Matthews (28105 zip code) housing market remained a home seller’s market in November 2020, as evidenced by extremely low inventory, less than a one month supply of inventory, decreases in days on market, and lower sales due to lack of inventory. Pent-up buyer demand remains greater than the supply of homes to purchase.
Matthews Housing Market Update: November 2020
Latest news on Matthews’ (28105 zip code) real estate market in November and what it means for you…
Matthews housing market continues to see low inventory with the months supply of inventory razor-thin at 0.8 months (down 61.9% year-over-year from 2.1 months). Inventory of homes was down 56.8% year-over-year. New listings decreased 27.1% year-over-year and homes sold quickly (in under two weeks, on average).
Average sale prices of homes increased 15.9% year-over-year to $345,242, while median home sale prices increased 13.9% to $319,500 year-over-year. Price per square foot increased 15.7% year-over-year to $155/square foot (up $21/square foot).
Average days on market were 13, down 15 days from the same time period one year ago. Median days on market decreased 6 days to 3 days versus one year ago. Clearly, Matthews homes sold almost as quickly as they came on the market in November 2020.
Closed sales decreased 3.1% year-over-year, no doubt due to the lack of inventory to sell. Pending sales increased 13.1% year-over-year.
With a median selling price of 100% of asking price (up 2.5% over November 2019), 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?