2024 Waxhaw Real Estate Market Wrap-Up: Trends and Insights for Home Sellers and Investors

As 2024 comes to a close, it’s crucial for Waxhaw residents—whether current homeowners or prospective sellers—to understand the local real estate market trends. Here’s a detailed analysis of what happened in Waxhaw's real estate market this past year, and what you might expect if you're considering selling or monitoring your property's value in 2025.

Steady Increase in Home Values

Throughout 2024, Waxhaw's real estate market demonstrated resilience and growth. The median sales price in December saw a modest increase of 1.6%, ending the month at $583,953. More broadly, over the course of the year, median sales prices appreciated by 4.8% to reach $690,433. This consistent upward trend reflects a healthy market condition and signals robust equity gains for homeowners.

Surge in Market Activities

December 2024 was notable for a significant 53.2% increase in closed sales compared to the previous year, indicating strong buyer demand in the area. Over the entire year, the number of closed sales increased slightly by 2.3%, despite earlier fluctuations. This suggests that Waxhaw remains a sought-after locale for buyers, keeping the market dynamic and competitive.

Changing Market Dynamics

The average days on market until sale jumped to 74 days, up from 33 days the previous year, illustrating a market shift. This increase in days on market might hint at a more buyer-friendly environment, where buyers have more leverage and sellers need to be more strategic with their pricing and marketing tactics.

Growing Inventory Levels

The inventory of homes for sale in Waxhaw has also seen dramatic changes, doubling over the past year to a 1.7-month supply. An increase in inventory indicates more choices for buyers and more competition among sellers, emphasizing the need for effective marketing and realistic pricing strategies.

What This Means for You

For those looking to sell, the Waxhaw market is ripe with opportunity, albeit with increased competition. For homeowners not looking to sell, the rise in property values suggests your investment continues to grow, which is excellent news for your home equity.

In summary, the Waxhaw real estate market in 2024 showed significant growth and development, making it an opportune time for both selling and investing. If you're considering a move or simply wish to discuss your real estate options, feel free to connect. Let’s leverage these insights to make informed and strategic decisions in 2025!