Indian Trail real estate in July 2022 remained a home seller’s market with both average and median home sale prices increasing year-over-year and days on market decreasing. Home buyers pulled back in July with closed and pending sales dropping and housing inventory substantially increasing. However, with home sellers receiving a median 101.6% of list price in sale price, still not much room for buyers to negotiate on price.
Indian Trail Real Estate Update: July 2022
Latest news on the Indian Trail real estate market in July 2022 and what it means for you…
Indian Trail area (28079 zip code), which includes the towns of Indian Trail, Stallings, Hemby Bridge, remained a home seller’s market in July 2022. In fact, it’s been more than six years since Indian Trail could be considered a balanced market, much less a home buyer’s market.
Home sale prices increased 15.9%, on average, year-over-year and average days on market dropped. At the same time, the months supply of homes rose to 1.9 months with an 80.7% increase in inventory year-over-year, indicating the Indian Trail market is showing signs of cooling off.
Another sign of the market cooling somewhat in July 2022 was the foot traffic through home listings, which was down to an average of 8.1 showings per listing compared with 13.6 showings in July 2021. It appears that buyer activity is reverting to what we saw in 2019 prior to the onset of the pandemic.
Average home prices in Indian Trail increased 15.9% to $442,797 in July 2022 compared with the same month one year ago. Month-over-month, average home sale prices increased approximately $30,000. Indian Trail home prices were approximately $139,000 higher in July 2022 compared with July 2020. Median home prices increased 14.0% to $430,000 year-over-year. Median home sale prices were approximately $40,000 higher in July 2022 than in June 2022. Median home sale prices in July 2022 were about $125,000 higher than in July 2020. Clearly, Indian Trail homeowners are sitting on a substantial amount of equity.
Price per square foot averaged $204 (up $38/square foot from $166/square foot one year ago). This matched the price per square foot record set in May 2022 in Indian Trail.
The months supply of homes for sale increased to 1.9 months (up from 1.1 months in July 2021 and equal to the 1.9 months in July 2020). Month-over-month, the months supply of homes was 0.7 months higher. New listings increased 6.7%, while inventory of homes increased 80.7% year-over-year. It appears that Indian Trail area buyers pulled back in July 2022 to reassess purchase plans in the face of increasing mortgage rates and home prices.
Despite the increase in inventory, average days on market decreased two days to 13 days in July 2022. Average days on market also decreased by nine days over July 2022. Year-over-year median days on marketincreased one day to four days in July 2022. Month-over-month, median days on market dropped by three days.
Closed sales in July 2022 decreased 23.2% year-over-year, while pending sales decreased 40.2%, no doubt contributing to the increase in inventory during July.
At a median selling price of 101.6% of list price (down 2.2% year-over-year and down 0.4% month-over-month), Indian Trail home buyers should still expect minimal room to negotiate, especially 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: