Waxhaw Real Estate Report: July 2023
Waxhaw area real estate market in July 2023 saw a higher median sale price year over year and month over month. Closed sales declined, but were still at their second highest level in 2023. The list to sale price ratio was just over 100% providing little room for negotiation to buyers. Days on market remained under one month at 28 days. Housing inventory remained tight due to fewer new listings coming on market. This all kept the Waxhaw area a home seller’s market.
WAXHAW | WEDDINGTON | MARVIN HOUSING MARKET HIGHLIGHTS
WAXHAW AREA MEDIAN SALE PRICE UP YEAR-OVER-YEAR & MONTH-OVER-MONTH
The median sale price in July 2023 was $775,000, 2.51% higher than the $756,500 median sale price in the previous month of June. Median sale price was 18.58% higher than $654,000 in July 2022. The median sale price in July 2023 was its highest compared with July 2022 and July 2021.
The average sale price in July 2023 was $844,444 down 5.17% from $890,520 in June 2023. The average sale price in July 2023 was equal to that of July 2022. It’s worth pointing out that the average sale price in June 2023 was abnormally high at $905,000, which indicates that the drop had more to do with the price mix of homes sold in July 2023 than a decline in Waxhaw home values.
Price per square foot was $223, down 5.91% from $227/square foot in June 2023 and 3.88% lower than $232 in July 2022. In June, the price per square foot was at its highest level since June 2020. Again, the drop in price per square foot had more to do with the price and size mix of homes sold in July 2023 than a decline in Waxhaw home values.
WAXHAW AREA HOMES LIST TO SALE PRICE RATIO OVER 100%
The July 2023 sale to list price ratio was 100.06%, down 1.55% compared with the previous month of June and down from 101.31% in July 2022. Nonetheless, at 100% of list to sale price, Waxhaw area home buyers had little room to negotiate on price in July 2023.
WAXHAW AREA HOMES’ AVERAGE DAYS ON MARKET BELOW ONE MONTH
Average days on market in July 2023 were 28 days, increasing two days from 26 days in June. Compared with July 2022, average days on market increased 21 days from 7 days. The July 2023 days on market were at their highest level compared with July 2022 (7 days) and July 2021 (11 days).
WAXHAW AREA SALES DECLINED AFTER FOUR CONSECUTIVE MONTHS OF INCREASING SALES
Closed sales declined in July 2023 to 96, down 18.64% from 118 sold properties in June and down 11.11% from 108 sold properties in July 2022. The July 2023 sales were at their lowest level compared with July 2022 (108 sales) and July 2021 (135 sales). It’s worth pointing out that in June 2023, closed home sales were at their highest level in some nine months. If you exclude closed sales in June 2023, the 96 homes sold in July 2023 were at their highest level in 2023.
WAXHAW AREA’S HOUSING INVENTORY LOW AND DECLINED YEAR-OVER-YEAR
Inventory of homes for sale in July 2023 stood at 346 properties, essentially equal to the previous month of June with 343 properties for sale. Inventory was 16.02% lower than in July 2022. Inventory was lower compared with July 2022 (412 properties for sale) and July 2021 (360 properties for sale).
NEW LISTINGS DOWN YEAR-OVER-YEAR & MONTH-OVER-MONTH
The number of new listings in July 2023 was 86, decreasing 22.52% from 111 new listings in June. New listings were 44.87% lower than the 156 new listings in July 2022. The July 2023 listings were at their lowest level compared with July 2022 (156 new listings) and July 2021 (167 new listings).
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MORE INFORMATION ABOUT THE WAXHAW HOUSING MARKET’S PERFORMANCE
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FIND OUT MORE ABOUT THE WAXHAW | WEDDINGTON | MARVIN AREAS AND WHY PEOPLE LOVE LIVING THERE
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… Weddington is ranked as the 5th best suburb to live in in Charlotte metro area and the 8th 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, 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:
“The Right Broker Makes All The Difference.”
