If you’re a homeowner in Waxhaw, NC, and have been contemplating selling, now might be the perfect time to make your move. Let’s take a closer look at the latest market trends in Waxhaw for 2024 and what they mean for potential sellers.

1. Inventory Levels Are Rising Significantly

One of the most notable trends in Waxhaw’s real estate market is the sharp increase in inventory. In July 2024, the number of homes for sale surged by 127% compared to July 2023, jumping from 74 to 168 available properties in Waxhaw . This has expanded the months supply of inventory from just 1.0 month to 2.7 months—a 170% increase.

What This Means for Sellers: More inventory means more competition. However, while more homes are available, if you price your home correctly and present it well, you can still stand out and attract buyers. Acting sooner rather than later could be beneficial before inventory levels climb further, potentially saturating the market.

2. Median and Average Sale Prices Show Mixed Signals

In 2024, Waxhaw’s median sales price dropped by 7.8%, from $751,000 in 2023 to $692,500. However, when you zoom out and look at year-to-date numbers, the median sales price is actually up by 10.6% to $730,000. The same trend can be seen in the average sales price, which has fallen by 9.9% for July but is up by 9.4% for the year.

What This Means for Sellers: Despite a slight dip in prices compared to last year, the overall trajectory for 2024 shows that home values in Waxhaw are still trending upward. Pricing your home competitively now could allow you to capitalize on this continued appreciation while avoiding any further fluctuations.

3. Homes Are Selling Faster

Another positive note for sellers is that homes are selling faster in 2024 compared to the previous year. The average number of days on market has held steady at 32 days in July, but the list-to-close time has decreased by 12.8%, and cumulative days on market have dropped by 33.3%.

What This Means for Sellers: The quicker turnaround time is a promising sign. If you list your home, you’re likely to sell it faster than in previous years. This could be due to better pricing strategies, increased demand, or buyers wanting to lock in deals before interest rates rise.

4. Strong Percentage of List Price Received

In July 2024, sellers in Waxhaw received an average of 98.7% of their original listing price, which is only slightly down from the 98.8% seen in July 2023. Year-to-date, sellers are doing even better, receiving 99.2% of their list price.

What This Means for Sellers: Sellers are still getting very close to their asking prices, suggesting strong buyer interest. With homes selling near their listed prices, it indicates that pricing your home competitively will still yield favorable results.

5. Pending Sales Decline, But Closed Sales Show Stability

There’s been a 4.2% increase in pending sales year-over-year in July, but year-to-date, pending sales are down by 8.9%(Waxhaw (3)). Meanwhile, closed sales have seen a slight uptick for July (+5.5%), though they are down for the year (-10.6%).

What This Means for Sellers: While fewer contracts are being signed overall, the number of sales closing remains steady. This could mean that buyers are becoming more selective, but committed buyers are still pushing through to close on homes. Sellers should be prepared for slightly longer negotiations but can feel confident that serious buyers are still in the market.

Final Thoughts: Is Now the Right Time to Sell?

The Waxhaw real estate market in 2024 offers both opportunities and challenges for sellers. Rising inventory and mixed price trends indicate the need for careful pricing and strong marketing strategies. However, homes are selling faster, and sellers are still getting close to their asking prices.

If you’ve been on the fence about selling, these conditions suggest that acting now could help you avoid potential future saturation in the market. For homeowners looking to capitalize on Waxhaw’s appreciation in home values and quicker sales timelines, this may be an ideal moment to list.