Indian Trail real estate saw continued cooling in December 2022 with sales down, home prices down, inventory substantially up, days on market up. Average home prices declined a second consecutive month after setting new records two months ago. The median list to sale ratio dropped below 100% in November for a fifth consecutive month, providing Indian Trail home buyers a window of opportunity to negotiate.
Indian Trail Real Estate Update: December 2022
Latest news on the Indian Trail real estate market in December 2022 and what it means for you…
Indian Trail area (28079 zip code), which includes the towns of Indian Trail, Stallings, and Hemby Bridge, continued to show signs of a cooling market with average home sale prices down year-over-year for a second consecutive month, pending and closed sales down, median list to sale price ratio down, foot traffic in listed properties down, days on market up, and inventory up dramatically for a fourth consecutive month.
Indian Trail Area Housing Market Highlights
December 2022 vs December 2021
INDIAN TRAIL HOME SALE PRICES DECREASED YEAR-OVER-YEAR
Average home prices in Indian Trail decreased 2.7% to $436,367 in December 2022 compared with the same month one year ago. Month-over-month, average home sale prices increased slightly (approximately $3,500). Indian Trail home prices were approximately $96,000 higher in December 2022 compared with December 2020.
Median home prices decreased 4.7% to $404,990 year-over-year. Month-over-month, median home sales were about $25,000 lower. Median home sale prices were approximately $93,000 higher in December 2022 than in December 2020.
Price per square foot averaged $202 (up $21/square foot from $181/square foot one year ago).
INDIAN TRAIL HOUSING INVENTORY INCREASED IN DECEMBER 2022 | NEW LISTINGS DECREASED
The months supply of homes for sale increased year-over-year to 1.7 months (up from 0.9 months in December 2021). Month-over-month, the months supply of homes decreased by 0.4 months.
New listings decreased 13.5%, while inventory of homes increased 57.9% year-over-year.
It appears that Indian Trail area home buyers continued to pull back in December 2022 to reassess purchase plans in the face of increasing mortgage rates and economic uncertainties.
INDIAN TRAIL CLOSED & PENDING SALES DOWN IN DECEMBER 2022
Closed sales in December 2022 decreased 25.4% year-over-year, while pending sales decreased 7.4% (equal to four fewer pending home sales).
Another sign of the market cooling in December 2022 was the foot traffic through home listings, which was down to an average of 4.8 showings per listing compared with 10.9 showings in December 2021. Essentially, there was 56% less traffic through listed properties than one year ago. Month-over-month, foot traffic was slightly lower, dropping from 5.1 average showings per listing to 4.8 showings.
DAYS ON MARKET INCREASED IN DECEMBER 2022 YEAR-OVER-YEAR & MONTH-OVER-MONTH
Average days on market increased 13 days to 45 days in December 2022 compared with December 2021. This was the highest number of average days on market in 2022. Average days on market were 13 days higher than in November 2022.
Year-over-year median days on marketincreased 25 days to 29 days in December 2022. Month-over-month median days on market increased 12 days. This is the highest median number of days on market in Indian Trail area year-to-date in 2022.
LIST TO SALE PRICE RATIO DOWN FOR A 5TH CONSECUTIVE MONTH IN DECEMBER 2022
The median list to sale price decreased for a fifth consecutive month in December 2022, At a median selling price of 96.4% of list price (down 5.9% year-over-year and down 0.2% month-over-month), Indian Trail home buyers now have a window of opportunity to negotiate on price Nonetheless, Indian Trail area home buyers but should still expect minimal room to negotiate in Indian Trail’s hottest selling communities.
Want to know what this would mean for your family if you decide to buy or sell an Indian Trail area home?
Median Home Sale Prices Trends For: Indian Trail, Stallings, Hemby Bridge
This Charlotte, North Carolina real estate monthly update for the Indian Trail area in the 28079 zip code is provided by Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, Greater Charlotte residential real estate experts and Indian Trail specialists. We’ve been opening doors for Indian Trail area home buyers and sellers for 20+ years.
If you’re considering selling or purchasing a home in the Indian Trail area or anywhere in the 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: