Millbridge Summer Home Sales 2023 vs. 2024: Key Insights for Homeowners, Buyers, and Sellers
The Millbridge neighborhood in Waxhaw, NC, has shown strong home sales activity during the summer months of both 2023 and 2024. Whether you're a current homeowner, a potential seller, or someone looking to buy in Millbridge, understanding the trends can help you make informed decisions.
Market Overview: 2023 vs. 2024
During the summer of 2023 (June to August), 33 homes were sold, while 36 homes sold in the same period in 2024(Quick CMA1093)(Quick CMA1601). This represents a slight increase in overall sales volume, showcasing continued demand for homes in Millbridge despite broader market trends.
Total Sales (June-August 2023): 33
Total Sales (June-August 2024): 36
While the number of transactions has increased, the key to understanding the market lies in analyzing pricing trends, sale-to-list price ratios, and days on market.
Price Trends
The median sale price in 2023 was $614,554, with homes selling for an average price per square foot of $202.16. In 2024, however, the median sale price rose to $673,153, with the price per square foot averaging $214.13(Quick CMA1093)(Quick CMA1601).
Median Sale Price (2023): $614,554
Median Sale Price (2024): $673,153
Average Price per Sq. Ft. (2023): $202.16
Average Price per Sq. Ft. (2024): $214.13
This rise in median sale price and price per square foot indicates that home values in Millbridge are appreciating, making it a desirable neighborhood for both buyers and investors.
Sales Price vs. List Price (CP/LP)
In 2023, homes sold for an average of 100% of their list price, demonstrating that sellers were able to get their asking price in most cases. In 2024, this trend continued, with homes selling for an average of 101% of their list price(Quick CMA1093)(Quick CMA1601).
Sale-to-List Price Ratio (2023): 100%
Sale-to-List Price Ratio (2024): 101%
Homes selling above the list price in 2024 suggest strong competition among buyers, which is great news for sellers looking to maximize their returns.
Days on Market (DOM)
The average number of days on market (DOM) in 2023 was 17 days, while in 2024, it increased slightly to 10 days(Quick CMA1093)(Quick CMA1601).
Average DOM (2023): 17 days
Average DOM (2024): 10 days
This quicker sale time in 2024 highlights increased demand, with homes selling faster than in the previous year, indicating a competitive market environment.
Home Size and Layout Trends
In terms of home size, the average square footage of homes sold in 2023 was 3,092 sq. ft., while in 2024, the average size was slightly smaller at 2,993 sq. ft. Despite the small decrease in size, home prices have appreciated, showing that buyers are willing to pay more per square foot(Quick CMA1093)(Quick CMA1601).
Average Home Size (2023): 3,092 sq. ft.
Average Home Size (2024): 2,993 sq. ft.
Average Price per Sq. Ft. (2023): $202.16
Average Price per Sq. Ft. (2024): $214.13
Key Takeaways for Homeowners, Sellers, and Buyers
For Homeowners: The upward trend in home prices and fast-paced sales mean that home values are continuing to rise. Even with smaller homes on the market in 2024, the price per square foot has increased, signaling strong property appreciation in Millbridge. Homeowners should feel confident that their investment is growing.
For Sellers: If you're considering selling your home in Millbridge, now might be the perfect time. Homes are selling faster, often for more than the asking price. With increased demand and competitive offers, sellers have the advantage of negotiating higher returns.
For Buyers: Buyers should be prepared for a competitive market. Homes are selling quickly and often at or above asking price. However, given the rise in home values, purchasing a home in Millbridge remains a solid investment, as property values are likely to continue appreciating.
Conclusion
The Millbridge neighborhood remains a hot market for real estate, with home values rising, faster sales, and competitive pricing. Whether you're looking to sell, buy, or stay put, the consistent demand and price growth in Millbridge make it an appealing neighborhood for long-term investment.