Indian Trail real estate saw a cooling in September 2022 with sales down, inventory substantially up, days on market up. The median list to sale ratio dropped below 100% in September for a second consecutive month, showing a small 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: September 2022
Latest news on the Indian Trail real estate market in September 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 shifting and 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 in September 2022. By the same token, average home prices increased year-over-year and were the second highest in 2022.
Indian Trail Area Housing Market Highlights
September 2022 vs September 2021
INDIAN TRAIL HOME SALE PRICES INCREASED YEAR-OVER-YEAR & MONTH-OVER-MONTH
Average home prices in Indian Trail increased 23% to $431,858 in September 2022 compared with the same month one year ago. Month-over-month, average home sale prices increased approximately $17,000. Indian Trail home prices were approximately $150,000 higher in September 2022 compared with September 2020.
Median home prices increased 12.4% to $420,000 year-over-year. Median home sale prices were approximately $30,000 lower in September 2022 than in September 2022. Median home sale prices in September 2022 were about $122,000 higher than in September 2020. Indian Trail homeowners continue to sit on a substantial amount of equity.
Price per square foot averaged $207 (up $30/square foot from $177/square foot one year ago).
INDIAN TRAIL HOUSING INVENTORY INCREASED IN SEPTEMBER 2022, BUT NEW LISTINGS DECREASED
The months supply of homes for sale increased to 2.5 months (up from 2.0 months in September 2021). Month-over-month, the months supply of homes was also 0.5 months higher. While the 2.5 months of inventory keeps Indian Trail area in “seller territory,” this level of supply is the highest the 28079 zip code has seen since August 2019 and the highest year-to-date.
New listings decreased 8.1%, while inventory of homes increased 127.4% year-over-year. This was the highest increase in inventory since September 2018.
It appears that Indian Trail area buyers pulled back in September 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 SEPTEMBER 2022
Closed sales in September 2022 decreased 37.6% year-over-year, while pending sales decreased 39.1%, no doubt contributing to the substantial increase in inventory in September.
Another sign of the market cooling somewhat in September 2022 was the foot traffic through home listings, which was down to an average of 6.2 showings per listing compared with 12.1 showings in September 2021. Essentially, there was almost 50% less traffic through listed properties than one year ago. Month-over-month, foot traffic dropped from 6.3 average showings per listing to 6.2 showings.
DAYS ON MARKET INCREASED IN SEPTEMBER 2022 YEAR-OVER-YEAR & MONTH-OVER-MONTH
Average days on market increased 12 days to 31 days in September 2022 compared with September 2021. This was the highest number of average days on market in 2022. Average days on market were 16 days higher than in August 2022.
Year-over-year median days on marketincreased 12 days to 15 days in September 2022. Month-over-month median days on market increased by 10 days. This is the highest median number of days in Indian Trail area year-to-date in 2022.
LIST TO SALE PRICE RATIO 99.2% IN SEPTEMBER 2022
At a median selling price of 99.2% of list price (down 2.9% year-over-year but up 0.1% month-over-month), Indian Trail home buyers might be seeing a small 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: