Waxhaw (28173 Zip Code) Real Estate Report: August 2023
Waxhaw area real estate market in August 2023 saw home prices soften month-over-month and year-over-year. Closed sales declined, but were still at their third highest level since September 2022. The list to sale price ratio was just under 101% providing little room for negotiation to buyers. Days on market remained under one month at 20 days. Housing inventory remained tight due to fewer new listings coming on market. This all kept the Waxhaw area a home seller’s market.
WAXHAW (28173 ZIP CODE) HOUSING MARKET HIGHLIGHTS AUGUST 2023
WAXHAW AREA HOME PRICES SOFTEN, BUT PRICE PER SQUARE FOOT HIGHER
The median sale price in August 2023 was $675,000, down 12.9% from $775,000 median sale price in the previous month of July. Median sale price equal to that in August 2022. The median sale price in August 2023 was its highest compared with August 2022 and August 2021.
The average sale price in August 2023 was $767,078 down 8.89% from $841,885 in July 2023. The average sale price in August 2023 declined 5.36% from $810,529 in August 2022. Most likely the decrease in prices had more to do with the price mix of homes for sale than in any diminution in home values in Waxhaw, an area that remains in very high demand.
Price per square foot was $243 in August 2023, up 9.46% from $223/square foot in July 2023 and 9.46% lower than $222 in August 2022. In August, the price per square foot was at its highest level since April 2022.
WAXHAW AREA HOMES LIST TO SALE PRICE RATIO OVER 100%
The August 2023 list to sale price ratio was 100.81%, slightly higher than the 100.6% in July and equal to the list to sale price ratio one year ago in August. At 100.81% of list to sale price, Waxhaw area home buyers had little room to negotiate on price in August 2023.
WAXHAW AREA HOMES’ AVERAGE DAYS ON MARKET BELOW ONE MONTH
Average days on market in August 2023 were 20 days, increasing eight days from 28 days in July. Compared with August 2022, average days on market increased eight days from 12 days. The August 2023 days on market were at their highest level compared with August 2022 (12 days) and August 2021 (8 days). August was the third consecutive month days on market declined in Waxhaw. Only September 2022 and May 2023 had lower days on market at 19 days.
WAXHAW AREA SALES DECLINED
Closed sales declined in August 2023 to 91, down 6.19% from 97 sold properties in July and down 22.88% from 118 sold properties in August 2022. The August 2023 sales were at their lowest level compared with August 2022 (118 sales) and August 2021 (146 sales). Although sales dropped in August, the month had it’s third highest level of sales since September 2022.
WAXHAW AREA’S HOUSING INVENTORY UP FROM JULY, DOWN YEAR-OVER-YEAR
Inventory of homes for sale in August 2023 stood at 364 properties, up 3.7% from the previous month, which had with 351 properties for sale. Inventory was 11.22% lower than in August 2022. Inventory was lower compared August 2022 (41o properties for sale) and August 2021 (367 properties for sale).
NEW LISTINGS DECLINE FOR A FOURTH CONSECUTIVE MONTH
The number of new listings in August 2023 was 77, decreasing 12.5% from 88 new listings in July. New listings were 28.7% lower than the 108 new listings in August 2022. The August 2023 listings were at their lowest level compared with August 2022 (108 new listings) and August 2021 (138 new listings). The number of new listings in August were at their lowest since May 2023.
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