Highgate in Weddington NC--2010 Real Estate Market Update
Highgate in Weddington NC—2010 Real Estate Market Update
Click here for an update to the 2011 real estate market in Highgate.
Beautiful stone gates announce your arrival at Highgate, one of Union County’s prettiest luxury home neighborhoods. Located in Weddington NC, Highgate has custom homes of brick, stone and stucco on wooded estate-sized lots. Highgate’s location along Providence Road just inside Union County offers residents easy access to the shopping and entertainment amenities of South Charlotte.
How did the 2010 real estate market in Highgate compare with the 2009 market in the neighborhood? The table below shows median values for several characteristics of the marketplace. The real estate market in Highgate improved substantially in 2010. Twenty one homes sold in the neighborhood, almost twice as many as in 2009. The median closed price also improved, up 14% over 2009. The median square footage of homes sold in each year was similar, indicating a rise in the value of the homes sold on a dollar per square foot basis. While prices rose in 2010, median days on the market also increased requiring Highgate sellers to wait longer for a sale. The median list to sale ratio also dropped to 88% of asking price.
Highgate Real Estate Market Comparison
Single Family Homes
Highgate
Market Update | Median Closed Price | Median Home Square Footage | Median Days on Market | Median List to Sale Ratio |
| Year 2009 | $890,000 | 5514 | 77 | 90% |
| Year 2010 | $1,035,000 | 5661 | 198 | 88% |
Source: Carolina Multiple Listing Service
The mix of closed sale types affects the real estate market in any neighborhood. In 2010, Highgate resale sellers were competing with new construction and foreclosures. The table shows that almost a quarter of closed sales were foreclosures and short sales. The substantial number of new construction sales during 2010 may have contributed to the higher median closed prices.
Highgate Types of Closed Sales
| Highgate Sales Types | Number of Closed Sales | Percentage of Closed Sales |
| Resale | 9 | 42.8% |
| New Construction | 7 | 33.3% |
| Foreclosure | 4 | 19% |
| Short Sale | 1 | 4.9% |
Source: Carolina Multiple Listing Service
Read more about Highgate, its community amenities, builders and public schools: Highgate in Weddington NC—Homes for Sale and Neighborhood Profile
Highgate Homes for Sale
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Copyright 2011. Carol Fox. Allen Tate Realtors. *Highgate in Weddington NC—2010 Real Estate Market Update*