Matthews Real Estate Market Highlights: August 2023
Matthews real estate market in August 2023 saw higher median and average home sale prices year-over-year. Days on market increased over the prior month. Housing inventory increased slightly over July 2023. New listings increased over July, but decreased year-over-year. List to sale price ratio still at 101+%, leaving little room for buyers to negotiate. Sales declined in August compared with the previous month and the previous year.
HOME SALE PRICES INCREASE YEAR-OVER-YEAR
Average sale price in August 2023 was $549,090, down 1.49% from $557,389 in the previous month of July. August’s average sale price increased 9.07% year-over-year from $503,406. The August 2023 average sale price was at its highest level compared with August 2022 and August 2021. The average sale price in August 2023 was also at its highest level since September 2020
Median home sale price in August 2023 was $572,000, which was 8.44% higher than $527,500 in July 2023. Year-over-year, median home sale price increased 31.04% from $436,000 in August 2022. The August 2023 median home sale price was at its highest level compared with August 2022 and August 2021. The median sale price in August 2023 was also at its highest level since September 2020.
Price per square foot in August 2023 was $221, flat compared with the previous month of July. Price per square foot was 3.76% higher than $213 in August 2022. August’s price per square foot was at its highest level since September 2020.
DAYS ON MARKET IN MATTHEWS INCREASED TO 39 DAYS
Average days on market in August 2023 were 39 days, increasing from 32 days in July 2023 and increasing 26 days compared with August 2022. August’s days on market were at their highest level compared with August 2022 (13 days on market) and August 2021 (7 days on market).
MATTHEWS HOUSING INVENTORY UP SLIGHTLY MONTH-OVER-MONTH | DOWN YEAR-OVER-YEAR
The number of properties for sale in August 2023 was 141, up 5.22% from 134 properties in July. Inventory was 12.96% lower than the 162 properties for sale in August 2022. August’s inventory was higher than in 2021 when inventory stood at 120 properties for sale. With the months supply of inventory just over three months, Matthews remained a home seller’s market.
NEW LISTINGS IN MATTHEWS DOWN YEAR-OVER-YEAR | UP MONTH-OVER-MONTH
The number of new listings in August 2023 was 53, up 17.78% from the previous month’s 45 new listings. New listings were 20.9% lower than what we saw in August 2022 (67 new listings) and in August 2021 (72 new listings).
Sales declined in August 2023 to 42 from 48 in July 2023. Closed sales were also 41.67% lower than in August one year ago. The August 2023 sales were at their lowest level compared with August 2022 (72 sales) and August 2021 (68 sales).
LIST TO SALE PRICE RATIO OVER 101%
With a selling price at 101.45% of list price, essentially equal to July’s ratio and that of August 2022. Matthews home buyers continue to see little room to negotiate on price.
Want to know what this would mean for your family if you decide to buy or sell a Matthews home?
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 24+ 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: