Inventory, Prices, and Market Trends, Oh My!
Perfectly positioned in western North Carolina’s Blue Ridge Mountains, Asheville is home to scenic mountain views, quaint small-town feels, and historic architecture. So, it’s no wonder why so many people are eager to move to this eclectic mountain town!
If you are planning to buy or sell a home in the Asheville area, you must understand the state of the current housing market. Although worldwide news points to a hectic market, as long as you have a Redbud Group REALTORS® on your side, your buying or selling process will be seamless! Read on to learn all about Asheville housing trends and what you can expect if you plan on entering the market.
Is Asheville a Buyer's or Sellers's Market?
Currently, Asheville is in a seller's market, meaning there are more buyers than available homes for sale. This makes the market much more competitive and allows sellers to list their homes at a higher price. However, there is no need to panic! The sky is not falling, and the market is not crashing, but these market conditions only reinstate the importance of working with a local real estate agent.
What Does This Mean for Buyers?
For buyers, a sellers market means there is increased competition for homes. It’s not uncommon for buyers to find themselves in a situation with multiple offers on a home, maybe even having to offer amounts above the asking price. An experienced agent who knows today’s market can help steer you in the right direction to achieve the winning offer!
What Does This Mean for Sellers?
Listing your house for sale in a seller's market is every homeowner’s dream. Not only can you expect to get a great price for your home, but you will most likely have several offers on the property. This allows you to carefully pick and choose the offer that best aligns with your wants and needs.
Available Inventory
Available inventory in the Asheville region is slowly decreasing month-to-month. Inventory of homes is down 15 percent, while new listings also decreased nearly 11 percent from 2021. This decrease in homes for sale is largely due to repercussions of the COVID-19 pandemic — as it forced many people to have lifestyle changes and caused historically low interest rates. However, don’t be alarmed by these decreasing rates. Your agent will be the first person to hear about new listings in your desired area — providing you the opportunity to get a head start on home hunting!
If you, or anyone you know, needs a local agent, consider hiring an expert Redbud Group REALTORS®. Contact us today!
Price Tag on For Sale Homes
Thankfully, we are seeing a slight decrease in the price of for-sale homes. The average list price for homes in Asheville has decreased 1.5 percent from where they were in June — positioning the average price of a home at just under $400,000. This price decrease shows us that things can slowly turn around as the real estate market shifts — usually over months and years, rather than days and weeks. So, the ebb and flow of listing prices isn’t an uncommon occurrence.
Should I List it Now?
If you are on the fence about selling your home, don’t be! Now is the perfect time to list, as inventory is low, and you have the potential to earn top dollar for your home. Additionally, with buyers eager to find their forever home in Asheville, you will likely have multiple offers on the table at once — which in turn will speed up your selling process. The average number of days homes spend on the market before they are sold has decreased by 23 percent, averaging around 26 days. However, these market conditions won’t last forever, so act quickly!
With these conditions in mind, if you plan to sell it’s imperative that you work closely with, and listen to your real estate agent when pricing your home. An expert agent will have the inside scoop on what comparable listings are selling for and will be able to guide you through pricing your home in a range that you and potential buyers will be happy with.
Contact The Asheville Experts If You Plan To Buy or Sell
There is no denying that buying or selling a home is a huge financial decision. The best thing that you can do to ease your stress is to hire an experienced real estate agent. Local agents know the market like no other, and will ultimately help you land an accepted offer on the home of your dreams.
Here at The Redbud Group, our expert agents are devoted to ensuring that your experience is as enjoyable as possible. Click the button below or visit our website to connect with our team today!
