Indian Trail real estate saw a cooling in October 2022 with sales down, inventory substantially up, days on market up. The median list to sale ratio dropped below 100% in October for a third consecutive month, showing a window of opportunity for Indian Trail home buyers to negotiate. Nonetheless, home prices increased year-over-year and new listings were down.
Indian Trail Real Estate Update: October 2022
Latest news on the Indian Trail real estate market in October 2022 and what it means for you…
Indian Trail area (28079 zip code), which includes the towns of Indian Trail, Stallings, and Hemby Bridge showed signs of a cooling market with 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 second consecutive month in October 2022. By the same token, average home prices increased year-over-year and set a new record high.
Indian Trail Area Housing Market Highlights
October 2022 vs October 2021
INDIAN TRAIL HOME SALE PRICES INCREASED YEAR-OVER-YEAR & MONTH-OVER-MONTH
Average home prices in Indian Trail increased 16.4% to $476,454 in October 2022 compared with the same month one year ago. Month-over-month, average home sale prices increased approximately $45000. Indian Trail home prices were approximately $172,000 higher in October 2022 compared with October 2020. Median home prices increased 15.7% to $450,000 year-over-year. Indian Trail homeowners continue to sit on a substantial amount of equity.
Price per square foot averaged $208 (up $31/square foot from $177/square foot one year ago).
INDIAN TRAIL HOUSING INVENTORY INCREASED IN OCTOBER 2022, BUT NEW LISTINGS DECREASED
The months supply of homes for sale increased to 2.3 months (up from 1.1 months in October 2021). Month-over-month, the months supply of homes decreased by 0.2 months.
New listings decreased 30.8%, while inventory of homes increased 92% year-over-year. Inventory of resale homes tripled year-over-year in Indian Land in October 2022.
It appears that Indian Trail area buyers continued to pull back in October 2022 to take time to reassess purchase plans in the face of increasing mortgage rates and home prices.
INDIAN TRAIL CLOSED & PENDING SALES DOWN IN OCTOBER 2022
Closed sales in October 2022 decreased 13.9% year-over-year, while pending sales decreased 30.5%, no doubt contributing to the substantial increase in inventory in October.
Another sign of the market cooling in October 2022 was the foot traffic through home listings, which was down to an average of 5.3 showings per listing compared with 11.9 showings in October 2021. Essentially, there was 55.5% less traffic through listed properties than one year ago. Month-over-month, foot traffic dropped from 6.2 average showings per listing to 5.3 showings.
DAYS ON MARKET INCREASED IN OCTOBER 2022 YEAR-OVER-YEAR
Average days on market increased 5 days to 29 days in October 2022 compared with October 2021. This was the highest number of average days on market in 2022. Average days on market were two days lower than in September 2022.
Year-over-year median days on marketincreased 13 days to 16 days in October 2022. Month-over-month median days on market increased by four days. This is the highest median number of days in Indian Trail area year-to-date in 2022.
LIST TO SALE PRICE RATIO 98.6% IN OCTOBER 2022
At a median selling price of 98.6% of list price (down 2.6% year-over-year and down 0.6% month-over-month), Indian Trail home buyers are seeing 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: