Matthews real estate market in December 2022 saw a cooling in the market with higher inventory, lower list to sale price ratios, longer days on market, significantly lower closed and pending sales. At the same time, home prices increased year-over-year and month-over-month and fewer new listings came on market.
Matthews Housing Market: December 2022
Latest news on the Matthews (28105 zip code) real estate market in December 2022 and what it means for you…
Matthews housing market saw a decline in closed and pending sales in December 2022, signaling a softening in the market. Listing inventory increased by over 50%, but new listings coming on the market dropped year-over-year and the months supply of inventory remained low at 1.6 months. Days on market were increased year-over-year an month-over-month. Home prices increased in December 2022, year-over-year and month-over-month.
Matthews (28105 Zip Code) Real Estate Market Highlights:
December 2022 versus December 2021
HOME SALE PRICES INCREASED IN MATTHEWS YEAR-OVER-YEAR & MONTH-OVER-MONTH
Average sale prices of homes increased 19.9% year over-year to $496,914. Month-over-month, home sale prices increased approximately $113,000. Compared with December 2020, average home prices were approximately $158,000 higher in December 2022.
Median home sale prices increased 18.4% to $467,750 year-over-year. Month-over-month, median home sale prices increased approximately $91,000. Compared with December 2020, median sale prices were approximately $145,000 higher in December 2022.
Price per square foot increased 10.5% year-over-year to $211/square foot in December 2022 from $191/square foot one year ago.
DAYS ON MARKET IN MATTHEWS INCREASED YEAR-OVER-YEAR AND MONTH-OVER-MONTH IN DECEMBER 2022
Average days on market were 35 days, 26 days higher versus the same month one year ago. Average days on market were 24 days higher month-over-month. Median days on market were eight days, double the four days in the same month one year ago. Median days on market were five days higher than one month ago.
Buyer foot traffic was lower compared with December one year ago, with the average number of showings per listing at 8 in 2022 compared with 13.1 showings per listing last year. Compared with the most recent month of November 2022, foot traffic increased to 8 showings from 6.8 showings.
MATTHEWS INVENTORY UP IN DECEMBER 2022 | NEW LISTINGS DOWN
Year-over-year, Matthews inventory increased 52.8%. Months supply of homes for sale was 1.6 months, up from 0.8 months in December one year ago. The months supply of homes was 0.2 months lower than in the previous month of November 2022.
MATTHEWS CLOSED & PENDING SALES DOWN IN DECEMBER 2022
Closed sales decreased 41.9% year-over-year. Pending sales decreased 21.4% year-over-year. This decrease in closed and pending sales is another indicator of a slowing market in Matthews.
LIST TO SALE RATIO DROPPED BELOW 100% FOR A THIRD CONSECUTIVE MONTH
With a median selling price at 96.3% of list price (down 4% year-over-year and down 0.3% month-over-month) home buyers saw a window of opportunity to negotiate on price.
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