Waxhaw area real estate market kept home sellers in the driver’s seat in June with home sale prices reaching new highs and days on market at new lows. At the same time, we saw a sixth consecutive month of lower closed sales indicating that since interest rates have risen buyers are taking a step back. Despite this and an increase in new listings, the months supply of inventory remained in seller “territory” at 1.3 months in June.
Waxhaw (28173 Zip Code) Home Sales Report: June 2022
Latest news on the Waxhaw area (28173 zip code) real estate market in June 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 significant increases in home prices, year-over-year and month-over-month. Average days on market were down year-over-year, while the list to sale ratio was up year-over-year and month-over-month. And all this in the face of lower inventory, more new listings, and an increase in the months supply of inventory.
Closed salesdecreased 27.3% while pending salesdecreased 18.4% in June 2022 compared with the same month one year ago. This is the sixth 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 clear that sales are also being stifled by buyers who are stepping back from the market for now as evidenced by the 31.3% decrease in foot traffic through listed properties year-over-year.
Average days on market decreased 3 days (down 18.8%) to 13 days year-over-year from 16 days one year ago. Average days on market were down 17 days compared with June 2020. Average days on market were up slightly by one day from May 2022. Median days on market were 4 days in June, up one day year-over-year and month-over-month and down 13 days from two years ago in June.
Continued tight inventory (down 1.3% over June 2021) and a months supply of homes of 1.3 months (up 0.4 compared with the same month one year ago) kept the Waxhaw area a home seller’s market in June 2022. Despite the year-over-year increase of 0.4 months in the months supply of inventory, the months supply versus the prior month of May 2022 remained flat.
With homesellers receiving a median 104.3% of list price in final sale price (up 0.7% year-over-year), there was virtually no room for home buyers to negotiate in June 2022. The median list price to sale price ratio set a new record for Waxhaw area homes in June 2022. It was also 0.8% higher in June versus May 2022. It’s clear that Waxhaw area home buyers are prepared to pay a premium price for homes.
Home sale prices increased 22.9%, on average, in June 2022 compared with the same month one year ago. The average sale price was $745,461, setting a new record high. Month-over-month, average home prices increased about $17,000. The median home sale price was $683,305, up 28.3% year-over-year, also setting a new record for Waxhaw area homes. Price per square foot increased 25.7% to $225/square foot in June 2022 versus the same month one year ago, matching a record for price per square foot in the Waxhaw area set in June 2022.
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: