July 2022 Market Update

With interest rates rising to control inflation, there's been a ton of  speculation about the real estate market, both on national and local levels. Realtors are getting asked by friends, family and strangers about the how the market is doing. Our monthly market reports for Buncombe and Henderson counties give some great insight into month to month changes, and year over year trends. Of course, for the most accurate real-time data, it's best to speak with someone in the know - like one of our agents, who experience what's happening in our local market every day. 

In July in Buncombe County, we did see a slight increase in overall supply, with 104 more listings added to the market than were taken off, or went under contract. 50% of homes went under contract in 8 days or less, a 33% increase from the previous month, but about the same as July 2021. Homes in the $200,000 to $249,000 price range sold the fastest in July, with a median of just 4 days on the market. With 1.6 months of inventory available, just a notch up from June's 1.4 months, it's still a very strong seller's market.

The average sales price went down just a bit from June, but was still 13% higher - $65,000 more - than July 2021. On average, homes are selling at 99% of their listing price, with homes between $200,000 to $599,999 still selling at 100% or more than their listing price. While the average price is right around $552,000; the median price comes in at $445,745.  One factor driving prices up is the extremely limited supply, and the positive home value appreciation trend seems to be holding strong in our market. The consistently higher average vs. median home price tells us that the high-end market is strong, with prices significantly higher than the rest of the market. 

If you want to speak to one of our agents about the current state of the market and find out why now is a great time to be a seller OR a buyer, call us at (828) 771-2339 - or click here for our full market report!