Matthews real estate market in February 2023 saw home prices increase year-over-year and month-over-month. Median home sale price was 20.8% higher than one year ago. Days on market and inventory also increased, while new listings continue to decrease. List to sale price ratio in February was just under 99%. Sales were up over January 2023, but down compared with February 2022.
Matthews Real Estate Market Highlights: February 2023
AVERAGE & MEDIAN HOME SALE PRICES INCREASED YEAR-OVER-YEAR AND MONTH-OVER-MONTH
Average sale price in February 2023 was $473,594, increasing 7.13% from $442,077 in January 2023. February’s average sale price also increased 6.8% year-over-year from $443,571. The February 2023 average home sale price was at its highest level compared with February 2022 and February 2021.
Median home sale price in February 2023 was $465,000, which was 9.4% higher from $425,00 in January 2023. Year-over-year, median home sale prices increased 20.8% from $385,000 in February 2022. The February 2023 median home sale price was at its highest level compared with February 2022 and February 2021.
Price per square foot in February 2023 was $214, increasing 2.9% from $208 in January 2023 and increasing 5.9% from $202/square foot in February 2022.
DAYS ON MARKET IN MATTHEWS INCREASED IN FEBRUARY
Average days on market in February 2023 were 37 days, up from 35 days in January 2023 and up 15 days from February 2022. This was the highest number of days on market we’ve seen in Matthews in three years.
Buyer foot traffic was lower compared with February one year ago, with the average number of showings per listing at 13.8 versus 24 showings in 2022. Compared with the most recent month of January 2023, foot traffic decreased by just under one showing per listing.
MATTHEWS HOUSING INVENTORY UP YEAR-OVER-YEAR | NEW LISTINGS REMAIN LOW
The number of properties for sale in February 2023 was 126, down 13.7% from 146 homes in January 2023, but 10.5% higher than the 114 properties for sale in February 2022. The February 2023 inventory was at its highest level compared with February 2022 (114 listings) and February 2021 (122 listings), but was still lower than the inventory we saw since April 2022.
The number of new listings in February 2023 was 31, equal to the number of new listings in January 2023. New listings were considerably lower than what we saw in February 2022 (47 new listings) and February 2021 (68 new listings). Except for December 2022, February’s new listings are the lowest we’ve seen since January 2021.
Sales increased in February 2023 to 35 from 28 in January 2023. Sales decreased from 47 in February 2022 and 41 in February 2021. With the exception of November 2022 and January 2023, February’s were the lowest level of sales Matthews saw in three years.
LIST TO SALE RATIO DROPPED BELOW 100% FOR A 5TH CONSECUTIVE MONTH
With a selling price at 98.98% of list price, February 2023 saw a 3.6% decrease in the list to sale price ratio compared with February 2022. However, the month-over-month list to sale price ratio increased 1.02% in February.
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