Waxhaw area housing market remained a home seller’s market in May 2022 with continuing decreases in inventory and new construction. With 30.4% less inventory year-over-year and no decrease in buyer demand, days on market were down, while average home prices rose 29.3%. Both closed and pending sales were down due to the lack of inventory and new listings.
Waxhaw (28173 Zip Code) Home Sales Report: May 2022
Latest news on the Waxhaw area (28173 zip code) real estate market in May 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 May 2022 versus May 2021. The only thing that increased were home prices, which increased 29.3% 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 13 days (down 52.0%) to 12 days year-over-year from 25 days one year ago. Average days on market were down 30 days compared with May 2020. Average days on market were also down four days month-over-month. Median days on market were 3 days in May, flat year-over-year and down seven days from two years ago in May.
Continued tight inventory and a months supply of homes of 0.9 months (flat compared with the same month one year ago and a 2.7 month’s drop from 3.6 months in May 2020), kept the Waxhaw area a home seller’s market in May 2022. New construction inventory, down 21.7% year-over-year, and long a staple of Waxhaw’s housing market, contributed to the lack of inventory and low months supply of homes in May 2022.
With homesellers receiving a median 103.5% of list price in final sale price (up 2.2% year-over-year), there was virtually no room for home buyers to negotiate in May 2022.
Home sale prices decreased 21.0%, on average, in May 2022 compared with the same month one year ago. The average sale price was $729,165, up 29.3% year-over-year, setting a new record high. Month-over-month, average home prices increased about $10,000. The median home sale price was $600,847, up 21.4% year-over-year. Price per square foot increased 28.6% to $225/square foot in Mayl 2022 versus the same month one year ago, setting a new record for price per square foot in the Waxhaw area for a fourth consecutive month.
Closed sales decreased 21.0% while pending sales decreased 30.8% in May 2022 compared with the same month one year ago. The decrease in closed and pending sales can be attributed to lack of inventory (down 30.4%) and fewer new listings, which dropped 19.6% compared with May 2021.
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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.
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