The Waxhaw area housing market remained a seller’s market in July 2021 with continued significant decreases in inventory. With 66.3% less inventory year-over-year and continued buyer demand, days on market were down, while home prices skyrocketed. Both closed and pending sales were down due to the lack of inventory and new listings.
Waxhaw (28173 Zip Code) Home Sales Report: July 2021
Latest news on the Waxhaw area (28173 zip code) real estate market in July 2021 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) continued to see tight inventory (dropping 66.3% year-over-year) in July 2021, accompanied by a drop in new listings of 18.0%.
Average days on market decreased 37 (down 72.4%) days to 14 days year-over-year. Median days on market were 3 days in July, down 13 days year-over-year and down 22 days from two years ago.
Continued tight inventory and a months supply of homes of 0.8 months (a 2.1 month’s drop from 2.9 months one year ago and a 3.2 one month’s drop from 4 months in 2019), kept the Waxhaw area a home seller’s market in July 2021. New construction inventory, long a staple of Waxhaw’s housing market, was down 84.4% year-over-year. This contributed to the lack of inventory and low months supply of homes in July 2021.
With homesellers receiving a median 102.6% of list price in final sale price (up 3.5% year-over-year), there was virtually no room for home buyers to negotiate in July 2021.
Home sale prices increased 38.1%, on average, in July 2021 compared with the same month one year ago. The average sale price was $629,018. Month-over-month average sale prices increased almost $34,000. The median home sale price was $561,000, up 35.2% year-over-year. Month-over-month, median home sale prices in Waxhaw increased by about $31,000.
Price per square foot increased 26.7% to $185/square foot (up $39/square foot) in July 2021 versus the same month one year ago.
Closed sales decreased 24.2% while pending sales decreased 20.7% in July 2021 compared with the same month one year ago. The decrease in pending sales can be attributed to lack of inventory and fewer new listings, which dropped 18.0% compared with July 2020.
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: