Waxhaw (28173 Zip Code) Real Estate Report: September 2023
Waxhaw area real estate market in September 2023 saw home prices increase month-over-month and year-over-year. Closed sales declined to their lowest level since February 2023. The list to sale price ratio was just under 100% providing little room for negotiation to buyers. Days on market increased to 34 days. Housing inventory declined from one month ago and from September 2022. New listings declined for a fifth consecutive month.
WAXHAW (28173 ZIP CODE) HOUSING MARKET HIGHLIGHTS: SEPTEMBER 2023
WAXHAW AREA HOME PRICES UP MONTH-OVER-MONTH & YEAR-OVER-YEAR
The median sale price in September 2023 was $761,000, up 12.74% from $675,000 median sale price in the previous month of August. Median sale price was 13.58% than the $670,000 price in September 2022. The median sale price in September 2023 was its highest compared with September 2022 and September 2021.
The average sale price in September 2023 was $822,630 up 7.88% from $762,560 in August 2023. The average sale price in September 2023 increased 7.88% from $762,157 in September 2022. The average sale price in September 2023 was its highest compared with September 2022 and September 2021.
Price per square foot was $231 in September 2023, declining 4.55% from $242/square foot in August 2023, while increasing 6.94% from $216 in September 2022.
WAXHAW AREA HOMES LIST TO SALE PRICE RATIO JUST UNDER 100%
The September 2023 list to sale price ratio was 99.41%, down from 100.73% in the previous month and equal to the list to sale price ratio one year ago in September. At just under 100% of list to sale price, Waxhaw area home buyers had little room to negotiate on price in September 2023.
WAXHAW AREA HOMES’ AVERAGE DAYS ON MARKET INCREASED
Average days on market in September 2023 were 34 days, increasing 12 days from 22 days in August. Compared with September 2022, average days on market increased 15 days from 19 days. The September 2023 days on market were at their highest level compared with September 2022 (19 days) and September 2021 (12 days). At 34 days on market in September Waxhaw saw the highest number of days on market since March 2023.
WAXHAW AREA SALES DECLINED
Closed sales declined in September 2023 to 53, down 43.62% from 94 sold properties in August and down 46.46% from 99 sold properties in September 2022. The September 2023 sales were at their lowest level compared with September 2022 (99 sales) and September 2021 (137 sales). This was the lowest level of sales Waxhaw has seen since February 2023.
WAXHAW AREA’S HOUSING INVENTORY DOWN FROM AUGUST, DOWN YEAR-OVER-YEAR
Inventory of homes for sale in September 2023 stood at 359 properties, down 1.64% from the previous month, which had with 365 properties for sale. Inventory was 15.53% lower than in September 2022. Inventory was lower compared with September 2022 (425 properties for sale) and slightly higher than in September 2021 (357 properties for sale).
NEW LISTINGS DECLINE FOR A FIFTH CONSECUTIVE MONTH
The number of new listings in September 2023 was 77, decreasing 1.28% from 78 new listings in August. New listings were 27.36% lower than the 106 new listings in September 2022. The August 2023 listings were at their lowest level compared with September 2022 (106 new listings) and September 2021 (116 new listings). The number of new listings in September were at their lowest since May 2023.
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