Waxhaw area real estate market kept home sellers in the driver’s seat in July with average home sale prices setting a new record high. Median home prices in Weddington and Marvin exceeded $1 million in July. At the same time, we saw a seventh consecutive month of lower closed sales indicating buyers are taking a step back, due to a combination of higher home prices and interest rates. Nonetheless, the months supply of inventory remained in seller “territory” at 1.6 months in July.
Waxhaw (28173 Zip Code) Home Sales Report: July 2022
Latest news on the Waxhaw area (28173 zip code) real estate market in July 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 a significant increase in home prices, year-over-year and month-over-month in July 2022. Average home sale prices set a new record. Median home prices in Weddington and Marvin exceeded $1 million in July 2022. Average days on market increased year-over-year. The list to sale ratio was down year-over-year and month-over-month. While the Waxhaw area market is definitely cooling somewhat, home sellers remained in the driver’s seat in July.
Closed sales decreased 28.2% while pending sales decreased 16.3% in July 2022 compared with the same month one year ago. This is the seventh consecutive month that closed sales in the Waxhaw area decreased while home prices increased. Earlier in the year it was evident that lack of inventory stifled sales. Since interest rates have increased the monthly mortgage costs by 50% in the past couple of months, it’s apparent that sales are also being stifled by buyers who are stepping back from the market for now, as evidenced by the 31.2% decrease in foot traffic through listed properties year-over-year.
Average days on market increased 7 days to 21 days from 14 days one year ago. Average days on market were down 30 days compared with July 2020. Average days on market also increased 8 days month-over-month. Median days on market were 5 days in July, up two days year-over-year and up one day month-over-month. Median days on market decreased 11 days from two years ago in July.
Continued tight inventory (up just 1.2% over July 2021) and a months supply of homes of 1.6 months (up 0.5 months compared with the same month one year ago) kept the Waxhaw area a home seller’s market in July 2022. The increase in July’s inventory was equivalent to just two additional homes on market. New listings were down 6.5% in July 2022 over the same month one year ago.
With home sellers receiving a median 100.4% of list price in final sale price (down 2.2% year-over-year), there was still little room for home buyers to negotiate on price in July 2022. The list to sale price ratio was also down 3.9% month-over-month. This indicates that the frenzied activity we saw in summer 2021 has diminished.
Home sale prices increased 32.2%, on average, in July 2022 compared with the same month one year ago. The average sale price was $822,234, setting a new record high for Waxhaw area home prices. Month-over-month, average home prices increased almost $77,000. The median home sale price was $653,000, up 17.5% year-over-year. Price per square foot increased 25.4% to $232/square foot in July 2022 versus the same month one year ago. This set a new record for price per square foot in the Waxhaw area in July 2022.
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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:
July 2022 versus July 2021
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Weddington is ranked as the 4th best suburb to live in in Charlotte metro area and the 10th best suburb in North Carolina?
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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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