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  • Where to find the best buy on a mountain home, take a look at the stats!

    Monday, February 26, 2024   /   by Amy Brown

    Where to find the best buy on a mountain home, take a look at the stats!

    We are moving on up, folks...yet again!

    Buyers are back! And they are back a bit early this year. Already select homes are going under multiple offers in less than 1 day. So let's take a look at what trends are occurring now and where we expect them to go as we kick off the buying season.

    In Buncombe county (Asheville), we have seen a gain of 17% in list price from this time last year (up over $100,000!!!). The average list price countywide is now $718,357. 

    Inventory is on the rise but so is the number of pending sales indicating a strong market this year. We are up 25% in inventory and 15.4% in pending sales indicating that we are almost balanced in the number of homes that are going on and off the market. Days on market until sold is holding at almost exactly the same numbers as one year ago meaning that the increase in price is not affecting the demand. 

    We are expecting a very active buying and selling season this year.
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    Our sister county to the south, Henderson (Hendersonville), has not seen as drastic of an increase in home values or prices but they have seen some. List price is up by 11.2% from $499,076 to $554,841. 

    They are holding 1.9 months of inventory and new listings are up by 3%, however, pending sales are up by 21.7% indicating that buyers are taking advantage of the lower price point in this county.

    While you may not have as much of a price jump in Henderson county, competition will still be high this year as buyers are discovering that a mere 30 minutes south of Asheville could land them a home with more square footage for less money.
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    Madison county, our rural northern cousin, is behaving a bit differently. This would be your towns of Marshall, Hot Springs, and Mars Hill. List prices are up by 21.9% (another jump of over $100,000 since last year). There are also more homes to choose from at 3.3 months of inventory. 

    However, even though sellers are receiving an average of 4.6% more money at closing, pending sales are down by 19% and days on market are up by 24.4%. 

    The difference that I am seeing is that there are a lot more raw land sales happening in Madison county than homes sales currently which generally take a longer time to close. Also most of the homes are on very large tracts of land which is more of a specialty purchase for someone looking for a farm or homestead.

    It is a different sort of country life out there and the numbers are reflecting that but I still believe that the days of Madison county remaining a hidden gem are over. It has been discovered!
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    And last but not least is Haywood county and the towns of Waynesville, Clyde, Canton, and Maggie Valley.

    Now, if you are looking for a "deal", here is where you are going to want to pay close attention.

    This is the only county where homes have actually dropped in list price since last year. List price is down 9.3% from $497,588 to $451,454. Inventory has also dropped by 9.1% to holding 2 months of inventory today. 

    As a result, days on market have increased by 72.5% for a total of 69 days on market until sale.

    Buyers have not discovered the "deal" factor yet in Haywood county so pending sales are still down by 19.5%. But I do expect that to change as we have also seen an increase in the number of closed sales meaning that buyers still see the value here and that the quality of those buyers is higher bringing more transactions to close than ever before.

    I do expect the demand to increase significantly in Haywood county as buyers discover the charm of little mountain towns like Maggie Valley and the fact that you can still easily short term rent there along with the much lower prices.
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    I hope you will allow these numbers to guide you through the decision making process so that you can choose which area makes the most logistical and financial sense to you. There is a lot of variety to be had within a 30 minute drive of downtown Asheville so don't necessarily pigeon hole yourself into this city only. Towns like Black Mountain, Weaverville, Marshall, Lake Lure, and Brevard are only a scenic drive away and if you can find your dream home at a price that you can afford, then isn't it worth a few extra minutes in the car? 

    Give me a call and I can tell you all about it! Each mountain town has its own personality and it may be just what you are looking for!