The Waxhaw area housing market remained a home seller’s market in January 2022 with continued significant decreases in inventory and new construction. With 58.6% less inventory year-over-year and continued buyer demand, days on market were down dramatically, while home prices rose dramatically. Both closed and pending sales were down due to the lack of inventory and new listings.
Waxhaw (28173 Zip Code) Home Sales Report: January 2022
Latest news on the Waxhaw area (28173 zip code) real estate market in January 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 January 2022 versus January 2021. The only thing that increased were home prices, which increased more than 30% year-over-year. Lack of inventory is certainly impacting sales volume and home prices in the 28173 zip code.
Average days on market decreased 19 days (down 39.6%) to 29 days year-over-year from 48 days one year ago. Average days on market were down 34 days compared with January 2020. Median days on market were 5 days in January, down 2 days year-over-year and down 47 days from two years ago in January. December 2021 and January 2022 saw the lowest median days on market in Waxhaw’s history.
Continued tight inventory and a months supply of homes of 0.6 months (a 0.6 month’s drop from 1.2 months one year ago and a 2.5 month’s drop from 3.1 months in January 2020), kept the Waxhaw area a home seller’s market in January 2022. The months supply of homes also dropped month-over-month. New construction inventory, down 64.9% 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 January 2022.
With home sellers receiving a median 100.6% of list price in final sale price, there was virtually no room for home buyers to negotiate in January 2022.
One indicator of demand for homes is the number of showings per listed property. In January 2022, the average Waxhaw area home had 18.8 showings compared with 12.6 showings in 2021 and 7.8 showings in 2020. When showings per home increase 49.2% year-over-year, it’s very much a case of more buyers chasing fewer listings.
Home sale prices increased 32.9%, on average, in January 2022 compared with the same month one year ago. The average sale price was $621,825. The median home sale price was $555,000, up 39.7% year-over-year. Price per square foot increased 22.4% to $197/square foot in January 2022 versus the same month one year ago.
Closed sales decreased 31.8% while pending sales decreased 34.3% in January 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 41.8% compared with January 2020.
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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:
January 2022 versus January 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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