July Real Estate & Housing Market Update for the Asheville, NC Area
July 10, 2024
The summer selling season is in full force, and the Asheville real estate market is still very active.
Note: In the graphs below, the Asheville MSA (Metropolitan Statistical Area) includes Buncombe, Haywood, Henderson, and Madison Counties.
Interest Rate Update
Interest rates have settled in the high 6’s and low 7’s for now. As always, rates on investment properties and second homes will be a bit higher.
Inventory is Increasing
While the number of homes for sale is increasing, we’re still well below pre-pandemic inventory levels.
Months of Supply is Slowly Increasing
The market absorption rate (or months’ supply of homes for sale) has ticked up to around 3 months. From this metric, it remains a slight seller’s market, but it’s much more balanced than it was just 6 months ago. If you’re considering selling, this is right time of the year and market conditions are favorable.
New Listings Declined in June
The number of new listings decreased in June. Usually, the number of new listings peaks in May or June. This is the second year in a row where June had fewer new listings than May.
Closed Sales (Units) were down Year-over-Year
The number of closed sales were down compared to June 2023.
Negotiation is Happening
Negotiation is increasing, with the average sale price being approximately 96% of list price. Overall, prices are increasing (more on this below), but buyers do have some leverage to negotiate, especially on homes that have been on the market for a while.
Home Prices are Still Climbing
Countywide and across the Asheville MSA, median and average home prices are still increasing. After incredibly high rates of price increases, the rate of increase has been slower since about October 2022, which was about 6 months after the Fed started raising the Fed Funds rate.
Land Sales Numbers Have Come Back Down to Earth
Land sales, in terms of units sold, have dipped to just below pre-pandemic levels.
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