Dramatic demand and price increases characterized the real estate industry in 2021. Even now, properties in the Asheville real estate market continue to sell rapidly, with buyers bidding furiously for the most attractive houses.
If you’re considering looking at buying or listing homes in Asheville, North Carolina, here are some surprising statistics to keep in mind.
At the conclusion of 2021, the number of houses for sale in the county reached a new low, with only 493 available! Of course, it’s typical to see reduced inventory in January and February, so a limited supply is unsurprising at this time of year.
While reduced inventory is expected for the beginning of the year, these numbers are even lower than they have been in the last decade. This is great for sellers, who are likely to fetch better prices for their homes. However, it also makes for a much tougher market for buyers, who may have to bring their very best offers to be in the running for their dream house.
Buyer interest and need are still at an all-time high as we head into the early part of 2022. Along with traditional buyers, the community is experiencing an influx of relocations, first-time homebuyers, and investors.
People continue to gravitate to Asheville because of the beautiful surroundings, the abundance of amenities, and the amazing food – not to mention how friendly and welcoming the local residents are to newcomers!
Interest rates have begun to rise as of the time of this writing, and that's a market issue buyers should keep a watch on going forward, as it could impact the future demand.
As of May 2021, pending land transactions in the Asheville region have been on the rise. Although pending property sales did decline slightly in November and December, it's worth noting that the volume of sales in October 2021 was the highest it has been in over 15 years!
The average days on market dropped significantly throughout the year, hitting a new low in the fourth quarter, with properties on the market for just over a week before going pending! Some homes would hit the market on a Friday morning and already have multiple offers over asking by the afternoon on Saturday.
For homeowners who live in the property they're selling, this rapid pace makes it easier to get viewings done in a matter of days and be able to start the moving process themselves. However, for homeowners looking to make a move to another home within the Asheville community, it also means that they’ll need to act fast to get an accepted offer on their next residence.
While the current market won’t last forever, a knowledgeable real estate professional can help you to plan accordingly to make the sale or purchase of your next home in the local community a smooth transaction.