Waxhaw area real estate market in October 2023 saw home prices decline month-over-month and year-over-year, except for the year-over-year median sale price, which increased. Closed sales improved slightly over September, but declined year-over-year. The list to sale price ratio was just under 100% providing little room for negotiation to buyers. Days on market declined significantly from the prior month and prior year to 18 days. Housing inventory declined from one month ago and from October 2022. New listings declined for a sixth consecutive month.
WAXHAW (28173 ZIP CODE) HOUSING MARKET HIGHLIGHTS: OCTOBER 2023
WAXHAW HOME PRICES
The median sale price in October 2023 was $670,000, down 13.04% from $770,500 median sale price in the previous month of September. Median sale price was 6.65% higher than the $628,250 price in October 2022. The median sale price in October 2023 was its highest compared with October 2022 and 2021.
The average sale price in October 2023 was $798,170 down 5.43% from $844,001 in September 2023. The average sale price in October 2023 declined 8.12% from $868,734 in October 2022.
Price per square foot was $232 in October 2023, up from $231/square foot in September 2023 and increasing 1.31% from $229 in October 2022.
WAXHAW HOMES LIST TO SALE PRICE RATIO JUST UNDER 100%
The October 2023 list to sale price ratio was 99.1%, down from 99.41% in the previous month and equal to the list to sale price ratio one year ago in October. At just under 100% of list to sale price, Waxhaw area home buyers had little room to negotiate on price in October 2023.
WAXHAW HOMES’ AVERAGE DAYS ON MARKET DECLINED
Average days on market in October 2023 were 18 days, declining 17 days from 35 days in September. Compared with October 2022, average days on market decreased nine days from 27 days. Compared with October 2021, average days on market were just one day higher in 2023. At 18 days on market in October, Waxhaw saw the lowest number of days on market since August 2022.
WAXHAW SALES IMPROVED SLIGHTLY FROM SEPTEMBER, DOWN FROM ONE YEAR AGO
Closed sales improved in October 2023 to 55, up 1.85% from 54 sold properties in September and down 29.49% from 78 sold properties in October 2022. The October 2023 sales were at their lowest level compared with October 2022 (78 sales) and October 2021 (99 sales).
WAXHAW HOUSING INVENTORY DOWN FROM ONE MONTH AND ONE YEAR AGO
Inventory of homes for sale in October 2023 stood at 353 properties, down 1.67% from the previous month, which had with 359 properties for sale. Inventory was 18.85% lower than in October 2022. Inventory was lower compared with October 2022 (435 properties for sale) and than in October 2021 (355 properties for sale).
NEW LISTINGS DECLINE FOR A SIXTH CONSECUTIVE MONTH
The number of new listings in October 2023 was 69, decreasing 10.39% from 77 new listings in September. New listings were 33.01% lower than the 103 new listings in October 2022. The August 2023 listings were at their lowest level compared with October 2022 (103 new listings) and October 2021 (102 new listings). The number of new listings in October were at their lowest since May 2023.
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