Waxhaw area real estate market showed some signs of cooling in October 2022, despite a substantial increase in home prices. A list to sale price ratio of 97.5% was the lowest Waxhaw has seen since November 2019. Waxhaw also saw a 10th 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 2 months in October and new listings were down.
Waxhaw (28173 Zip Code) Real Estate Report: October 2022
Latest news on the Waxhaw area (28173 zip code) real estate market in October 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 56+% increase in average home prices and a 31+% increase in median home prices, year-over-year. Median home prices in Weddington and Marvin exceeded $1 million in October 2022, as they have in the prior three months. However, in both Weddington and Marvin, home sale prices were lower than in September 2022.
Average days on market increased were flat and down month-over-month. The list to sale ratio was down year-over-year and month-over-month 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 one year ago and even in the first part of the current year when it comes to closed and pending sales. By the same token, Waxhaw area home sellers were still in the driver’s seat in October 2022 with months of supply of inventory at two months and new listings down.
WAXHAW AREA HOUSING MARKET HIGHLIGHTS
OCTOBER 2022 VERSUS OCTOBER 2021
WAXHAW AREA AVERAGE & MEDIAN HOME SALE PRICES INCREASED Y-O-Y IN OCTOBER
Home sale prices increased 56.2%, on average, in October 2022 compared with the same month one year ago. The average sale price was $887,219, setting a record high. Average home prices were also up compared with September 2022, by just under $140,000. The 2022 average sale price in September was approximately $341,000 higher than in October 2020.
The median home sale price was $652,075, up 31.7% year-over-year and about $13,000 lower than in September 2022. Compared with October 2020, the median sale price is now some $190,000 higher.
Price per square foot increased 25% to $230/square foot in October 2022 versus the same month one year ago.
WAXHAW AREA HOMES LIST TO SALE PRICE RATIO DROPPED BELOW 100% IN OCTOBER
With home sellers receiving a median 97.5% of list price in final sale price (down 2.5% year-over-year and 0.4% month-over-month), home buyers had an opportunity to negotiate on price in October 2022. This also indicates that the frenzied activity we saw in summer 2021 and in the first part of 2022 has diminished.
WAXHAW AREA HOMES CONTINUED TO SELL IN UNDER ONE MONTH
Average days on market were flat at 25 days, year-over-year. Average days on market were four days lower compared with September 2022.
Median days on market were 12 days in October, up six days year-over-year. Median days on market decreased one day from September 2022.
WAXHAW AREA SALES WERE DOWN IN OCTOBER 2022
Closed sales decreased 33.9% while pending sales decreased 19.6% in October 2022 compared with the same month one year ago. October 2022 was the 10th consecutive month that closed sales in the Waxhaw area decreased while home prices increased. October 2022 was also the month where we saw the lowest number of pending sales since January 2022.
Earlier in the year it was evident that lack of inventory stifled sales. Since interest rates have increased the monthly mortgage costs by 55% in the past couple of months, it’s apparent that sales are slowing and buyers are stepping back from the market for now, as evidenced by the decrease in foot traffic through listed properties year-over-year.
Foot traffic in listed properties was down. Homes for sale in October saw 7.3 showings on average compared with 15.4 showings one year ago and 9.6 showings two years ago. Month-over-month, foot traffic in October was down minimally at 7.3 showings compared with 7.4 in September 2022.
WAXHAW AREA’S MONTHS SUPPLY & HOUSING INVENTORY INCREASED, WHILE NEW LISTINGS DECREASED IN OCTOBER
Inventory increased 27.2% year-over-year. The months supply of homes of 2 months in October increased 0.9 months year-over-year and 0.1 months from September 2022. New listings were down 3.7% in October 2022 compared with the same month one year ago.
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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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