Matthews NC Home Values Report | Second Quarter 2017

By Carol Fox | Matthews NC Market Reports

Jul 14
Matthews NC Home Values Report

Matthews NC Home Values Report | Second Quarter 2017

Thinking of selling or buying a Matthews NC home?  Matthews NC home values continue to rise.  How much are prices increasing?  How long will it take to sell your home?  How much competition will you have for a Matthews home if you are a buyer? 

What are the trends in the second quarter and first half of 2017?  Click here to compare 2017 home values so far with Matthews NC home values in 2015 and 2016.

The report will help you understand what your Matthews NC home is worth whether you own a luxury home, a town home or a home with acreage.  If you are a buyer, you can learn about the real estate market for different types of housing as well.

If you are curious about the value of your Matthews NC home, click on the "What's My Matthews NC Home Worth?" button below to request an online comparative 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.

Use the Quick Navigation guide below to quickly find the report sections that interest you.

Matthews NC Home Prices

Were Matthews NC home values up or down in the first half of 2017?

The tables below show changes in the average and median sales prices for Matthews NC homes in zip codes 28105 and 28104. 

Single family values are shown in one table while prices for condos and townhomes are shown in the second table.  Each table compares 2016 home prices with changes in the second quarter of 2017.  The table also includes the year-to-date change in home values.

Average and Median Sales Prices for Single Family Homes



2016

2017 Q1

2017 Q2

Change Q1-2

YTD Change

28105

Average Sales Price


$273,379

$287,319

$338,920

+17.9%

+17.0%

Median Sales Price

$244,900

$272,000

$290,000

+6.6%

+16.3%

28104





Average Sales Price

$408,330

$384,456

$433,061

+12.6%

+4.8%

Median Sales Price

$408,330

$384,456

$402,345

+4.6%

-3.7%

Average and Median Sales Prices for Condos and Townhomes



2016

2017 Q1

2017 Q2

Change Q1-2

YTD Change

28105

Average Sales Price


$189,271

$223,923

$189,470

-15.3%

+14.4%

Median Sales Price

$145,000

$230,000

$151,000

-34.3%

+31.0%

28104





Average Sales Price

$148,079

$150,409

$155,921

+3.6%

+4.9%

Median Sales Price

$142,950

$152,000

$149,900

-1.3%

5.6%

Matthews Home Values Key Takeways 

Matthews NC home values are rising.  Let's dig a little deeper in these key takeaways from the tables above.

  • Average sales prices for single family homes in Matthews NC 28105 increased 17% year-to-date.  At 4.8%, the rate of increase was much slower in Matthews NC 28104 although the average sales price was much higher.
  • The average sales price increase for condominiums and townhomes also showed a greater increase in 28105 over 28104.  The year-to-date increase in 28105 was 14.4% versus 4.9% in 28104.

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

Average sales price is not the only consideration when you ask "What's my Matthews NC home worth?  You also need to look at how many homes will be competing with you, how long they stay on the market and how close to asking price is the closed price.

The table below shows some of these statistics.  More homes sold in Matthews NC in the second quarter of the year while days on market declined.   They continued to command roughly 98% to 99% of asking price.

28105

28104

Single Family

Condos


Single Family

Condos

Home Sold 2017 Q2

137

23

177

17

Average Days on Market

35

27

58

25

Average List to Sale Ratio

98.88%

98.32%

99.41%

97.62%

The strong sellers market in Matthews NC continued in the second quarter.  As of June 2017, there were only 2.4 months supply of homes in Matthews NC 28105 and 3.9 months supply in Matthews NC 28104.  While supply was up slightly over the first quarter in 28105, it tightened in 28104.

A balanced market between buyers and sellers would have a six months supply.  Matthews NC home values rise in a seller's market.

Matthews NC Property Types  Market Report

Second Quarter 2017

Luxury Homes in Matthews NC

If your dream is to own a luxury home in Matthews, you will find a variety of choices.  Luxury homes are defined here as those with values above $750,000.

Matthews NC home values

Typical example of a Matthews NC luxury home.

The table below shows statistics from the second quarter 2017 market for luxury homes in Matthews NC 28105 and Matthews NC 28104.

Matthews Luxury Homes

28105

28104

Closed Sales

5

17

Heated Area Range

3753-6000

3967-11,542

Highest Sales Price

$1,275,000

$1,650,000

Average Sales Price

$938,585

$934,270

Median Sales Price

$871,000

$859,000

Average Days on Market

12

94

Average List to Sale Ratio

98.93%

99.54%

  • The number of luxury homes sold in the second quarter increased in both 28105 and 28104.
  • The average and median sales price was similar in both zip codes.  Days on market decreased substantially in each area while the list to sale ratio increased to approximately 99%.

Affordable Homes in Matthews NC

Yes, you can find an affordable home in Matthews NC!  Affordable homes, which include townhomes as well as single family homes, are defined here as those priced under $300,000.

Matthews NC home values

Typical affordable home in Matthews NC.

The table below shows statistics from the 2016 affordable home market in Matthews NC 28105 and Matthews NC 28104.

Matthews Affordable Homes

28105

28104

Closed Sales

79

62

Heated Area Range

1193-3344

1018-3085

Lowest Sales Price

$143,500

$138,000

Average Sales Price

$235,553

$212,951

Median Sales Price

$255,000

$226,573

Average Days on Market

24

12

Average List to Sale Ratio

98.70%

100.66%

  • There were more affordable homes sold in 28105 in the second quarter 2017.  The average sales price at $235,553 was also higher in 28105.
  • The second quarter 2017 average sales price in 28105 increased 1.1% over the first quarter average price.  In 28104, the second quarter average sales price increased 6.3%.
  • Demand for affordable homes was very strong with days on market dropping to 24 in 28105 and 12 in 28104. Contract prices rose to 98.7% and 100.66% of list. 

Ranch Homes in Matthews NC

Empty nesters, baby boomers, retirees and seniors will find an abundance of ranch homes in Matthews NC.  Some neighborhoods target the active adult 55+ population while others are simply great areas to find one level living for any age.

Ranch and patio homes in Matthews NC

Typical Matthews NC ranch or patio home.

The Matthews NC home values for ranches shown in the table below include homes with one level or one level plus a finished room over the garage.  They include patio homes and townhomes as well as single family homes.

Matthews Ranch Homes

28105

28104

Closed Sales

25

37

Heated Area Range

1114-2564

1018-4307

Closed Price Range

$143,500-$515,500

$138,000-$871,742

Average Sales Price

$261,118

$273,771

Median Sales Price

$245,000

$200,000

Average Days on Market

27

16

Average List to Sale Ratio

97.57%

100.82%

  • In the second quarter of 2017, more ranch homes sold in Matthews NC 28104 than in 28105.  The average sales price for ranches was also higher in 28104.  Matthews NC home values for ranches are likely higher in 28104 because the housing stock is generally newer than in 28105 with some new active adult 55+ communities under construction.
  • Ranch homes in both areas sell very quickly.  Ranches in 28104 sold on the average in 16 days, much faster than in 28105, and at over 100% of asking. 

Homes with Acreage in Matthews NC

Looking for a little space around your home?  Perhaps a minifarm for the horses and dogs?  A number of sellers sold their homes with acreage in Matthews NC in the second quarter of 2017.

The table below shows statistics for acreage homes in Matthews.  Homes with at least an acre are included in the table.

Homes with acreage in Matthews NC

Typical home with acreage in Matthews NC.

Matthews Acreage Homes

28105

28104

Closed Sales

6

30

Closed Price Range

$170,000-$485,000

$177,500-$1,650,000

Acreage Range

1.05-4.25

1-12.47

Average Sales Price

$343,083

$509,805

Median Sales Price

$344,250

$447,500

Average Days on Market

121

86

Average List to Sale Ratio

95.4%

98.47%

  • With Matthews NC 28104 a more rural area than 28105, it's not surprising that there were five times as many acreage home sales in 28104.  The amount of acreage sold was higher as well as were the Matthews NC home values in each pricing category.
  • Homes with acreage take longer to sell than most homes do currently.  Acreage homes in Matthews NC 28105 sold in an average of 121 days.  28104 acreage homes were on the market an average of 86 days in the second quarter.

New Construction in Matthews NC

If a new home is your preference, you can find it in Matthews.  The table below shows statistics for new construction homes listed in the Carolina Multiple Listing Service.  It's important to understand that not all new homes are listed through MLS as builders will often contract with purchasers without entering the sale in the MLS.

New construction in Matthews NC is quite different in the two zip codes.  Because Matthews NC 28105 is mostly developed, new construction tends to be in smaller subdivisions or on individual lots, including the tear down of older homes.  The availability of large tracts of raw land in Matthews NC 28104 gives builders the opportunity to create large new communities.

New construction can also affect Matthews NC home values for resale homes.  As many people prefer a new home over a resale home, the proximity of new homes in the same price range as your resale home can moderate the value of your home.

New construction in Matthews NC

Typical model home in a Matthews NC new home community.

Matthews New Homes

28105

28104

Closed Sales

9

42

Closed Price Range

$316,515-966,926

$348,349-$1,025,599

Heated Area Range

2350-4352

1776-5824

Average Sales Price

$500,078

$562,435

Median Sales Price

$399,000

$496,089

Average Days on Market

76

90

Average List to Sale Ratio

99.56%

99.95%

  • There were only nine new home closings in Matthews NC 28105 in the second quarter of 2017.  In contrast, Matthews NC 28104 had 42 new home closings.
  • Average and median sales prices for new construction are substantially higher than the pricing for the Matthews market in general.  The average sales prices in the second quarter were over $500,000.

Thinking about selling your Matthews NC home?

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

Call me to schedule a free, no-obligation evaluation of your home's value.

Other Resources

Matthews NC Home Values Report  Quarter 1 2017

How to Improve the Value of Your Matthews NC Home​

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About the Author

Thank you for visiting my profile and getting to know me. My husband and I moved to the Matthews area over thirty years ago and have enjoyed watching Charlotte and the surrounding areas grow into the dynamic region it is today. I have specialized in Matthews, South Charlotte, Mint Hill, Weddington, Waxhaw, Indian Trail and the other small towns of Union County for over 30 years. I can walk in your shoes whether you are a buyer or a seller. Every year half of my real estate practice is devoted to helping buyers find the right home and neighborhood and half is devoted to helping sellers get the greatest reward from selling their real estate.

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