The February 2023 listings were at their lowest level compared with February 2022 (84 new listings) and February 2021 (124 new listings). With the exception of December 2022, we saw the lowest level of new listings in February 2023 in three years.
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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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