Millbridge Waxhaw Real Estate Market Update September 2024: Key Insights for Buyers & Seller
If you’re a current homeowner in Millbridge or considering a move to this sought-after Waxhaw neighborhood, the September 2024 market data is filled with key insights that could help you make a more informed decision. With shifting inventory, pricing trends, and days on market increasing, it's a critical time to evaluate your next steps.
Key Insights for Sellers in Millbridge
Inventory Surge: The inventory of homes for sale has skyrocketed by 125% compared to last year, jumping from 84 homes to 189. This increased competition means sellers need to be strategic with pricing and marketing to stand out in a crowded field.
Days on Market: Homes are taking longer to sell, with the average days on market now at 60 days, up by 71.4% from the previous year. Millbridge homeowners should anticipate longer timelines and work closely with their agent to enhance property appeal, ensuring faster turnarounds.
Price Adjustments: While the median sales price dropped significantly to $600,000, down 18.5%, the average sales price rose to $672,972, suggesting that higher-end homes continue to perform well. Sellers should price their homes competitively but remain flexible based on market conditions.
Better Offers: Sellers are receiving an average of 98.5% of their original list price, up 1.5% from last year, indicating that homes priced right are still receiving strong offers.
Key Insights for Buyers Interested in Millbridge
Is Millbridge Still a Good Buy? Yes! Despite the drop in median sales prices, the average sales price has increased by 7.7% year-over-year, signaling that Waxhaw remains a desirable area with homes that retain value. Millbridge, in particular, continues to offer strong appeal for families looking for community-focused living.
More Choices, More Negotiation Power: With the months of inventory now at 2.9 months, up by an impressive 141.7%, buyers have more options and greater leverage in negotiations. The surge in available homes offers flexibility in terms of pricing, features, and location.
Faster Closings: The list-to-close timeframe has shortened to 75 days, down by 14.8%. This faster closing process can be a huge advantage for buyers who are ready to make a move quickly and take advantage of favorable market conditions.
What’s Next for Millbridge?
For both buyers and sellers, understanding the ebb and flow of the current market is essential to making the right decisions. With the Waxhaw market showing signs of change, now is the perfect time to work with a knowledgeable agent who can guide you through the process, ensuring you maximize the opportunities in Millbridge.
Looking to Sell? Be prepared to invest in marketing, make strategic improvements, and price your home competitively to meet market expectations. With more homes on the market, standing out is crucial.
Thinking of Buying? Millbridge continues to offer value and long-term growth. The increasing inventory gives you more options, and you may find a great deal before prices potentially rise again.
Whether you're upgrading, downsizing, or entering the Waxhaw market for the first time, understanding these local dynamics will help you make the best financial and lifestyle decisions for your future.
Ready to make your move in Millbridge? Let’s chat about how to make the most of these shifting market conditions.
Chelsea Weisensel | REALTOR, KW Ballantyne
(630) 605-5594 (call/text)
cweisensel@kw.com