Latest news on the Waxhaw area real estate market and what it means for you…
Waxhaw area (28173 zip code) real estate report/snapshot for October 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 22.6% year-over-year) despite an increase of 23.8% in new listings.
New construction inventory, which has long been a “staple” for the Waxhaw area home sales plummeted 45.5% year-over-year. Resale inventory also dropped significantly (23.3%) year-over-year. Lower inventory, especially in new construction, resulted in a lower average days on market of 67 days. Median days on market dropped 5 days to 37 days in October compared with the same month one year ago.
With continued tight inventory and months supply of homes dropping to 3.4 months (from 4.6 months one year ago), the Waxhaw area remains a seller’s market.
With home sellers receiving 96.6% of list price there’s some room for home buyers to negotiate, but not a lot.
Home sale prices (median and average) were down slightly in October, but this might be more a factor of the huge decrease in new construction and the price mix of homes for sale in October than any dimunition in the value of homes in the 28173 zip code. Price per square foot increased by $8/square foot to $142 in October versus the same month one year ago.
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