Monday, July 24, 2023 / by Amy Brown
The South used to be the place that you went to get a cheap house with a beautiful view and a big piece of land...prices are a far cry from what they were even 3 years ago but we are on a small decline which should be taken advantage of.
Prices have dropped slightly these past couple of weeks with the average sales price in the city being $623,934 and the average sales price in Buncombe county being $590,189.
New listings have fallen by 2.9% in Asheville and 3.2% countywide.
Today we have 530 homes for sale in Buncombe county with 250 of those being within the city limits of Asheville.
Days on market are on the rise with an average of 30 days before a home goes under contract and 80 days until closing as buyers wait out the impending Fed meeting set for tomorrow.
Sellers need to continue to expect flexibility on negotiation terms once under contract as the average seller is receiving 97.2% of list price.
Historically, we have seen an equity gain of only 6.5% in a region that is used to gains from 8-12% indicating a market slowdown but not stagnation.
This is good news for buyers granting them more opportunity and time for decision making as the market cools somewhat, sellers are more apt to negotiate, and there is less competition per home.