Monday, July 17, 2023 / by Amy Brown
With so much volatility from week to week let's take a look at how the market is behaving.
We are currently dropping in average sales price across the area but only SLIGHTLY. The average sales price in Buncombe county remains at $590,371 and the average sales price in the city of Asheville is at $623,955, still up 4.6% and 4.3% respectively from this same time last summer indicating that homeowners are continuing to see gains in equity.
New listing counts are falling keeping prices elevated though the collective total inventory is on the rise from previous months as buyers shy away from the market due to volatile interest rates. Current home sales are down by 30% across the area.
In summary, sellers it is time to be flexible on contract terms and to price correctly for the market. Buyers, you are now coming into a more favorable market with less competition and more homes to choose from. But before the Feds raise the interest rates on the 25th, time is of the essence.
Give me a call for advice on the market or any homes that you may be interested in. I am here to help you make a wise decision on your purchase.