Matthews Real Estate: October 2023
Matthews real estate market in October 2023 saw lower median and average home sale prices month-over-month. Average sale price, however, was higher than one year ago in October. At 19 days, the days on market remained low. Housing inventory decreased compared with the prior month and the prior year. New listings declined both month-over-month and year-over-year and were at their lowest level since February 2023. List to sale price ratio was back above 100%, leaving little room for buyers to negotiate. Sales declined in October compared with the previous month and the previous year. With a month’s supply of inventory of 3.81, Matthews appears to be moving towards a more balanced market between home buyers and sellers.
MATTHEWS HOME SALE PRICES MOSTLY DOWN
Average sale price in October 2023 was $509,909, down 4.44% from $533,624 in the previous month of September. October’s average sale price increased 8.93% year-over-year from $468,100. The October 2023 average sale price was at its highest level compared with October 2022 and October 2021.
Median home sale price in October 2023 was $426,250, which was 16.42% lower than $510,000 in September 2023. Year-over-year, median home sale price declined 6.11% from $454,000 in October 2022.
Price per square foot in October 2023 was $230, up from $228 in the previous month of September. Price per square foot was 9% higher than $211 in October 2022. October’s price per square foot was at its highest level since before 2021.
MATTHEWS DAYS ON MARKET REMAINED LOW
Average days on market in October 2023 were 19 days, increasing from 12 days in September 2023 and increasing 2 days compared with October 2022. October’s days on market were at their highest level compared with October 2022 (17 days on market) and October 2021 (10 days on market). By the same token, October’s average days on market were at their third lowest level since November 2022.
MATTHEWS HOUSING INVENTORY DOWN MONTH-OVER-MONTH | DOWN YEAR-OVER-YEAR
The number of properties for sale in October 2023 was 137, down 2.14% from 140 properties in September. Inventory was 18.93% lower than the 169 properties for sale in October 2022 and equal to the inventory level of 137 properties for sale in October 2021. The months supply of inventory of 3.81 months was at its highest level compared with October 2022 and 2021. Matthews appears to be slowly moving to a balanced market between buyers and sellers.
NEW LISTINGS IN MATTHEWS DOWN YEAR-OVER-YEAR & MONTH-OVER-MONTH
The number of new listings in October 2023 was 39, down 23.53% from the previous month’s 51 new listings. New listings were 20.41% lower than what we saw in October 2022 (49 new listings) and in October 2021 (88 new listings). October’s new listings were at their lowest level since February 2023.
MATTHEWS SALES DECLINED YEAR-OVER-YEAR & MONTH-OVER-MONTH
Sales declined 2.7% in October 2023 to 36 from 37 in September 2023. Closed sales were also 33.33% lower than in October one year ago. The October 2023 sales were at their lowest level compared with October 2022 (54 sales) and October 2021 (60 sales). October 2023 saw the lowest level of sales since March 2023.
MATTHEWS LIST TO SALE PRICE RATIO OVER 100%
The selling price at 100.33% of list price increased from 99.81% in September and from 99.1% in October one year ago. Matthews home buyers continued to see little room to negotiate on price in October 2023.
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This Charlotte, North Carolina real estate monthly update for Matthews, NC is provided by Nina Hollander with Coldwell Banker Realty, Greater Charlotte residential real estate expert and Matthews specialist. I’ve been opening doors for Matthews home buyers and sellers for 25 years.
If you’re considering selling or purchasing a home in Matthews or anywhere in the Charlotte metro area, I’d love an opportunity to earn your business, to exceed your expectations, and to show you why experience matters and how:
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