Friday, January 5, 2024 / by Amy Brown
Home prices have finally dropped and even though we still have what would be considered a "low" inventory, the numbers show that we actually have MORE inventory than this same time last year, proving that Asheville is a steady and reliable market.
As you can see from the bar graph above, the market is more active this year than it was last December as well demonstrating that Asheville is still very desirable and a great place to invest.
HOME PRICES HAVE DROPPED
In response to buyers becoming more discerning in an environment of volatile interest rates and in response to the cooling off period that we had in the late fall months, home prices have dropped. This is bringing more activity into the market and thus, more homes for sale.
While homes are still priced about 9% higher than last December, that is actually good news in that you can rest assured that your home will continue to gain equity despite the national economic climate. Real estate remains one of the most reliable and lucrative investments that you can make in your lifetime.
DAYS ON MARKET
Days on market are relatively equal to December 2023, again proving that the market is steady and reliable. Buyers still want to be here. So plan on the average home to remain on the market for approximately 29 days before going under contract with homes priced in certain brackets going much faster. Homes priced between $350,000-400,000 took only 7 days to go under contract and homes priced between $700,000-800,000 took only 11 days. You still need to move quickly when you see the home that you like in order to lock it in for yourself.
While the rest of the U.S. is struggling, Asheville real estate remains strong and alive. It's a wonderful place to live, work, and play! I have loved this area for 48 years. Call me any time and I will tell you why!
It's a beautiful place to call home but it's also a beautiful place to secure your financial future!