Matthews real estate market remained a home seller’s market in May 2022. Low inventory increased average and median home prices by double digits, reduced days on market. Home sellers in the 28105 zip code saw a median 104.2% of list price in final sale price.
Matthews Housing Market Update: May 2022
Latest news on the Matthews (28105 zip code) real estate market in May 2022 and what it means for you…
Matthews housing market continued to see low inventory with the months supply of inventory under one month at 0.7 months (down 12.5% year-over-year from 0.8 month and down from 1.7 months in April 2020). However you “slice it,” Matthews has been a home seller’s market for more than three years now. Inventory of homes was down 17.0% year-over-yea, despite a small increase in new listings in May.
Average sale prices of homes increased 35% year-over-year to $474,117. Average sale price was about $127,000 higher than in May 2020. Median home sale prices increased 29.8% to $444,500 year-over-year. The median sale price in May 2020 was just $6,000 less than the record price of $450,000 for median home prices in Matthews. Price per square foot increased 28.0% year-over-year to $213/square foot from $169/square foot in May 2021, setting a new record for square foot prices in Matthews.
Average days on market were 12 days compared with 17 days in the same time period one year ago. Average days on market were also nine days lower month-over-month. Median days on market were just 4 days, one day higher than in the same month one year ago, flat month-over-month, and down 11 days from May 2020.
Closed sales increased 1.5% year-over-year (equal to one additional home sale). Pending sales increased 10.8% year-over-year (equal to seven additional homes sales which were exactly equal to the seven additional new listings in May). There now remains 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 by double digits.
With a median selling price of 104.2% of asking price (up 0.4% year-over-year), Matthews home buyers should expect minimal to no room to negotiate. Month-over-month, the median sale price increased 2.4%.
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