Matthews real estate market remained a home seller’s market in July 2022. Tight inventory and fewer new listings increased average and median home prices by double digits and set record highs for home prices. Sellers continued to receive over 100% in median list to sale price. Days on market remained low.
Matthews Housing Market Update: July 2022
Latest news on the Matthews (28105 zip code) real estate market in July 2022 and what it means for you…
Matthews housing market continued to see low months supply of inventory at 1.1 months, keeping it in a seller’s market in July. Listing inventory did increase but equal to only 9 more homes on market in July 2022 versus July 2021. Meanwhile, new listings coming on the market dropped year-over-year. Moreover, with sale prices increasing year-over-year to record highs it would appear that Matthews home sellers remain in the driver’s seat for now.
Average sale prices of homes increased 38.0% year-over-year to $533,894. Average sale prices also increased approximately $36,000 from June 2022. Average sale price was almost $167,000 higher than in July 2020. Median home sale prices increased 40.0% to $515,000 year-over-year, also setting a new record. Median sale prices increased $65,000 month-over-month. Compared with July 2020, median sale prices were approximately $192,000 higher in July 2022.
Price per square foot increased 20.1% year-over-year to $215/square foot from $179/square foot in July 2021.
Average days on market were 10 days, three days more than in July 2021. Average days on market were two days higher month-over-month. Median days on market were just two days, one less than the three days in July 2021. Buyer foot traffic was somewhat lower compared with July on year ago, with the average showings per listing at 12.3 in 2022 compared with 15.4 showings per listing last year.
Closed sales decreased 16.2% year-over-year. Pending sales decreased 6.8% year-over-year. Some of the decrease can be attributed to low inventory in Matthews. Some of the decrease can also be attributed to the fact that prospective buyers may now priced out of the Matthews housing market as a result of home prices that have continued to increase by double digits coupled with increased mortgage rates.
With a median selling price at 100.8% of list price (down 1.9% year-over-year and 4.1% month-over-month), Matthews home buyers still had minimal room to negotiate on home prices in July 2022.
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