Matthews real estate market in October 2022 saw higher home prices, fewer new listings, and a months supply of 1.6 months keeping it in seller “territory.” By the same token, a cooling in the market was evident in the higher days on market, much less foot traffic, and much lower pending sales in October.
Matthews Housing Market: October 2022
Latest news on the Matthews (28105 zip code) real estate market in October 2022 and what it means for you…
Matthews housing market continued to see low months supply of inventory at 1.6 months, keeping it a seller’s market in October. Listing inventory did increase, but new listings coming on the market dropped year-over-year. Days on market increased considerably both year-over-year and month-over-month providing credence to a slowing market. Home prices also increased in October 2022, year-over-year and month-over-month.
Matthews (28105 Zip Code) Real Estate Market Highlights:
October 2022 versus October 2021
HOME SALE PRICES INCREASED IN MATTHEWS YEAR-OVER-YEAR & MONTH-OVER-MONTH
Average sale prices of homes increased 16.8% year over-year to $503,375. They also increased slightly by $4,000 from September 2022. Compared with October 2020, average home prices were approximately $147,000 higher.
Median home sale prices increased 13.2% to $451,500 year-over-year and by approximately $17,000 month-over-month. Compared with October 2020, median sale prices were approximately $127,000 higher in October 2022.
Price per square foot increased 15.9% year-over-year to $211/square foot from $182/square foot in October 2021.
MATTHEWS HOMES TOOK LONGER TO SELL IN OCTOBER 2022
Average days on market were 38 days, 25 days higher than in October 2021. Average days on market were 22 days higher month-over-month. Median days on market were seven days, three days more than the four days in October 2021 and two days more than one month ago.
Buyer foot traffic was much lower compared with October one year ago, with the average number of showings per listing at 5.6 in 2022 compared with 13.6 showings per listing last year. Compared with the most recent month of September 2022, foot traffic was down almost 50% per listing from 10.4 showings. This is the lowest level of foot traffic Matthews has seen all year.
MATTHEWS INVENTORY UP IN SEPTEMBER | NEW LISTINGS DOWN
Year-over-year, Matthews inventory increased 23.3%. Months supply of homes for sale was 1.6 months, up from 1.1 months in October one year ago. The months supply of homes was 0.3 months higher than in the previous month of September 2022.
MATTHEWS CLOSED & PENDING SALES DOWN IN OCTOBER 2022
Closed sales decreased 9.7% year-over-year. Pending sales decreased 53.3% year-over-year. We have to go back to April 2015 to see a lower level of pending sales. The huge decrease in pending sales is another indicator of a slowing market in Matthews.
Matthews has long been known for its affordable housing. It’s not unreasonable to assume prospective buyers may now be priced out of the Matthews housing market as a result of home prices that have continued to increase coupled with increased mortgage rates.
LIST TO SALE RATIO DROPPED BELOW 100% IN OCTOBER 2022
With a median selling price at 98.2% of list price (down 2.3% year-over-year and down 1.8% month-over-month) home buyers have seen their first window of opportunity to negotiate on price in almost one year. December 2020 was the last time the median list to sale price ratio in Matthews was below 100%.
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