Waxhaw area real estate market showed signs of continued cooling in November, despite an increase in average home prices. Waxhaw also saw an 11th 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 1.9 months in November and new listings were down.
Waxhaw (28173 Zip Code) Real Estate Report: November 2022
Latest news on the Waxhaw area (28173 zip code) real estate market in November 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 4.8% increase in average home prices and a 3.3% decrease in median home prices, year-over-year. Median home prices in Weddington and Marvin, which had exceeded $1 million in the prior four months, dropped below $1 million in November. Clearly, the market is softening in the Waxhaw area.
Average days on market increased increased by one day to 36 days year-over-year. Month-over-month, the average days on market increased by 11 days. The list to sale ratio was down year-over-year providing home buyers a window of opportunity to negotiate for the first time in quite a while.
The Waxhaw area market is cooling down compared with the “feeding frenzy” we saw during the past couple of years. By the same token, Waxhaw area home sellers were still in the driver’s seat in November 2022 with months of supply of inventory at under two months and new listings down.
WAXHAW AREA HOUSING MARKET HIGHLIGHTS
NOVEMBER 2022 VERSUS NOVEMBER 2021
WAXHAW AREA AVERAGE & MEDIAN HOME SALE PRICES INCREASED Y-O-Y IN NOVEMBER 2022
Home sale prices increased 4.8%, on average, in November 2022 compared with the same month one year ago. The average sale price was $618,789. Average home prices were down compared with October 2022. The 2022 average sale price in November was approximately $78,000 higher than in November 2020.
The median home sale price was $520,500, down 3.3% year-over-year; also down month-over-month. Compared with November 2020, the median sale price is now some $81,000 higher.
Price per square foot increased 6.1% to $209/square foot in November 2022 versus the same month one year ago.
WAXHAW AREA HOMES LIST TO SALE PRICE RATIO DOWN YEAR-OVER-YEAR | FLAT MONTH-OVER-MONTH
With home sellers receiving a median 97.5% of list price in final sale price (down 2.6% year-over-year and 0.1% month-over-month), home buyers had an opportunity to negotiate on price in November 2022. The buying frenzy driving home sale prices over 100% of list price in 2021 and earlier in 2022 has ended.
WAXHAW AREA HOMES SAW LONGER DAYS ON MARKET IN NOVEMBER 2022
Average days on market were 36 days, up one day year-over-year. Average days on market were 11 days higher compared with October 2022.
Median days on market were 21 days in November, up 13 days year-over-year. Median days on market increased 12 days from October 2022.
WAXHAW AREA SALES WERE DOWN IN NOVEMBER 2022
Both closed and pending sales decreased 22% in November 2022 compared with the same month one year ago. November 2022 was the 11th 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. 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. Homes for sale in November had 6.2 showings on average compared with 15.3 showings one year ago. This was a 59.5% decrease in buyer foot traffic. Month-over-month, foot traffic in November was down slightly at 6.2 showings compared with 7.3 in October 2022.
WAXHAW AREA’S MONTHS SUPPLY & HOUSING INVENTORY INCREASED | NEW LISTINGS DECREASED IN NOVEMBER 2022
Inventory increased 24.5% year-over-year. The months supply of homes of 1.9 months in November increased 0.9 months year-over-year, but declined by 0.1 months from October 2022. New listings were down 27.3% in November 2022 compared with the same month one year ago.
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MORE INFORMATION ABOUT THE WAXHAW HOUSING MARKET’S PERFORMANCE
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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?
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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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