Matthews NC Home Values Report 2023 Update

Did Matthews NC home values increase or decrease in 2023?  Is Matthews a buyer’s market or a seller’s market?  What were home prices in Matthews for luxury homes and new homes?  If you are a home seller, this housing market trends report will give you an idea of what your Matthews NC home is worth and what you should know if you decide to sell.  If you are a buyer, you’ll learn about the real estate market for purchases in Matthews.  You can also search for homes for sale in Matthews 28105 and Matthews 28104.

You’ll find this home values report useful whether you wish to buy or sell an estate home or a cottage.  It includes market trends for luxury homes, affordable homes, and new homes.  If you are downsizing to one-level living, you’ll find information about ranches in Matthews.  The section on homes with acreage will interest you if you prefer room to roam.

If you are curious about the current value of your Matthews home, click on the What’s My Matthews NC Home Worth? button below to request an online comparative market analysis.  Or call Carol Fox at 704-905-3935 for a detailed opinion of your home value.

All statistics in this report are supplied by the Carolina Multiple Listing Service.

Matthews NC Home Prices

The tables below show market trends for single family homes and condos/townhomes in Matthews.  Each table compares the July 2022 real estate market with the market in July 2023.  Statistics are given for each of the two Matthews zip codes.  Learn more about the differences between Matthews 28105 and Matthews 28104 here. Click on the button below to search homes for sale in Matthews.

Average and Median Sales Prices for Single Family Homes

Average and Median Sales Prices for Condos/Townhomes

Matthews NC Home Values Key Takeaways

• The average and median sales prices for single family homes are higher in Matthews 28104 than in 28105. This is due largely to the much greater amount of new construction in 28104.  The price appreciation in both zip codes was negligible for single family homes.
• Matthews has far fewer townhomes and condominiums  than single family homes.  Prices declined slightly in this category. 

Buyer’s Market or Seller’s Market in Matthews NC?

Buying or selling, you need to know whether the market is tilted toward buyers or sellers.  Home buyers will have more negotiating strength if there is more than 7 months of inventory on the market.  Conversely, sellers have the upper hand if the supply of inventory falls below 5 months.

The Matthews sellers market roared between 2020 and 2022.  It was especially strong in the 28105 zip code where the year 2020 began with 2.2 months supply of homes and  in June 2022 ended with only 0.8 months supply.  Although weaker,  Matthews NC 28104 was also a sellers market with 3.3 months of supply at the beginning of 2020 and 1.6 months in June 2022.  Multiple offers pushed prices upwards by 40%+ during the period.

Higher interest rates dampened the market after June 2022. By June 2023 the supply of homes in Matthews 28105 had increased to 1.4 months and the supply in Matthews 28104 increased to 2.8 months. Those numbers still indicate a strong sellers market. Prices continue to rise although more slowly because of this low inventory.

Other statistics affecting the Matthews market for buyers and sellers are days on market DOM and list to close ratio.   Median DOM in both zip codes was similar at 11 in 28105 and 18 in 28104 in January 2020. By June 2022 DOM had dropped to 3 in 28105 and 4 in 28104. June 2023 saw a median DOM of 6 days in both zip codes.

 The strong sellers market is also reflected in the median list to close price ratio.  Both zip codes had median ratios of 98% in January 2020 but they had increased to 102% by June 2022.  This means that more than half the homes closed higher than asking showing the impact of multiple offers in the marketplace.  Sellers still had the upper hand in June 2023 with median ratios of 100% and 99.8% in the two zip code areas.

Matthews NC Property Types Report

Luxury Homes in Matthews NC

Typical example of a Matthews NC luxury home.

You can find luxury homes in Matthews NC.  Upscale neighborhoods include golf course communities, gated communities and estate homes on large lots.  In this analysis, luxury homes are described as those priced at $750,000 and above.  The table below compares 2018 and 2020 market activity for luxury homes in zip codes 28105 and 28104.

Luxury Homes Key Takeaways

• The number of luxury homes available is much greater in 28104 than in 28105.  Both areas are on track to have more luxury home sales in 2023 likely because prices have increased so much since 2020 which pushes more homes into the luxury category.
• The highest 2023 sold price was $2,750,000 in Matthews 28104. 
• The 2023 average sales price decreased in Matthews 28015 but increased in 28104 .    Median sales prices showed a similar trend in both areas.
• Luxury homes are on the market longer than properties in lower price ranges.  Average days on market increased in both zip codes.  The average list to sale price ratio was 100% in both zip codes.

Affordable Homes in Matthews NC

Typical affordable home in Matthews NC.

Affordable homes in Matthews NC are defined as those priced under $300,000.  They include both single family homes and townhomes.  The 2023 affordable home market is summarized in the table below.

Affordable Homes Key Takeaways

• Both zip codes saw shocking decreases in the number of affordable homes sold in 2023.   Contributing to these declines were the dwindling inventory and accompanying pricing increases.
• The average and median home prices of affordable homes increased in the Matthews area.  Increases were higher in 28104.
• Homes sold under $300,000 in  2023 were mostly townhomes rather than single family homes showing how difficult it is for buyers to find an affordable single family home.

Ranch Homes in Matthews NC

Typical Polo Club of Matthews patio home.

Do you prefer one-level living?  Matthews is a great place to find ranches and patio homes.  If you are a baby boomer, senior or retiree, you’ll find a number of active adult 55+ communities in Matthews and the surrounding areas.The table below shows home values for ranches with all rooms on the main level and ranches with a bonus room over the garage.  The statistics include both detached single family homes as well as attached townhomes and patio homes.

Ranch Homes Key Takeaways

• Ranch homes are popular in both zip codes. Appreciation of ranches was astonishing between 2020 and the first half of 2023 with average and median sales prices rising from 52% to 77%. Matthews 28104 had a higher rate of appreciation than 28105 likely because it has newer homes. 
• Matthews ranch homes continued to sell very well in 2020. Average days on market was 31 days in 28105 and 41 in 28104 with homes selling at 99-100% of asking on average.

Homes with Acreage in Matthews NC

Typical home with acreage in Matthews NC.

Do you prefer living in the country?  Or perhaps a suburban neighborhood with privacy and room to garden?  You can find homes with acreage in Matthews NC.  The table below summarizes Matthews NC home values for properties with at least an acre.

Acreage Homes Key Takeaways

• There were only 8 sales of homes with acreage in Matthews 28105 in the first half of 2023. There were six times more sales in 28104 during the same time period. This is likely due to the more rural nature of Matthews 28104.
• Median and average sales prices of homes with acreage since 2020 saw lower increases than other categories of homes.

New Construction in Matthews NC

Typical model home in a Matthews NC new home community.

Opportunities to buy a new home are plentiful in Matthews.  More new home communities are available in Matthews 28104 because there is more raw land there for construction.  In 28105, new homes tend to be built among or in older neighborhoods.  The table below includes both single family homes and condos/town homes.

The table shows statistics from new homes listed in the Canopy Multiple Listing Service (MLS).  It’s important to understand that not all new homes are listed through the MLS as builders will often contract with purchasers without entering the sale in the MLS.

New Construction Key Takeaways

• In the first half of 2023, the number of new construction closings in 28104 almost doubled in 28105 reflecting the availability of raw land in 28104.
• New construction price increases  since 2020 were substantially higher in Matthews 28104.
• New construction typically shows longer average days on market because builders enter the homes into the MLS before they are complete.  The average list to sale ratio was 98-99% showing that demand was so strong builders were less likely to negotiate on price.

Thinking about selling your Matthews home?

The supply of homes in Matthews is tight and prices will continue to rise in 2023.  A professional market analysis of your home will help you understand Matthews NC home values and get the highest reward from your sale.

Call Carol Fox at 704-905-3935 to schedule a free, no-obligation evaluation of your home’s value.

Our experience with Carol was amazing from the time we decided to put our home on the market till the final closing.  She walked us through the tricky and complicated real estate process with the utmost professionalism and know-how.  We highly recommend her to anyone seeking to sell and market their home.

Greg and Carolyn Phillips

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