Waxhaw Real Estate Report: December 2022
Waxhaw area real estate market in December saw a 12th consecutive month of lower closed sales, indicating buyers are taking a step back, due to a combination of higher home prices and interest rates. Days on market also increased. Nonetheless, the months supply of inventory remained in seller “territory” at 1.5 months in December 2022, new listings were down, and home prices were up.
Waxhaw (28173 Zip Code) Real Estate Report: December 2022
Latest news on the Waxhaw area (28173 zip code) real estate market in December 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 2.5% increase in average home prices and a 6.5% increase in median home prices, year-over-year. Home sale prices also increased month-over-month. Median home prices in Weddington and Marvin, which had exceeded $1 million in the prior four months, dropped below $1 million in November, but rebounded back to over $1 million in Weddington in December.
Average days on market increased increased 10 days to 45 days year-over-year. Month-over-month, the average days on market increased 11 days. The list to sale ratio was down year-over-year continuing to provide home buyers a window of opportunity to negotiate that we saw in November 2022.
The Waxhaw area market is cooling down compared with the “feeding frenzy” we saw during the past couple of years. By the same token, Waxhaw area home sellers were still in the “driver’s seat” in December 2022 with months of supply of inventory at just 1.5 months and new listings down.
WAXHAW AREA HOUSING MARKET HIGHLIGHTS
DECEMBER 2022 VERSUS DECEMBER 2021
WAXHAW AREA AVERAGE & MEDIAN HOME SALE PRICES INCREASED IN DECEMBER 2022
Home sale prices increased 2.5%, on average, in December 2022 compared with the same month one year ago. The average sale price was $647,735. Average home prices increased approximately $30,000 over November 2022. The 2022 average sale price in December 2022 was approximately $142,000 higher than in December 2020. Homeowners are sitting on some serious equity.
The median home sale price was $589,500, up 6.5% year-over-year and up $69,000 down month-over-month. Compared with December 2020, the median sale price was some $192,000 higher.
Price per square foot increased 7.4% to $217/square foot in December 2022 versus the same month one year ago.
WAXHAW AREA HOMES LIST TO SALE PRICE RATIO DOWN IN DECEMBER 2022
With home sellers receiving a median 96.4% of list price in final sale price (down 4.6% year-over-year and 1.0% month-over-month), home buyers had an opportunity to negotiate on price in December 2022. The buying frenzy driving home sale prices over 100% of list price in 2021 and earlier in 2022 has ended.
WAXHAW AREA HOMES SAW LONGER DAYS ON MARKET IN DECEMBER 2022
Average days on market were 45 days, increasing 10 days year-over-year. Average days on market were 11 days higher compared with November 2022.
Median days on market were 28 days in December, increasing 23 days year-over-year. Median days on market increased seven days from November 2022.
WAXHAW AREA SALES WERE DOWN IN DECEMBER 2022
Both closed and pending sales decreased in December 2022 compared with the same month one year ago. Closed sales were down 41.5%, while pending sales were down 14.3%. December 2022 was the 12th 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. As interest rates have significantly increased monthly mortgage costs since June, it’s apparent that sales are slowing and buyers are stepping back from the market for now, as also evidenced by the decrease in foot traffic through listed properties year-over-year.
Foot traffic in listed properties was down. Homes for sale in December had 6.7 showings on average compared with 11.7 showings one year ago. This was a 42.7% decrease in buyer foot traffic. Month-over-month, foot traffic increased slightly at 6.7 showings compared with 6.2 showings in November 2022.
WAXHAW AREA’S HOUSING INVENTORY INCREASED | NEW LISTINGS & MONTHS SUPPPLY OF HOMES DECREASED IN DECEMBER 2022
Inventory increased 27.2% year-over-year. The months supply of homes of 1.5 months in December increased 0.6 months year-over-year, but declined by 0.4 months from November 2022. New listings were down 30.5% in December 2022 compared with the same month one year ago.
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Weddington is ranked as the 4th best suburb to live in in Charlotte metro area and the 10th best suburb in North Carolina?
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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:
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