Waxhaw area real estate market kept home sellers in the driver’s seat in August with average home sale prices increasing year-over-year and the median list to price sale ration holding at 100%. Median home prices in Weddington and Marvin again exceeded $1 million in August. At the same time, we saw an eighth consecutive month of lower closed sales indicating buyers are taking a step back, due to a combination of higher home prices and interest rates. Nonetheless, the months supply of inventory remained in seller “territory” at 1.8 months in August and new listings were down.
Waxhaw (28173 Zip Code) Real Estate Report: August 2022
Latest news on the Waxhaw area (28173 zip code) real estate market in August 2022 and what it means for you…
The Waxhaw area of the Charlotte, North Carolina metro area (the 28173 zip code–encompassing the three towns of Waxhaw, Marvin and Weddington) saw a significant increase in home prices, year-over-year. Median home prices in Weddington and Marvin exceeded $1 million in August 2022, as they did in the prior month. Average days on market increased year-over-year and month-over-month. The list to sale ratio was down year-over-year and month-over-month. It’s clear that the Waxhaw area market is cooling down compared with the “feeding frenzy” we saw one year ago.
Closed salesdecreased 23.2% while pending salesdecreased 23.7% in August 2022 compared with the same month one year ago. This is the eighth consecutive month that closed sales in the Waxhaw area decreased while home prices increased. Earlier in the year it was evident that lack of inventory stifled sales. Since interest rates have increased the monthly mortgage costs by 50% in the past couple of months, it’s apparent that sales are also being stifled by buyers who are stepping back from the market for now, as evidenced by the decrease in foot traffic through listed properties year-over-year. Homes for sale in August saw 8.4 showings on average compared with 14.1 showings one year ago and 10.1 showings two years ago.
Average days on market increased 3 days to 25 days from 22 days one year ago. Average days on market were 13 days lower compared with August 2020. Average days on market also increased 4 days month-over-month. Median days on market were 6 days in August, up 3 days year-over-year and up one day month-over-month. Median days on market decreased 5 days from two years ago in August.
Inventory increased 10.7% year-over-year. The months supply of homes of 1.8 months in August increased 0.6 months year-over-year and 0.2 months from July 2022. New listings were down 16.2% in August 2022 compared with the same month one year ago.
With homesellers receiving a median 100% of list price in final sale price (down 1.1% year-over-year and 0.2% month-over-month), there was still little room for home buyers to negotiate on price in August 2022. This indicates that the frenzied activity we saw in summer 2021 has diminished.
Home sale prices increased 27.0%, on average, in August 2022 compared with the same month one year ago. The average sale price was $812,019. Month-over-month, average home prices decreased approximately $10,000. The 2022 average sale price in August was approximately $287,000 higher than in August 2020. The median home sale price was $650,000, up 25.0% year-over-year and about $3,000 lower than in July 2022. Compared with August 2020, the median sale price is now some $200,000 higher. Price per square foot increased 15.6% to $222/square foot in August 2022 versus the same month one year ago.
Want to know what this would mean for your family if you decide to buy or sell a Waxhaw area home?
Median Home Price Trends In Waxhaw | Weddington | Marvin
This Charlotte, North Carolina real estate monthly update for Waxhaw, Weddington, Marvin is provided by Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, your Greater Charlotte area residential real experts and Waxhaw/Weddington/Marvin area specialists. We’ve been opening doors for Waxhaw area home buyers and sellers for 20+ 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: