Matthews real estate market in August 2022 saw higher closed sales year-over-year, 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 14 days, on average.
Matthews Housing Market: August 2022
Latest news on the Matthews (28105 zip code) real estate market in August 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 August. Listing inventory did increase, but new listings coming on the market dropped year-over-year. Days on market increased in August, but were still low at 14 days, on average. With sale prices increasing and a median list to sale ratio of 100%, it would appear that Matthews home sellers remain in the driver’s seat for now.
Average sale prices of homes increased 9.2% year-over-year to $488,970. Average sale prices decreased month-over-month, but it should be noted that average sale prices increased 38% last month and it’s not reasonable to think we would see such increases month after month. Average sale price was approximately $117,000 higher than in August 2020. Median home sale prices increased 2.9% to $432,000 year-over-year. As with average sale price, the median sale price increased 40% in July and it’s not reasonable to assume such year-over-year increases would continue month after month in a shifting market. Compared with August 2020, median sale prices were approximately $100,000 higher in August 2022.
Price per square foot increased 23.1% year-over-year to $213/square foot from $173/square foot in August 2021.
Average days on market were 14 days, six days more than in August 2021. Average days on market were four days higher month-over-month. Median days on market were five days, two days more than the three days in August 2021 and two days higher month-over-month. Although, days on market were up in August, they were still low. Buyer foot traffic was lower compared with August one year ago, with the average number of showings per listing at 10.5 in 2022 compared with 16.4 showings per listing last year. Compared with July 2022, foot traffic was down 1.8 showings per listing.
Closed sales increased 5.6% year-over-year. Pending sales decreased 30.5% year-over-year. 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.
With a median selling price at 100% of list price (down 0.4% year-over-year and 0.8% month-over-month), Matthews home buyers still had minimal room to negotiate on home prices in August 2022.
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