Waxhaw area real estate market in January 2023 saw a 13th consecutive month of lower closed sales, indicating buyers are taking a step back, due to a combination of higher home prices, higher interest rates, and economic uncertainty. Days on market also increased. Median and average sale prices were down year-over-year and month-over-month. New listings were at their lowest level in three years with the exception of December 2022.
Waxhaw (28173 Zip Code) Real Estate Report: January 2023
WAXHAW AREA AVERAGE & MEDIAN HOME SALE PRICES DECREASED YEAR-OVER-YEAR & MONTH-OVER-MONTH
The median sale price in January 2023 was $530,000, 12.3% lower than the $604,450 sale price in the previous month of December 2022. It was also 6.8% lower than $568,500 In January 2022.
The average sale price in January 2023 was $618,721, down 9.6% from $684,659 in the previous month of December 2022. It was also 4.5% lower than the $647,793 in January 2022.
Price per square foot was $202, down 5.6% from December 2022, but was 2.5% higher than the $197/square foot in January 2022.
WAXHAW AREA HOMES LIST TO SALE PRICE RATIO DOWN YEAR-OVER-YEAR
The January 2023 sale to list price ratio was 98.8%, equal to the previous month of December 2022, but down from 101.4% in January 2022.
WAXHAW AREA HOMES SAW LONGER DAYS ON MARKET IN JANUARY 2023
Average days on market in January 2023 were 41 days, down one day from December 2022. Compared with January 2022, average days on market increased 27 days from 14 days. The January 2023 days on market were at their highest level compared with January 2022 and January 2021.
WAXHAW AREA SALES DROPPED TO THEIR LOWEST LEVEL SINCE 2020
Closed salesdecreased in January 2023 to 58, down 12.1% from 66 sold properties in December 2022 and down 10.8% from 65 sold properties in January 2022. The January 2023 sales were at their lowest level compared to January 2022 and January 2021. This was also the lowest level of closed sales in three years.
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 January had 11.3 showings on average compared with 17.8 showings one year ago. This was a 36.5% decrease in buyer foot traffic. Month-over-month, foot traffic increased from showings compared with 6.5 showings in December 2022.
WAXHAW AREA’S HOUSING INVENTORY INCREASED | NEW LISTINGS DOWN YEAR-OVER-YEAR
Inventoryof homes for sale in January 2023 stood at 382 properties, down 7.7% from 414 properties in the previous month of December 2022. Inventory was 17.2% higher than the 326 properties for sale in January 2022. Inventory was at its highest level compared with January 2022 and January 2021. It’s worth pointing out that inventory in January 2023 was lower than in the months of July, August, September, October, November and December 2022.
The number of new listings in January 2023 was 54, up 58.9% from 34 new listings in December 2022, but was 34.9% lower than the 83 new listings in January 2022. The January 2023 listings were at their lowest level compared with January 2022 and January 2021. And with the exception of December 2022, we saw the lowest level of new listings in January 2023 in three years.
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: