After a few record-setting years for the Western North Carolina real estate market, the latter months of 2022 and early 2023 have left many questioning if the narrative might be shifting, if only slightly. Inventories have remained low which has kept prices relatively stable in our market, even amidst the ongoing backdrop of economic and [...]
Hindsight is 20/20, and with 2022 in the rearview mirror, the climate of the Western North Carolina real estate market is becoming clearer as we kick off the first quarter of 2023. In 2022, we began to see increasing signs of an overheating market that was beginning to cool amidst the backdrop of sharply rising interest rates – not to [...]
As we close out the 3rd quarter and enter the final stretch of 2022, it likely comes as no surprise that the impact of rising interest rates is becoming more evident in our market. While there are signs of softening demand in the Western North Carolina real estate market, low [...]
While the Western North Carolina real estate market is still in a strong position, there is no doubt that a lot has changed since Q1 of 2022. Since our last update, interest rates have continued to climb, inflation and recession concerns have persisted, and global and economic [...]
What does it look like when a red hot real estate market is overheating? A case could be made that this is the very state of the Asheville area and Western North Carolina market as summer nears and demand continues to exceed supply. While we know that similar trends have been seen [...]
In real estate, 2021 ended in a similar way that it began. Soaring demand for our mountain region has led to competitive, multiple offer situations and decreasing days on market. Rising prices have been met with a willingness from buyers to pay those prices (and beyond) to secure [...]
While some have speculated about an eventual slowdown for real estate, the Western North Carolina real estate market is showing no sign of this yet. The 1st and 2nd quarter real estate trends of 2021 reflected a competitive, high demand market with low inventory which, in turn, also sent [...]
As we move through the summer months, we find ourselves on the other side of the 2nd quarter real estate numbers. While our first quarter numbers told the story of a real estate market that was bursting at the seams, the real estate market has only intensified as spring transitioned to the summer.
In Buncombe County, as a whole, the average closed price increased from $378,708 to $482,261—a 27% increase. The closed price to the original list price has been over 100% for the past two months and is sitting at a very strong 98.8% year to date. It’s very much a red hot seller’s market and properties are selling very close to list price and beyond as multiple offer scenarios are a regular occurrence. Days on market decreased from 62 days in 2020 to 43 days on market in 2021. Inventories have decreased an astonishing 52% from 2020—a decrease of 1,209 homes in 2020 to 581 in 2021.
In a similar vein, the Black Mountain real estate market average sales price increased from $316,971 in 2020 to $438,800 in 2021—an increase of 38%. Year to date, the number of homes sold through June 2021 totaled a 56% increase, or 139 homes compared to 89 in 2020. Sales to list price year to date in Black Mountain is also at 100%.
The Asheville area market is a reflection of supply and demand at the core. Demand is far exceeding supply and continues to drive the elevating prices. The only softening the market is experiencing compared to last year is that the number of new listings has increased 12.2% compared to the same period last year.
Time will tell what the market will do next, but for now, the market’s story centers around a high demand for Asheville area real estate amidst a tight supply, elevating prices, multiple offer situations, and very quick transitions from listing to closing for home sellers.
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It’s a month into the spring season in the mountains. Flowers are blooming, days are increasingly warm, and spring green is making its way up the mountainsides. While the entrance to spring is always a gradual transition in our area, the momentum of the local real estate market in our area has been building for [...]
When the global pandemic began to impact our corner of the world last year, there were (naturally) questions of how this new reality would impact life and business as we know it. Interestingly, the Swannanoa Valley and Buncombe County real estate market was one area that was impacted positively as we saw very high demand for homes and [...]