The Waxhaw area housing market remained a home seller’s market in March 2022 with continued significant decreases in inventory and new construction. With 53.4% less inventory year-over-year and continued buyer demand, days on market were down, while average home prices rose 25.5%. Both closed and pending sales were down due to the lack of inventory and new listings.
Waxhaw (28173 Zip Code) Home Sales Report: March 2022
Latest news on the Waxhaw area (28173 zip code) real estate market in March 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 continued significant declines in inventory, declines in pending and closed sales, declines in new listings, declines in days on market in March 2022 versus March 2021. The only thing that increased were home prices, which increased 25.5% year-over-year, on average. Lack of inventory is clearly impacting sales volume and home prices in the 28173 zip code.
Average days on market decreased 12 days (down 28.6%) to 30 days year-over-year from 59 days one year ago. Average days on market were down 29 days compared with March 2020. Average days on market were also down 5 days month-over-month. Median days on market were 4 days in March, flat year-over-year and down 8 days from two years ago in March.
Continued tight inventory and a months supply of homes of 0.6 months (a 0.4 month’s drop from 0.9 months one year ago and a 2.9 month’s drop from 3.5 months in March 2020), kept the Waxhaw area a home seller’s market in March 2022. New construction inventory, down 66.2% year-over-year and long a staple of Waxhaw’s housing market, was at some of its lowest levels in 15+ years, contributing to the lack of inventory and low months supply of homes in March 2022.
With homesellers receiving a median 101.4% of list price in final sale price, there was virtually no room for home buyers to negotiate in March 2022.
One indicator of demand for homes is the number of showings per listed property. In March 2022, the average Waxhaw area home had 27.4 showings compared with 24 showings in 2021 and 6.4 showings in 2020. it’s very much a case of more buyers chasing fewer listings.
Home sale prices increased 25.5%, on average, in March 2022 compared with the same month one year ago. The average sale price was $674,307. Month-over-month, home prices increased about $56,000, on average. The median home sale price was $540,000, up 29.0% year-over-year. Month-over-month, median home prices increased about $23,000. Price per square foot increased 24.8% to $206/square foot in March 2022 versus the same month one year ago, setting a new record for price per square foot in the Waxhaw area for the second consecutive month.
Closed sales decreased 30.9% while pending sales decreased 17.1% in March 2022 compared with the same month one year ago. The decrease in closed and pending sales can be attributed to lack of inventory (down 53.4%) and fewer new listings, which dropped 11.3% compared with March 2021.
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: