Waxhaw Real Estate Market Update: Key Insights for Homeowners and Sellers – August 2024
If you're a homeowner in Waxhaw, NC, or considering selling your property, the latest real estate market data from August 2024 offers essential insights into current trends. Here's what you need to know about how the market is shifting and what it means for your property value and selling strategy.
1. Increased Inventory: More Homes Entering the Market
New Listings surged by 36% in August 2024 compared to last year, with 102 homes hitting the market. Year-to-date, there’s been a 20.4% increase in new listings.
What this means for sellers: With more homes available, competition is rising. Now is an excellent time to list your home, but it’s crucial to stand out. Highlighting unique features and ensuring your home is well-prepared for showings will give you a competitive edge.
2. Closed Sales Are Slowing Down
Closed Sales dropped by 12% year-over-year, with a 10.5% decline in year-to-date figures.
What this means for you: While fewer homes are closing, this doesn’t necessarily reflect a lack of buyer interest. Instead, it may indicate buyers are being more selective or taking longer to finalize their decisions. For sellers, it’s more important than ever to price your home strategically to attract serious buyers.
3. Home Values Continue to Appreciate
The Median Sales Price in Waxhaw increased by 12.6%, reaching $760,000 in August 2024. Year-to-date, median prices have grown by 12%.
Why this matters: Homeowners are experiencing significant equity growth, making this a lucrative time to sell. If you’re a homeowner looking to capitalize on these rising prices, listing your home now could mean a substantial return on investment.
4. Homes Are Taking Longer to Sell
Days on Market Until Sale increased by 111.1%, with homes averaging 38 days on the market compared to 18 days last year.
What this means for sellers: While homes are taking longer to sell, the market remains favorable. To speed up your sale, focus on proper staging, high-quality marketing, and accurate pricing. Positioning your home correctly can help attract buyers faster.
5. Buyers Have More Options
Inventory of Homes for Sale saw a 121.2% increase, and the Months Supply of Inventory is up by 141.7%, now sitting at 2.9 months.
What this means: More inventory means buyers have more choices, leading to less urgency in the decision-making process. As a seller, you’ll need to ensure your home stands out by offering value, whether through upgrades, price, or unique selling points.
6. Slight Decline in List Price to Sale Price Ratio
The Percent of Original List Price Received slightly decreased by 1.7%, with sellers receiving about 98.1% of their original asking price.
Key takeaway: Although sellers may need to be a bit more flexible in negotiations, homes are still selling close to their list price. Setting a competitive price from the start is critical to minimizing price reductions and ensuring a quicker sale.
Summary for Waxhaw Homeowners and Sellers: The Waxhaw real estate market remains active, but trends are shifting. While more homes are being listed, fewer sales are closing, and homes are staying on the market longer. However, rising home values present an excellent opportunity for sellers to profit. If you’re considering selling your home, now is the time to act, but preparation is key—competitive pricing, strategic marketing, and flexibility in negotiations will help ensure a successful sale.
By staying informed and adapting to these market changes, you can make the most of this evolving landscape. Whether you’re looking to sell your home now or simply want to understand the market, the trends in Waxhaw show both opportunities and challenges that can be navigated with the right approach.