It’s still tight inventory in the Waxhaw area, which encompasses the towns of Waxhaw, Weddington, and Marvin in the 28173 zip code. Availability of new construction inventory was significantly down in November 2019. Resale inventory was also significantly down in November year-over-year, resulting in lower closed homes and home sale prices. Pending sales, however, were up slightly.
Waxhaw Area Real Estate Report & Housing Market Snapshot: November 2019
Latest news on the Waxhaw area real estate market and what it means for you…
Waxhaw (28173 zip code) real estate report/snapshot for November 2019. 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 20.9% year-over-year) as well as a decrease of 8.1% in new listings.
New construction inventory, which has long been a “staple” for Waxhaw area home sales, plummeted 47.1% year-over-year. Resale inventory also dropped significantly (20.2%) year-over-year. Average days on market were flat year-over-year at 74 days. Median days on market dropped 3 days to 49 days in November compared with the same month one year ago.
Continued tight inventory and months supply of homes dropping to 3.1 months (from 4.2 months one year ago), kept Waxhaw area a seller’s market. The months supply of resale homes was even lower in November at 1.9 months, down 26.9% year-over-year.
With home sellers receiving 95.9% of list price there’s some room for home buyers to negotiate, but not a lot.
Home sale prices (median [$349,027] and average [$427,324]) were down slightly in November, but this might be more a factor of the huge decrease in new construction and the price mix of homes for sale in November than any diminution in the value of homes in the 28173 zip code. Price per square foot increased by $4/square foot to $139 in November versus the same month one year ago.
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This Charlotte, North Carolina real estate monthly update for Waxhaw, Weddington, and Marvin is provided byNina Hollander and Carolinas Realty Partners with Coldwell Banker Residential Brokerage, your Waxhaw area specialists and Charlotte metro area residential real estate experts. We’ve been opening doors for Waxhaw area home buyers and sellers for 20+ years.
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