Matthews NC Home Values Report | First Quarter 2017

By Carol Fox | Matthews NC Market Reports

Apr 04
Matthews NC Home Values Report

Matthews NC Home Values Report | First 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 first quarter of 2017?  Click here to compare the first quarter 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 quarter 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 first quarter of 2017.

Average and Median Sales Prices for Single Family Homes

28105

28104

  2016

2017 Q1

Change

2016

2017 Q1

Change

Average Sales Price

$273,379


$287,319

+5.0%

 $408,330

$427201

+4.6%

Median Sales Price

$244,900

$272,000

+11.0%

$408,330

$384,456

-5.7%

Average and Median Sales Prices for Condos and Townhomes

28105

28104

2016

2017 Q1

Change

2016

2017 Q1

Change

Average Sales Price

$189,271

$223,923

+18.3%

$148,079

$150,409

+1.5%

Median Sales Price

$145,000

$230,000

+58.6%

$142,950

$152,000

+6.3%

Matthews NC Home Values Key Takeaways

  • In the first quarter of 2017, the average single family home prices increased approximately 5% in both 28105 and 28104. 
  • Median sales price increases for single family homes were not uniform like the average sales price increases in the first quarter.  The median price in Matthews 28105 saw an increase of 11% while the median price in 28104 decreased 5.7%.  The 28105 median price increase was likely due to more higher price homes on the market.  The decrease in 28104 probably reflects the predominance of lower-priced resale homes over new construction in the first quarter.
  • Condos and townhomes in 28105 saw a surge in both average and median sales prices in the first quarter.  Increasing prices and higher priced units on the market accounted for the increases.
  • Condominium and townhomes prices in Matthews 28104 were more stable in the first quarter.  The average sales price increased 1.5% and the median price increased 6.3%.

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 single family homes sold in Matthews NC 28104 than in 28105.  The number of condos and townhomes sold was similar in each zip code. 

Homes took slightly longer to go under contract in the first quarter of 2017.  They continued to sell at about 98% of list price.

28105

28104

Single Family

Condos


Single Family

Condos

Home Sold 2017 Q1

81

13

129

11

Average Days on Market

55

55

77

25

Average List to Sale Ratio

98.56%

98.19%

98.31%

98.24%

First quarter 2017 market conditions in Matthews NC continue a strong seller's market. As of March 2017, there were only 2.2 months supply of homes in Matthews NC 28105 and 4.1 months supply in Matthews NC 28104.  The supply shows a slight increase over January 1, 2017 reflecting the greater inventory of the spring season.

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 First 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 first quarter 2017 market for luxury homes in Matthews NC 28105 and Matthews NC 28104.

Matthews Luxury Homes

28105

28104

Closed Sales

1

12

Heated Area Range

4110

3939-9208

Highest Sales Price

$870,000

$1,800,000

Average Sales Price

$870,000

$1,089,535

Median Sales Price

$870.000

$1,041,875

Average Days on Market

68

155

Average List to Sale Ratio

97.21%

94.95%

  • There was only one luxury home sold in 28105 in the first quarter of 2017.
  • Twelve luxury homes sold in Matthews NC 28104 in the first quarter.  The average sales price was up 16.8% over the 2016 average.  The median sales price rose 24.6% in the first quarter 2017.

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

57

44

Heated Area Range

1160-3212

920-3096

Lowest Sales Price

$130,000

$98,000

Average Sales Price

$232,980

$212,951

Median Sales Price

$236,000

$209,695

Average Days on Market

36

32

Average List to Sale Ratio

98.58%

99.61%

  • There were slightly more affordable homes sold in 28105 in the first quarter 2017.  The average sales price at $232,980 was higher in 28105.
  • The first quarter 2017 average sales price in 28105 increased 10% over the average price in 2016.  In 28104, the first quarter average sales price dropped 2.8%.
  • Demand for affordable homes was very strong with home on the market an average of 30 days and contract prices at 98% and 99% of list.  In 28104, inventory is especially tight with homes selling at almost 100% of asking price on average.

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

13

27

Heated Area Range

1177-2284

920-3350

Closed Price Range

$150,000-$318,000

$98,000-$416,000

Average Sales Price

$210,800

$239,572

Median Sales Price

$180,000

$186,000

Average Days on Market

47

26

Average List to Sale Ratio

98.02%

98.95%

  • In the first quarter of 2017, there were twice as many ranch homes in Matthews NC 28104 sold 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.
  • Ranch homes in both areas sell very quickly.  Ranches in 28104 sold on the average in 26 days, much faster than in 28105, and at almost 99% 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 2016.

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

4

27

Closed Price Range

$200,000-$430,000

$185,000-$1,800,000

Acreage Range

1.00-1.88

1-5

Average Sales Price

$323,000

$596,899

Median Sales Price

$331,000

$421,000

Average Days on Market

84

124

Average List to Sale Ratio

98.43%

96.55%

  • With Matthews NC 28104 a more rural area than 28105, it's not surprising that there were six 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 84 days.  28104 acreage homes were on the market an average of 124 days in the first 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

1

41

Closed Price Range

$302,000

$192,000-$1,390,355

Heated Area Range

2660

1533-6547

Average Sales Price

$302,000

$470,970

Median Sales Price

$302,000

$426,160

Average Days on Market

394

70

Average List to Sale Ratio

101.3%

99.18%

  • There was only one new home closing in Matthews NC 28105 in the first quarter of 2017.  In contrast, Matthews NC 28104 had 41 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 price in 28104 in the first quarter was $470,970.

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.

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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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