We're having some changes in our market so I thought it would be a good time to get back to our real estate market update.
The stats come from the National Association of Realtors, NC Association of Realtors, and our local MLS. For a standard comparison, when I manually run the comps, I focus on single family homes with three bedrooms, and two baths between 1,200 to 2,800 square feet and an acre or less. This is the typical home that most people want to buy or sell.
THE NATION
Median Sales Price $427,000.
That is about an increase of 4% in the past year. Wow, nationally house prices have gone up even with the increased interest rates!
Inventory 4.1 months
This is a month more than what was there last year.
THE STATE NC
Median Sales Price $375,000.
This is an increase of 4% over the past year
Inventory 4.23 months
Inventory is slowly increasing due to new construction
ASHEVILLE REGION Includes Buncombe, Burke, Haywood, Henderson, Jackson, Madison, McDowell, Mitchell, Polk, Rutherford, Swain, Transylvania and Yancey Counties
Median Sales Price $438,500
This is an increase of 4.4% over the past year
Inventory 3.5 months
The majority of the increase came from homes priced between $600,001 to $700,000.
BUNCOMBE COUNTY
Buncombe County home prices are usually higher than the surrounding counties
Median Home Price $540,000
Across the county single family homes have increased over the past year. Homes inside the city limits of Asheville and the increase of condo and townhome sales helped keep the median home price about the same as last year.
Inventory 3.52%
There has been an increase in condos this past year. Single family homes only saw a small increase.
ASHEVILLE CITY
Median Home Price $542,000
Asheville City has a mix of new construction and houses in need of rehab which affects the median price.
Inventory 3.73 months
New construction is ongoing inside the city limits and has helped with the inventory. Many of these homes are smaller and on infill lots.
FOCUS AREA THIS MONTH
CANTON
Median Home Price $452,500
This is an increase of 54%! The closing of the paper mill led to an increase of homes on the market and interest in buying these homes.
Inventory 2.26 months
More homes have come on the market in the past years and they are being sold quickly
TAKEAWAYS
- MARKET IS SHIFTING
- INVENTORY IS SLIGHTLY INCREASING
- STILL SELLER MARKET—NO LONG SEE IF IT STICK PRICES
- PRICE RANGES BELOW $500K STILL SELLING FAST AND POSSIBLE MULTIPLE OFFERS
- PRICE RANGE ABOVE $700K STAYING ON MARKET LONGER—POSSIBLE 90 DAYS
- PRICES ACROSS THE RANGE CONTINUE TO RISE
The Greater Asheville area has historically had a strong housing market for the past 25 years. Housing prices have continually increased regardless of interest rates, current events, or economic conditions (other than major recession and then prices stayed steady overall).
The bottom line is that if you want to live in this area, BUY NOW because house prices will only increase. The generic thought that house prices are dropping may hold a turn if you are looking at the price adjustments that have occurred due to figuring out the current market compared to the Covid market. These price adjustments are still closing higher than last year.
For more detailed stats check out June 24 County and City PDF and June 24 Detailed Entire Asheville Region PDF . (These are computer-generated and include condos and townhomes so they are slightly different from my manual research of only single-family homes.)
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