May 2022 Market Update

One notable trend in last month's Buncombe County real estate market data is that nearly all of the numbers went up. New listings and average sales price all increased from last month and from May 2021. There was also a 12% increase in homes sold from April, yet the numbers were down 10% from May 2021. 50% of homes on the market sold in 5 days or less - down from 4 the previous two months, and the same as May 2021. Another increase was in months of inventory available - In April we were at 0.8 months, and in May that number slid to just over a month. The last time we had more than a month of inventory available was in November 2021. Could this, along with the 19% increase in new listings, be indicative of a market shift?

One thing to keep in mind is that it is considered a seller's market until there is more than 6 months of inventory available - that is when supply starts to exceed demand. We are still quite a long way from that number. 

Also, be mindful that the media is great about using buzzwords and headlines that catch the attention of consumers, but those reporting the headlines usually are zoomed out to a national level without regard to local "micro-markets" and are also doing so without an understanding of the nuances that actually drive real estate sales. In Buncombe County, we can see that there are still people moving here, and we are still seeing an influx of the two largest home-buying demographics - baby boomers who are retiring, and millennials who are establishing family homes and putting down roots.

While we may see some tilt in monthly market updates and there's only so much even the most seasoned real estate economists can predict, we are for certain still in a strong seller's market in Buncombe County. Call us today at (828) 771-2339 to chat to one of our agents about more market data and see what makes sense for your real estate plans!