Matthews real estate market in November 2022 saw a definite cooling in the market with lower home prices, more inventory, lower list to sale price ratios, significantly lower closed and pending sales. The “bright spot” in Matthews were days on market, which were flat year-over-year and down month-over-month.
Matthews Housing Market: November 2022
Latest news on the Matthews (28105 zip code) real estate market in November 2022 and what it means for you…
Matthews housing market saw a significant decline in closed and pending sales in November 2022, signaling a softening in the market. Listing inventory increased, but new listings coming on the market dropped year-over-year and the months supply of inventory remained low under two months. Days on market were flat year-over-year and down month-over-month. Home prices decreased in November 2022, year-over-year and month-over-month.
Matthews (28105 Zip Code) Real Estate Market Highlights:
November 2022 versus November 2021
HOME SALE PRICES DOWN IN MATTHEWS YEAR-OVER-YEAR & MONTH-OVER-MONTH
Average sale prices of homes decreased 13.1% year over-year to $384,105. Compared with November 2020, average home prices were approximately $39,000 higher.
Median home sale prices decreased slightly by 1.9% to $377,000 year-over-year. Compared with November 2020, median sale prices were approximately $57,000 higher in November 2022.
Price per square foot increased 9.8% year-over-year to $212/square foot in November 2022. And despite a drop in sale prices month-over-month, price per square foot increased.
DAYS ON MARKET IN MATTHEWS FLAT COMPARED WITH ONE YEAR AGO | DOWN COMPARED WITH ONE MONTH AGO
Average days on market were 11 days, flat versus the same month one year ago. Average days on market were 27 days lower month-over-month. Median days on market were four days, also flat compared with the same month one year ago. Median days on market were three days lower than one month ago.
Buyer foot traffic was much lower compared with November one year ago, with the average number of showings per listing at 6.8 in 2022 compared with 15.7 showings per listing last year. Compared with the most recent month of October 2022, foot traffic increased to 6.8 showings from 5.6 showings.
MATTHEWS INVENTORY UP NOVEMBER | NEW LISTINGS DOWN
Year-over-year, Matthews inventory increased 49.2%. Months supply of homes for sale was 1.8 months, up from 1.0 months in November one year ago. The months supply of homes was 0.2 months higher than in the previous month of October 2022.
MATTHEWS CLOSED & PENDING SALES DOWN IN NOVEMBER 2022
Closed sales decreased 68.2% year-over-year. Pending sales decreased 63.6% year-over-year. The huge decrease in closed and pending sales is another indicator of a slowing market in Matthews.
LIST TO SALE RATIO DROPPED BELOW 100% FOR A SECOND CONSECUTIVE MONTH
With a median selling price at 96.6% of list price (down 4.6% year-over-year and down 1.6% month-over-month) home buyers saw a window of opportunity to negotiate on price. December 2020 was the last time the median list to sale price ratio in Matthews was below 100%.
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