Matthews real estate market in May 2023 saw much higher home sale prices both year-over-year and month-over-month. Days on market were down dramatically from April 2023, declining 70% from April 2023. Housing inventory also declined, as did new listings. List to sale price ratio increased to just under 101%. Closed sales also increased to their highest level since June 2022.
Matthews Real Estate Market Highlights: May 2023
AVERAGE & MEDIAN HOME SALE PRICES UP BY DOUBLE DIGITS YEAR-OVER-YEAR & MONTH-OVER-MONTH
Average sale price in May 2023 was $571,168, increasing 16.3% from $491,117 in April 2023. May’s average sale price increased 20.42% year-over-year from $474,320. The May 2023 average sale price was at its highest level compared with May 2022 and May 2021.
Median home sale price in May 2023 was $530,500, which was 15.03% higher than $461,200 in April 2023. Year-over-year, median home sale prices increased 19.48% from $444,000 in May 2022. The May 2023 median home sale price was at its highest level compared with May 2022 and May 2021.
Price per square foot in May 2023 was $215, up from $209/square foot in April 2023 and equal to the price per square foot in May 2022.
DAYS ON MARKET IN MATTHEWS DECLINED 70% FROM APRIL 2023
Average days on market in May 2023 were 18 days, declining 70% from 60 days in April 2023 and up 9 days from May 2022. This was the lowest number of days on market in Matthews since November 2022, when DOM were 12 days.
MATTHEWS HOUSING INVENTORY DECLINED FOR A THIRD CONSECUTIVE MONTH
The number of properties for sale in May 2023 was 130, down 4.41% from 136 homes in April 2023. Inventory was 3.17% higher than the 126 properties for sale in May 2022. The May 2023 inventory was at its highest level compared with May 2022 (126 listings) and May 2021 (118 listings). Housing inventory in Matthews declined for a third consecutive month and was second lowest since June 2022.
NEW LISTINGS IN MATTHEWS DECLINED A THIRD CONSECUTIVE MONTH
The number of new listings in May 2023 was 46, down 19.3% from the previous month’s 57 listings. New listings were 35.21% lower than what we saw in May 2022 (71 new listings) and in May 2021 (64 new listings). The May 2023 new listings were at their lowest level compared with May 2022 and May 2021.
MATTHEWS SALES INCREASED MONTH-OVER-MONTH
Sales increased in May 2023 to 56 from 37 in April 2023. Sales declined from 69 in May 2022 and 64 in May 2021.
LIST TO SALE PRICE RATIO JUST UNDER 101%
With a selling price at 100.76% of list price, May’s ratio increased 0.21% from April 2023, but was down from 105.37% in May 2022.
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