Waxhaw Real Estate Report December 2023
Waxhaw area real estate market in December 2023 saw the median home price decline, while the average sale price increased. Closed sales declined from November 2023 and from December one year ago. The list to sale price ratio was just under 99% providing minimal room for negotiation to buyers. Days on market remained relatively low at 29 days. Housing inventory declined both month-over-month and year-over-year. New listings declined an eighth consecutive month to the lowest level in three years. Despite less inventory and fewer new listings, the Waxhaw area housing market moved into a buyer’s market with 6.33 months of inventory.
WAXHAW (28173 ZIP CODE) HOUSING MARKET HIGHLIGHTS: DECEMBER 2023
WAXHAW HOME MEDIAN PRICE DOWN, AVERAGE PRICE UP
The median sale price in December 2023 was $575,000, down 9.27% from $633,750 in the previous month of November. Median sale price was 4.01% lower than the $599,000 price in December 2022.
The average sale price in December 2023 was $793,045 up 4.71% from $757,342 in November 2023. The average sale price in December 2023 improved 16.11% from $683,022 in December 2022. The average sale price in December 2023 was its highest compared with December 2022 and 2021.
Price per square foot was $230 in December 2023, down 2.13% from $235/square foot in November 2023 and increasing 7.48% from $214 in December 2022.
WAXHAW HOMES LIST TO SALE PRICE RATIO STEADY
The December 2023 list to sale price ratio was 98.99%, unchanged from previous month and equal to the list to sale price ratio one year ago in December.
WAXHAW HOMES’ AVERAGE DAYS ON MARKET UP MONTH-OVER-MONTH, DOWN YEAR-OVER-YEAR
Average days on market in December 2023 were 29 days, increasing 3 days from 26 days in November. Compared with December 2022, average days on market decreased 14 days from 43 days. Compared with December 2021, average days on market were 18 days higher in 2023. At 29 days on market in December, Waxhaw’s days on market were two days lower than the year-to-date DOM.
WAXHAW SALES DECLINED
Closed sales declined in December 2023 to 48, down 11.11% from 54 sold properties in November and down 28.36% from 67 sold properties in December 2022. The December 2023 sales were at their lowest level compared with December 2022 (67 sales) and December 2021 (111 sales).
WAXHAW HOUSING INVENTORY DOWN
Inventory of homes for sale in December 2023 stood at 304 properties, down 6.46% from 325 properties in the month of November. Inventory was 17.17% lower than in December one year ago. Inventory was lower compared with December 2022 (367 properties for sale), but higher than in December 2021 by two properties (302 properties for sale). With a month’s supply of inventory of 6.33 months, Waxhaw area moved into buyer market territory in December.
NEW LISTINGS DECLINE AN EIGHTH CONSECUTIVE MONTH
The number of new listings in December 2023 was 32, decreasing 41.82% from 55 new listings in November. New listings were 5.88% lower than the 34 new listings in December 2022. The December 2023 listings were at their lowest level compared with December 2022 (34 new listings) and December 2021 (57 new listings). The number of new listings in December since before 2021.
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MORE INFORMATION ABOUT THE WAXHAW HOUSING MARKET’S PERFORMANCE
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This Charlotte, North Carolina real estate monthly update for Waxhaw, Weddington, Marvin is provided by Nina Hollander, Coldwell Banker Realty, Greater Charlotte residential real expert and Waxhaw/Weddington/Marvin area specialist. I’ve been opening doors for Waxhaw area home buyers and sellers for 24+ 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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