Real Estate Market Report for the Small Towns of Union County NC
Is the Charlotte, NC real estate market "bulletproof" or is it subject to the plunging real estate values that some other parts of the country are experiencing? I decided to take a look at the small towns on the south side of Charlotte to see how real estate values are holding up. This market report includes the towns of Matthews and Mint Hill in Mecklenburg County NC and the small towns of Monroe, Marvin, Weddington, Wesley Chapel, Waxhaw, Lake Park, Stallings, and Indian Trail in Union County NC.
I used market change analysis to compare average sales price for the last six months in each town with average sales price for the previous six months. I also looked at average square footage and average days on market (DOM). The following summarizes what I found.
Mint Hill. Average square footage remained the same at approximately 2600sf. Average sales price dropped 1% to $298,733. DOM increased from 94 to 99. DOM for all active listings: 105.
Matthews. Average sf remained the same at approximately 2200sf. Average sales price dropped 6% to $237,857. DOM increased from 65 to 75. DOM for all active listings: 117.
Monroe. Average sf remained the same at approximately 1800sf. Average sales price dropped 6% to $160,234. DOM increased from 81 to 89. DOM for all active listings: 110.
Marvin. Average sf increased from approximately 4400 to 4800sf. Average sales price increased 5% to $754,416. DOM dropped from 99 to 81. DOM for all active listings: 128.
Weddington. Average sf decreased from approximately 4300sf to 4000sf. Average sales price decreased 24% to $579,546. DOM dropped from 148 to 123. DOM for all active listings: 138.
Wesley Chapel. Average sf decreased from approximately 3200sf to 2900sf. Average sales price decreased 20% to $318,996. DOM increased from 91 to 130. DOM for all active listings: 139.
Waxhaw. Average sf remained the same at approximately 3100sf. Average sales price decreased 7% to $367,933. DOM increased from 102 to 120. DOM for all active listings: 124.
Lake Park. Average sf decreased from approximately 2100sf to 1800sf. Average sales price decreased 9% to $186,000. DOM increased from 83 to 86. DOM for all active listings: 114.
Stallings. Average sf remained the same at approximately 2200sf. Average sales price increased by 2% to $242,327. DOM increased from 70 to 84. DOM for all active listings: 90.
Indian Trail. Average sf remained the same at approximately 2100sf. Average sales price decreased 2% to $210,825. DOM increased from 65 to 75. DOM for all active listings: 102.
The statistics for Weddington and Wesley Chapel show the biggest drops in average sales price. My guess is that these drops reflect the decline in new construction starts and builder pricing reductions to move their inventory. The square footage in these two towns also declined which would result in lower prices as well.
The bottom line for all the towns is that there is indeed a downward pressure on pricing in the Charlotte and Union County NC marketplace. I included the average days on market for all active listings in each town. These numbers are all higher than those for properties that were purchased indicating a longer marketing time for most homes currently on the market.
For more information on these small towns, visit www.CarolinaSmallTownLiving.com.