The Waxhaw area housing market remained a seller’s market in October 2021 with continued significant decreases in inventory. With 55.8% less inventory year-over-year and continued buyer demand, days on market were down, while home prices increased. Both closed and pending sales were down due to the lack of inventory and new listings.
Waxhaw (28173 Zip Code) Home Sales Report: October 2021
Latest news on the Waxhaw area (28173 zip code) real estate market in October 2021 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 declines in inventory, declines in pending and closed sales, declines in new listings, declines in days on market in October 2021 versus October 2020. The only thing that increased were home prices, which increased year-over-year. Lack of inventory is certainly impacting sales volume in the 28173 zip code.
Average days on market decreased 20 days (down 43.5%) to 26 days year-over-year. Median days on market were 6 days in October, down one day year-over-year and down 32 days from two years ago in October.
Continued tight inventory and a months supply of homes of 0.9 months (a 1.1 month’s drop from 2 months one year ago and a 3.1 month’s drop from 3.7 months in 2019), kept the Waxhaw area a home seller’s market in October 2021. New construction inventory, long a staple of Waxhaw’s housing market, remained at some of it’s lowest levels in 15+ years, contributing to the lack of inventory and low months supply of homes in October 2021.
With homesellers receiving a median 100% of list price in final sale price, there was virtually no room for home buyers to negotiate in October 2021.
One indicator of demand for homes is the number of showings per listed property. In October 2021, the average Waxhaw area home had 16.3 showings compared with 9.6 showings in 2020 and 5.8 showings in 2019. It’s very much a case of more buyers chasing fewer listings.
Home sale prices increased 5.2%, on average, in October 2021 compared with the same month one year ago. The average sale price was $574,302. The median home sale price was $500,000, up 8.3% year-over-year.
Price per square foot increased 16.3% to $186/square foot (up $26/square foot) in October 2021 versus the same month one year ago.
Closed sales decreased 34.3% while pending sales decreased 30.3% in October 2021 compared with the same month one year ago. The decrease in pending sales can be attributed to lack of inventory and fewer new listings, which dropped 30.3% compared with October 2020.
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: