Monday, September 18, 2023 / by Amy Brown
Prices are on the rise again regardless of the decline in the number of buyers who are seeking homes.
We have more inventory available today than we have since 2020 with 2.3 months of available homes for sale. This is great for those looking to purchase as competition is down as well as creating a bit more time for decision making. However, buyers be warned and remember the #1 rule of real estate; location. Homes in the most desirable locations are going under contract extremely quickly, even those that are returning to the market, with most going under contract in less than 1 day.
With that being said, the average days on market before a home goes under contract in Asheville is only 7. And a home typically closes within 38 days of the contract effective date. Offers still need to be VERY COMPETITIVE in order to win the contract.
The average list price in Buncombe county remains at $660,372 and the average sales price is $605,334, up 11.8% from this same time last year showing that equity gains remain strong in the region.
Not much has changed from previous year's strategies only that there are a reduced number of buyers in the marketplace, however, that is proving to be a negligent issue with the main benefit being more homes for those buyers that are purchasing to choose from and little effect on sellers' bottom line.
Have a wonderful day and call me anytime with questions