Matthews real estate market in September 2022 saw higher home prices, 100% median list to sell ratio, fewer new listings, and a months supply of 1.3 months keeping it in seller “territory.” While days on market increased, they remained low with homes selling in 16 days, on average.
Matthews Housing Market: September 2022
Latest news on the Matthews (28105 zip code) real estate market in September 2022 and what it means for you…
Matthews housing market continued to see low months supply of inventory at 1.3 months, keeping it a seller’s market in September. Listing inventory did increase, but new listings coming on the market dropped year-over-year. Days on market were slightly lower year-over-year, but slightly higher month-over-month. With sale prices increasing and a median list to sale ratio of 100%, it would appear that Matthews home sellers remained in the driver’s seat in September.
Matthews (28105 Zip Code) Real Estate Market Highlights:
September 2022 versus September 2021
HOME SALE PRICES INCREASED IN MATTHEWS YEAR-OVER-YEAR & MONTH-OVER-MONTH
Average sale prices of homes increased 14.8% year-over-year to $499,103. Average sale prices also increased month-over-month by about $10,000. Only April 2022 and July 2022 saw higher home prices than what we had in September. Average sale price was approximately $137,000 higher than in August 2020.
Median home sale prices increased 8.8% to $435,000 year-over-year and by approximately $3,000 month-over-month. Compared with Septemberr 2020, median sale prices were approximately $110,000 higher in September 2022. The only month in 2022 when median home sale prices were higher was in July.
Price per square foot increased 17.1% year-over-year to $219/square foot from $187/square foot in September 2021, setting a new record for price per square foot in Matthews.
MATTHEWS HOMES SOLD QUICKLY IN SEPTEMBER 2022
Average days on market were 16 days, two lower than in September 2021. Average days on market were two days higher month-over-month. Median days on market were five days, one day more than the four days in September 2021 and flat month-over-month.
Buyer foot traffic was lower compared with September one year ago, with the average number of showings per listing at 10.4 in 2022 compared with 26.2 showings per listing last year. Compared with the most recent month of August 2022, foot traffic was down 0.1 showings per listing. This is the lowest level of foot traffic Matthews has seen all year.
MATTHEWS INVENTORY UP IN SEPTEMBER | NEW LISTINGS DOWN
Year-over-year, Matthews inventory increased 22.2%. However, it was down compared with July and August 2022. Months supply of homes for sale was 1.3 months, up from 1.0 months on September one year ago. The months supply of homes was flat month-over-month.
MATTHEWS CLOSED & PENDING SALES DOWN IN SEPTEMBER 2022
Closed sales decreased 38.4% year-over-year. September saw the lowest number of closed sales since February 2022. Pending sales decreased 10% year-over-year. Only February 2022 had fewer pending sales than what we had in September 2022.
Matthews has long been known for its affordable housing. It’s not unreasonable to assume prospective buyers may now be priced out of the Matthews housing market as a result of home prices that have continued to increase coupled with increased mortgage rates.
LIST TO SALE RATIO WAS 100% IN SEPTEMBER 2022
With a median selling price at 100% of list price (down 2.6% year-over-year and flat month-over-month), Matthews home buyers still had minimal room to negotiate on home prices in September 2022.
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