Waxhaw Real Estate Report: March 2023
Waxhaw area real estate market in March 2023 saw closed sales increase 40% month-over-month. Days on market increased compared to March 2022, but decreased month-over-month. Median sale price increased month-over-month and year-over-year. At 98.7% the list to sale price ratio held its own. Inventory was up slightly over February as new listings increased month-over-month.
Waxhaw (28173 Zip Code) Real Estate Report: March 2023
WAXHAW | WEDDINGTON | MARVIN HOUSING MARKET HIGHLIGHTS
WAXHAW AREA MEDIAN SALE PRICE UP IN MARCH | AVERAGE SALE PRICE FLAT YEAR-OVER-YEAR
The median sale price in March 2023 was $630,000, 3.28% higher than the $610,000 median sale price in the previous month of February. It was also 12.5% higher than $560,000 in March 2022. The median sale price in March 2023 was its highest compared with March 2022 and March 2021.
The average sale price in March 2023 was $708,933, up 6.4% from $757,626 in February 2023. The average sale price in March 2023 was equal to that in March 2022 and higher than in March 2021.
Price per square foot was $217, up 2.4% from February 2023 and 5.9% higher than the $205/square foot in March 2022. The price per square foot in March 2023 was its highest compared with March 2022 and March 2021.
WAXHAW AREA HOMES LIST TO SALE PRICE RATIO DOWN YEAR-OVER-YEAR
The March 2023 sale to list price ratio was 98.68%, slightly higher than in the previous month of February, but down from 103.52% in March 2022.
WAXHAW AREA HOMES SAW LONGER DAYS ON MARKET YEAR-OVER-YEAR | DOWN MONTH-OVER-MONTH
Average days on market in March 2023 were 40 days, decreasing 21 days from 61 days in February. Compared with March 2022, average days on market increased 27 days from 13 days. The March 2023 days on market were at their highest level compared with March 2022 (13 days) and March 2021(29 days). At 40 days in March, these were the lowest days on market since November 2022.
WAXHAW AREA SALES INCREASED 40% MONTH-OVER-MONTH
Closed sales increased in March 2023 to 77, up 40% from 55 sold properties in February and down 17.2% from 93 sold properties in March 2022. The March 2023 sales were at their lowest level compared to March 2022 (93 sales) and March 2021 (132 sales). This was also the highest level of closed sales since September 2022.
Foot traffic in listed properties was down significantly. Homes for sale in March had 9.2 showings, on average, compared with 17.2 showings one year ago. This was a 46.5% decrease in buyer foot traffic year-over-year. Month-over-month, foot traffic was flat.
WAXHAW AREA’S HOUSING INVENTORY UP | NEW LISTINGS DOWN YEAR-OVER-YEAR
Inventory of homes for sale in March 2023 stood at 357 properties, up 2.6% from 348 properties in the previous month of February. Inventory was 15.9% higher than the 308 properties for sale in March 2022. Inventory was at its highest level compared with March 2022 (308 properties for sale) and March 2021 (328 properties for sale). It’s worth pointing out that inventory in March 2023 was lower than in the months of June, July, August, September, October, November, December 2022 and January 2023.
The number of new listings in March 2023 was 92, up 76.9% from 52 new listings in February. New listings were 23.3% lower than the 120 new listings in March 2022. The March 2023 listings were at their lowest level compared with March 2022 (120 new listings) and March 2021 (139 new listings).
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MORE INFORMATION ABOUT THE WAXHAW HOUSING MARKET’S PERFORMANCE
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… Weddington is ranked as the 5th best suburb to live in in Charlotte metro area and the 8th 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, 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 24+ 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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