Waxhaw Real Estate Report: September 2022
Waxhaw area real estate market showed signs of cooling in September 2022, despite an increase in home prices. A list to sale price ratio of 97.9% was the lowest Waxhaw has seen since November 2019. Waxhaw also saw a ninth 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 September and new listings were down.
Waxhaw (28173 Zip Code) Real Estate Report: September 2022
Latest news on the Waxhaw area (28173 zip code) real estate market in September 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 20+% increase in both average and median home prices, year-over-year. Median home prices in Weddington and Marvin exceeded $1 million in September 2022, as they did in the prior two months. In Weddington, median home prices rose above $1.5 million. Average days on market increased slightly year-over-year and 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.
It’s clear that the Waxhaw area market is cooling down compared with the “feeding frenzy” we saw one year ago. By the same token, Waxhaw area home sellers were still in the driver’s seat in September 2022 with months of supply of inventory under two months and new listings down.
WAXHAW AREA HOUSING MARKET HIGHLIGHTS
SEPTEMBER 2022 VERSUS SEPTEMBER 2021
WAXHAW AREA AVERAGE & MEDIAN HOME SALE PRICES INCREASED Y-O-Y IN SEPTEMBER
Home sale prices increased 20.4%, on average, in September 2022 compared with the same month one year ago. The average sale price was $747,517. Average home prices were down in September compared with July and August 2022. The 2022 average sale price in September was approximately $235,000 higher than in September 2020.
The median home sale price was $665,000, up 24.3% year-over-year and about $15,000 lower than in August 2022. June was the only month in 2022 that had a higher median sale price for Waxhaw area homes at $678,000. Compared with September 2020, the median sale price is now some $225,000 higher.
Price per square foot increased 12.4% to $218/square foot in September 2022 versus the same month one year ago.
WAXHAW AREA HOMES SAW LIST TO SALE PRICE RATIO DROPPED BELOW 100% IN SEPTEMBER
With home sellers receiving a median 97.9% of list price in final sale price (down 4.2% year-over-year and 2.1% month-over-month), offering home buyers an opportunity to negotiate on price in September 2022. September’s list to sale price ratio was the lowest Waxhaw area has seen since November 2019 when it was 96.1%. This indicates that the frenzied activity we saw in summer 2021 and in the first part of 2022 has diminished.
WAXHAW AREA HOMES SAW INCREASED DAYS ON MARKET
Average days on market increased one day to 29 days from 28 days one year ago. Average days on market were nine days lower compared with September 2020. Average days on market also increased one day month-over-month.
Median days on market were 13 days in September, up nine days year-over-year. September 2022 saw the highest median days on market in 2022. Median days on market decreased one day from two years ago in September.
WAXHAW AREA SALES WERE DOWN IN SEPTEMBER 2022
Closed sales decreased 34.7% while pending sales decreased 21.9% in September 2022 compared with the same month one year ago. September 2022 was the ninth consecutive month that closed sales in the Waxhaw area decreased while home prices increased. September 2022 was also the month where we saw the lowest number of closed and 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 50% 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 September saw 7.4 showings on average compared with 12 showings one year ago and 10.3 showings two years ago. Month-over-month, foot traffic in September was 7.4 showings compared with 8.4 in August 2022.
WAXHAW AREA’S MONTHS SUPPLY & HOUSING INVENTORY INCREASED, WHILE NEW LISTINGS DECREASED IN SEPTEMBER
Inventory increased 21.7% year-over-year, but was down compared with July and August 2022. The months supply of homes of 1.9 months in September increased 0.8 months year-over-year and 0.1 months from August 2022. New listings were down 10% in September 2022 compared with the same month one year ago. September’s new listings were at their lowest since June 2022.
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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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