Latest news on the Matthews, NC (28105 zip code) real estate market in August 2022...
What it means for you...
What you need to know...
Matthews housing market continued to see low months supply of inventory at 1.3 months, keeping it a seller's market in August. Listing inventory did increase, but new listings coming on the market dropped year-over-year. Days on market increased in August, but were still low at 14 days, on average. With sale prices increasing and a median list to sale ratio of 100%, it would appear that Matthews home sellers remain in the driver's seat for now.
Matthews (28105 Zip Code) Housing Market Highlights:
August 2022 versus August 2021
HOME SALE PRICES INCREASED IN MATTHEWS YEAR-OVER-YEAR
Average sale prices of homes increased 9.2% year-over-year to $488,970. Average sale prices decreased month-over-month, but it should be noted that average sale prices increased 38% last month and it's not reasonable to think we would see such increases month after month. Average sale price was approximately $117,000 higher than in August 2020.
Median home sale prices increased 2.9% to $432,000 year-over-year. As with average sale price, the median sale price increased 40% in July and it's not reasonable to assume such year-over-year increases would continue month after month in a shifting market. Compared with August 2020, median sale prices were approximately $100,000 higher in August 2022.
Price per square foot increased 23.1% year-over-year to $213/square foot from $173/square foot in August 2021.
MATTHEWS HOMES SOLD QUICKLY DESPITE AN INCREASE IN DAYS ON MARKET
Average days on market were 14 days, six days more than in August 2021. Average days on market were four days higher month-over-month. Median days on market were five days, two days more than the three days in August 2021 and two days higher month-over-month. Although, days on market were up in August, they were still low.
Buyer foot traffic was lower compared with August one year ago, with the average number of showings per listing at 10.5 in 2022 compared with 16.4 showings per listing last year. Compared with the most recent month of July 2022, foot traffic was down 1.8 showings per listing.
MATTHEWS CLOSED SALES INCREASED IN AUGUST, BUT PENDING SALES DECREASED IN AUGUST
Closed sales increased 5.6% year-over-year. Pending sales decreased 30.5% year-over-year. It's not unreasonable to assume prospective buyers may now be priced out of the Matthews housing market as a result of home prices that have continued to increase coupled with increased mortgage rates.
LIST TO SALE RATIO WAS 100% IN AUGUST 2022
With a median selling price at 100% of list price (down 0.4% year-over-year and 0.8% month-over-month), Matthews home buyers still had minimal room to negotiate on home prices in August 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 22+ years.
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