Q3 2021 Western North Carolina Real Estate Report
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 average homes sales prices in a consistent upward trajectory. A quick look at 3rd quarter numbers reveals much "more of the same." Home prices have continued to increase in this seller's market. The time from list to close and the number of homes on the market have both decreased in all of our service areas.
Buncombe County NC Real Estate Report: Q3 2021
In Buncombe County, the average closed price YTD increased 22% over 2020 to $490,000. The percent of the original list price received was at over 100% earlier in 2021, but that number shifted slightly lower as the year progressed — at 98.9% since the summer months —compared to 95.6% in 2020. The number of homes on the market on September 30th, 2021 was 647 compared to 1,093 in 2020, a 41% decrease in inventory.
McDowell County NC Real Estate Report: Q3 2021
McDowell County's average sales price increased 15% from $253,000 in 2020 to $291,000. The percent of the original list price received also grew in McDowell County to 97%, which was previously 93% in 2020. The inventory of homes on the market in September of this year was 31.5% lower than 2020 with only 85 homes on the market this year, compared to 124 last year in September.
Burke County NC Real Estate Report: Q3 2021
In the Lake James and Morganton region, Burke County's average sales price increased 14.4% from $223,000 in 2020 to $255,000 in 2021. The percent of the original list price received increased from 95.4% in 2020 to 98.5% in 2021. Burke County also saw reduced inventory with 109 homes on the market on September 30, 2021, compared to 139 at the same time in 2020, a 21.6% decrease.
The winter months can often give way to a slower-paced real estate market as the holidays come and go and colder weather reaches our mountain region. However, given the current pace of home sales, tight supply, and area demand, it appears the market is still on a strong trajectory for now.