Asheville’s real estate market in July 2024 has been a mix of stability and subtle shifts, offering insights for both buyers and sellers. The most notable trend is the steady increase in inventory and supply, which is gradually easing the pressure on buyers—a welcome change from the competitive environment we’ve seen over the past year. With 1,284 new listings added to the market, supply saw a significant boost of 33% compared to the same period last year. However, despite this uptick, the region hasn’t quite tipped into a buyer’s market yet, meaning sellers are still in a strong position to negotiate favorable deals.
Sales Activity: Stability Amidst Changing Conditions
Sales activity remained relatively stable, with 883 homes sold across the region, marking just a slight 2% decline from last year’s figures. This minimal drop reflects a resilient market where demand is holding strong, especially as mortgage rates dipped to a three-month low of 6.7% mid-July. The combination of lower rates and increased inventory has led to an 11.9% rise in contract activity, showing that buyers are keen to lock in deals while the conditions are favorable.
Price Trends: Stability and Modest Increases
Price stability continues to be a defining feature of the Asheville market. The median sales price across the Asheville MSA, which includes Buncombe, Haywood, Henderson, and Madison Counties, held steady at $450,000, only 0.4% lower than last July. Meanwhile, the average sales price saw a modest increase of 2.8%, reaching $579,229. These figures suggest that while there’s more inventory on the market, sellers are still able to achieve strong sale prices, making it a balanced environment for both sides of the transaction.
What This Means for Sellers
For sellers, the current market offers an opportune moment to list their homes. The increase in inventory gives buyers more options, but with prices holding steady, sellers can still secure a favorable deal. If you’re considering selling, now might be the perfect time, especially if predictions about the Fed lowering interest rates in September come true. Such a move could spur even more market activity, making the fall season a potentially busy time for real estate in the Asheville area.
Opportunities for Buyers
On the other hand, for buyers, the increased inventory and steady prices mean more opportunities to find the perfect home without the intense bidding wars of the past year. The slight dip in mortgage rates is another advantage, providing a window of opportunity to secure financing at more favorable terms. As we move into the latter part of the year, keeping an eye on interest rate trends will be crucial for those looking to make a move in the market.
Do you know someone who is looking to buy, sell, or invest in the Asheville area? Give us a call at 828-252-1023 or send us an email – [email protected].
Source: CanopyMLS