Matthews (28105 zip code) housing market remained a home seller’s market in July 2021, evidenced by extremely low inventory and with just barely over a one-half month’s supply of inventory and extremely low days on market. Matthews homes are selling as quickly as they come on the market. Average home prices increased in July 2021.
Matthews Housing Market Update: July 2021
Latest news on the Matthews (28105 zip code) real estate market in July 2021 and what it means for you…
Matthews housing market continues to see extremely low inventory with the months supply of inventory razor-thin at 0.6 months (down 33.3% year-over-year from 0.9 months in July 2020 and down from 2.0 months in July 2019). Inventory of homes was down 34.6% year-over-year. New home listings increased 11.6% year-over-year. Matthews homes sold in four days, on average. Clearly, new listings sold as quickly as they came on the market.
Average sale prices of homes increased 6.4% year-over-year to $372,192. Median home sale prices increased 17.7% to $365,000 year-over-year. Price per square foot increased 22.1% year-over-year to $177/square foot (up $32/square foot).
Average days on market were 4 days, down 69.2% from 13 days the same time period one year ago. Average days on market were also down 50% from July 2021. Median days on market decreased to 3 days versus one year ago, a 25.0% drop from 4 days in July 2020 and 12 days in July 2019. Matthews homes sold almost as quickly as they came on the market in July 2021.
Closed sales decreased 25.6% year-over-year. Pending sales decreased 12.7% 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 102.6% of asking price (up 2.6% over July 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?