June is traditionally one of the busiest months for the real estate market, but 2024 has presented unique challenges. Higher mortgage rates and rising sales prices have led to a decline in U.S. existing-home sales for the third consecutive month. Despite these national trends, the Asheville region has shown resilience and growth in several key areas. Let’s dive into the details and see how the market is performing both nationally and locally.
According to the National Association of REALTORS® (NAR), U.S. existing-home sales declined by 0.7% month-over-month and 2.8% year-over-year, with a seasonally adjusted annual rate of 4.11 million units. This decline can be attributed to higher mortgage rates and rising home prices, which have made it more challenging for buyers to enter the market.
Nationally, total housing inventory grew by 6.7% month-over-month to 1.28 million units, representing a 3.7-month supply at the current sales pace. Despite the increase in inventory, home prices have continued to rise, reaching a median existing-home price of $419,300, a 5.8% increase from the same period last year and a record high for June.
In contrast to the national trend, the Asheville region has shown notable growth in several areas. The region, which includes the counties of Buncombe, Burke, Haywood, Henderson, Jackson, Madison, McDowell, Mitchell, Polk, Rutherford, Swain, Transylvania, and Yancey, has experienced increases in new listings, pending sales, and inventory.
New Listings and Pending Sales:
- New Listings: The Asheville region saw a 7.1% increase in new listings, with 1,349 homes coming onto the market in June 2024. This rise in new listings reflects growing seller confidence and provides more options for buyers.
- Pending Sales: Pending sales in the Asheville region increased by 7.9%, reaching 973. This uptick in pending sales indicates strong buyer demand and a healthy market dynamic.
Inventory and Prices:
- Inventory: Inventory in the Asheville region grew by 31.5%, totaling 2,929 units. This increase in inventory is a positive sign for the market, as it indicates that supply is beginning to catch up with demand.
- Median Sales Price: The median sales price in the Asheville region rose by 4.4% to $438,500. While prices are still increasing, the rate of growth is more moderate compared to previous months.
- Days on Market: Homes in the Asheville region are staying on the market longer, with the average days on market increasing by 20.6% to 41 days. This increase gives buyers more time to make informed decisions.
- Months Supply of Inventory: The months supply of inventory in the Asheville region increased by 34.6% to 3.5 months, indicating a shift towards a more balanced market.
Despite national challenges, the Asheville region’s real estate market continues to demonstrate resilience and growth. Increases in new listings, pending sales, and inventory, along with a moderate rise in prices, suggest a healthy and dynamic market. As we move further into the year, it will be important to monitor how these trends develop and what opportunities they present for buyers and sellers alike.
For personalized advice and assistance navigating the Asheville real estate market, contact HomeSource Realty today. Our team of experts is here to help you achieve your real estate goals. Schedule a free 30 minute meeting with a member of our team by following this link here!