April 2022 Market Update

With interest rates increasing, the question on the mind of many folks is whether the market will slow down, and when. So far, we haven't seen much of a change in the seller's market in Buncombe County, but we'll keep reporting our monthly data, and for even more current and real-time data, give one of our agents a call - they can walk you through it! 

Days On Market stayed steady at just 4 in April. That's down 20% from the previous year, and homes sold went down a bit both from March and from April last year. New listings did increase 8% from March this year, but were down 14% from April 2021. And, with no surprise, the average sales price increased - 8% from March 2022, and 16% from April 2021. We still have less than one month of inventory available, so we haven't seen much of a shift yet, month over month. Additionally, homes are selling at an average of 103% of the listing price at the time of the sale, and 101% of the original listing price. 

What this tells us is that, as a buyer, when you start your home search, you typically will have a maximum budget in mind for what you'll spend on a home. You'll want to search for homes that are in a price range slightly lower than your budget, with the expectation that you may need to offer more than the listing price in order to be competitive in a multiple offer situation. Your agent can coach you through other strategies for making strong offers and winning the best home for your needs. Call Firefly today at (828) 771-2339 to talk winning offer strategies and more!