Matthews Real Estate: October 2022

Latest news on the Matthews (28105 zip code) real estate market in October 2022 and what it means for you…

 

Matthews housing market continued to see low months supply of inventory at 1.6 months, keeping it a seller’s market in October. Listing inventory did increase, but new listings coming on the market dropped year-over-year. Days on market increased considerably both year-over-year and month-over-month providing credence to a slowing market. Home prices also increased in October 2022, year-over-year and month-over-month.

 

 

 Matthews (28105 Zip Code) Real Estate Market Highlights:

October 2022 versus October 2021

 

HOME SALE PRICES INCREASED IN MATTHEWS YEAR-OVER-YEAR & MONTH-OVER-MONTH

Average sale prices of homes increased 16.8% year over-year to $503,375. They also increased slightly by $4,000 from September 2022. Compared with October 2020, average home prices were approximately $147,000 higher.

Median home sale prices increased 13.2% to $451,500 year-over-year and by approximately $17,000 month-over-month. Compared with October 2020, median sale prices were approximately $127,000 higher in October 2022. 

Price per square foot increased 15.9% year-over-year to $211/square foot from $182/square foot in October 2021. 

 

MATTHEWS HOMES TOOK LONGER TO SELL IN OCTOBER 2022

Average days on market were 38 days, 25 days higher than in October 2021.  Average days on market were 22 days higher month-over-month.  Median days on market were seven days, three days more than the four days in October 2021 and two days more than one month ago.

Buyer foot traffic was much lower compared with October one year ago, with the average number of showings per listing at 5.6 in 2022 compared with 13.6 showings per listing last year. Compared with the most recent month of September 2022, foot traffic was down almost 50% per listing from 10.4 showings. This is the lowest level of foot traffic Matthews has seen all year.

 

MATTHEWS INVENTORY UP IN SEPTEMBER | NEW LISTINGS DOWN

Year-over-year, Matthews inventory increased 23.3%.  Months supply of homes for sale was 1.6 months, up from 1.1 months in October one year ago. The months supply of homes was 0.3 months higher than in the previous month of September 2022.

 

MATTHEWS CLOSED & PENDING SALES DOWN IN OCTOBER 2022

Closed sales decreased 9.7% year-over-year.  Pending sales decreased 53.3% year-over-year. We have to go back to April 2015 to see a lower level of pending sales. The huge decrease in pending sales is another indicator of a slowing market in Matthews.

Matthews has long been known for its affordable housing. 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 DROPPED BELOW 100% IN OCTOBER 2022

With a median selling price at 98.2% of list price (down 2.3% year-over-year and down 1.8% month-over-month) home buyers have seen their first window of opportunity to negotiate on price in almost one year. December 2020 was the last time the median list to sale price ratio in Matthews was below 100%.

 

Want to know what this would mean for your family if you decide to buy or sell a Matthews home?

 

We can help.

Call us today at 704-779-0813 or contact us here.

There’s absolutely NO OBLIGATION. A consultation with Carolinas Realty Partners is FREE. 

 

 

MORE INFORMATION ON THE MATTHEWS HOUSING MARKET’S PERFORMANCE

 

 Matthews and the 28105 zip code remains a home seller’s market and a very competitive environment for affordable homes for home buyers in Matthews, North Carolina.

 

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THINKING OF SELLING YOUR HOME? CHECK OUT THE COLDWELL BANKER MARKETING ADVANTAGE 

 

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,  Greater Charlotte area residential real estate experts and Matthews specialists. We’ve been opening doors for Matthews home buyers and sellers for 22+ 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:

“The Right Broker Makes All The Difference.”