Monday, October 2, 2023 / by Amy Brown
It’s a flat market folks! And I have to say that this is not a bad thing considering the volatility that we have been up against over the past 3 years. We need a bit of a break and some stability. Let’s take a look at the numbers:We are going to look at Asheville city, Buncombe county, Henderson county, and Haywood county. Use these graphs as comparison when shopping for the most home for the money. With that being said, real estate is location dependent so keep that in the forefront of your mind.Average Sales Price
The city is always going to have the highest sales prices due to the convenience of amenities and walkability for services, especially for people who are transportation dependent. Prices in the city are slightly on the rise again, up 1.2%, for an average sales price of $629,640. As you can see if you move further out away from the city lights you can purchase more home for less with the most bargains to be had in the western counties, specifically Haywood county.
Price per Square Foot
This is an important metric when you really need to predict how much a home should be valued or how much it is going to sell for (regardless of list price). Of course there are always specifics that will skew the price such as acreage but in general this can be a good rule of thumb for a rough number.
Price per square foot is up in Asheville by 5.9% to a rate of $324/sf.
Buncombe county is up by 5.3% to $299/sf.
Henderson county is rising, up 6.5% to $253/sf.
And Haywood county is also rising, up 7.6% to $242/sf.
This indicates a market that is beginning to balance as far as value across the board so lower prices in the outer counties are not going to stay that way forever. Take advantage now while you can.
Percent of Original List Price Received
This is the primary metric for sellers as this indicates what they will actually receive after all negotiations and contingencies have been met. All counties are currently on a small decline in final price received which means that the market is, again balancing across the board.
Buncombe county 96.8%
Asheville city 96.7%
Henderson county 97.4%
Haywood county 94.5%
By looking at this you can expect to have less negotiation in Henderson county than you would in Haywood for example.
Days on Market
Days on market while rising slightly over August and September, now that we have hit the fall buying season will begin to drop again going through October and November. So jump on a home as early in the fall as you can to avoid competition.
Days until closing
Buncombe county 33 days
Asheville city 32 days
Henderson county 35 days
Haywood county 41 days
Inventory has been on the rise since January and we have more homes today than we have had in the past 2 years on the market. This is great as buyers have more choices. This is also mediating competition so that sellers need to price competitively from the start to get their home into those exciting multiple offer scenarios.
Buncombe county 2 months
Asheville city 2.1 months
Henderson county 2 months
Haywood county 2.6 months
This means that if no new homes came on the market, that there would be 0 homes for sale in 2-2.6 months. Anything under 6 months of inventory is a seller’s market and over 6 months is a buyer’s market so we are still very much in a seller’s market and you need to strategize accordingly to grab the home that you want.
As always I am here to discuss any statistics that you have questions about and to assist you aggressively in the buying or selling process when you are ready. You need a warrior! That’s what you have me for.