Matthews (28105 zip code) housing market remained a home seller’s market in August 2021, evidenced by extremely low inventory and just 7 days on market. Matthews homes are selling as quickly as they come on the market. Lack of inventory was a reason average and median home prices increased significantly in August 2021.
Matthews Housing Market Update: August 2021
Latest news on the Matthews (28105 zip code) real estate market in August 2021 and what it means for you…
Matthews housing market continues to see extremely low inventory with the months supply of inventory very thin at 0.8 months (down 38.5% year-over-year from 1.3 months in August 2020 and down from 2.4 months in August 2019). However you “slice it,” Matthews has been a home seller’s market for at least three years now. Inventory of homes was down 43.3% year-over-year. New home listings decreased 5.0% year-over-year. Matthews homes sold in seven days, on average in August.
Average sale prices of homes increased 17.8% year-over-year to $437,817. Matthews home prices have increased some $116,000, on average, since August 2019. Median home sale prices increased 26.0% to $418,000 year-over-year. Median home prices are $133,000 higher in August 2021 than they were in August 2019. Price per square foot increased 16.1% year-over-year to $173/square foot (up $24/square foot).
Average days on market were 7 days, down 80.0% from 35 days in the same time period one year ago. Median days on market decreased to one day versus one year ago and 6 days from August 2019. The demand for homes in Matthews can be seen in the number of showings per listing. In August 2021, the average listed home had 17.1 showings compared with 14.3 showings in August 2020 and 9.2 showings in August 2019. It’s more buyers chasing fewer listings.
Closed sales decreased 26.7% year-over-year. Pending sales decreased 1.2% year-over-year. With the lack of inventory and new listings, it’s no surprise that sales were down. There is also the question of how many prospective buyers are now priced out of the Matthews housing market due to home prices that have continued to increase.
With a median selling price of 101.7% of asking price (up 1.7% over August 2020), Matthews home buyers should expect minimal to no room to negotiate.
Want to know what this would mean for your family if you decide to buy or sell a Matthews home?