Latest news on the Matthews, NC (28105 zip code) real estate market in July 2022...
What it means for you...
What you need to know...
While we've heard considerable talk about housing markets showing signs of slowing down and inventory gradually increasing to benefit home buyers, we saw no significant slowdown in Charlotte's Matthews area in July 2022 where home prices continued to increase setting new records and inventory remained tight with fewer new listings in July. Home sellers continued to received over asking price in final sale price, despite fewer closed and pending sales. And while average days on market increased by three days, homes still sold quickly -- in 10 days on average.
Matthews housing market continued to see low months supply of inventory at 1.1 months, keeping it in a seller's market in July. Listing inventory did increase but equal to only 9 more homes on market in July 2022 versus July 2021. Meanwhile, new listings coming on the market dropped year-over-year. Moreover, with sale prices increasing year-over-year to record highs it would appear that Matthews home sellers remain in the driver's seat for now.
Matthews (28105 Zip Code) Housing Market Highlights:
July 2022 versus July 2021
HOME SALE PRICES INCREASED IN MATTHEWS YEAR-OVER-YEAR
Average sale prices of homes increased 38.0% year-over-year to $533,894. This was a record high for average home prices in Matthews. Average sale prices also increased approximately $36,000 from June 2022. Average sale price was almost $167,000 higher than in July 2020.
Median home sale prices increased 40.0% to $515,000 year-over-year, also setting a new record. Median sale prices increased $65,000 month-over-month. Compared with July 2020, median sale prices were approximately $192,000 higher in July 2022.
Price per square foot increased 20.1% year-over-year to $215/square foot from $179/square foot in July 2021.
MATTHEWS HOMES SOLD QUICKLY DESPITE AN INCREASE IN DAYS ON MARKET
Average days on market were 10 days, three days more than in July 2021. Average days on market were two days higher month-over-month. Median days on market were just two days, one less than the three days in July 2021.
Buyer foot traffic was somewhat lower compared with July on year ago, with the average showings per listing at 12.3 in 2022 compared with 15.4 showings per listing last year.
MATTHEWS CLOSED & PENDING SALES DECREASED IN JULY 2022
Closed sales decreased 16.2% year-over-year. Pending sales decreased 6.8% year-over-year. Some of the decrease can be attributed to low inventory in Matthews. Some of the decrease can also be attributed to the fact that prospective buyers may now priced out of the Matthews housing market as a result of home prices that have continued to increase by double digits coupled with increased mortgage rates.
With a median selling price at 100.8% of list price (down 1.9% year-over-year and 4.1% month-over-month), Matthews home buyers still had minimal room to negotiate on home prices in July 2022.
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Median Home Sale Price Trends For Matthews Homes
This Charlotte, North Carolina real estate monthly update for Matthews, NC is provided by Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, your Charlotte metro area residential real estate experts and Matthews specialists. We've been opening doors for Matthews home buyers and sellers for 20+ years.
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