Western Carolina Market Update May 2019

A Look at the Buncombe County Real Estate Market

May’s market report is showing strong similarities to the market last month when we did this report. In Buncombe County, 288 homes have been sold last month, compared to 244 in February around this time. Furthermore, there are 1,914 active listings currently, compared to last months 1,757 indicating an increasing level of inventory. Presently, there is an estimated 7 month’s worth of inventory, which indicates that Buncombe County is in a slight buyer’s market! This has not changed since last month. Paired with the historically low mortgage interest rates, buyers should consider meeting with a real estate professional to discover their purchasing power. The list to sale price percentage currently is 97.8% in Buncombe County. This implies sellers on average will get 97.8% of their asking price, which has increased slightly since last month when it was 97.4%. As always, it is a very good time to invest in real estate in Asheville!

A Look at the Henderson County Real Estate Market

In Henderson County, there is currently 7 months of inventory! This figure is up from 6 months of inventory reported last month. This indicates the neutral market in Henderson has transitioned into a slight buyers market. Henderson County homes are generally more affordable than Asheville homes, meaning more bang for your buck. This is attracting more home owners to consider the blossoming Hendersonville, Mills River, and surrounding areas as a potential area for their next home.

Spring is heating up in Henderson County for sellers as well! On average, people are getting 98.2% of their asking price, compared to 97.9% last month! Sellers pay attention: the small difference in percentage means a lot when you get to the closing table. There were 867 active listings on the market this month and 133 homes sold. Home are selling quicker this month, as the listings in Henderson County are spending 72 days on the market on average as compared to 84 days on average last month. Henderson markets are very promising for buyers and sellers!

What does this mean if you are looking to sell a home in Buncombe County?

If you are contemplating selling your home in Buncombe County, you have some good signs as to why now is a great time to list. First off, mortgage interest rates and more inventory is incentivizing buyers to enter the market. This means more showing activity for you, and more competition for your home (meaning higher offers!). Data also shows that listings are spending an average of 60 days on the market (compared to 74 last month) and as mentioned above, receive 97.8% of their asking price. The Eskritt Group is seasoned in selling homes and helping you move into your next home. Last year, the Eskritt Group had a closing to list price ratio of 99.2%, 1.3% above the average of other agents in Buncombe County!

Wrap-Up of the Asheville Real Estate Market report.

In conclusion, both Henderson County and Buncombe County are showing strong growth and approaching an equilibrium point! Here at the Eskritt Group we are very excited to see these statistics as they show lots of potential in our Western Carolina housing markets. If you are a buyer looking to nestle into the mountains and enjoy all that Western North Carolina has to offer, you have a ton of housing options and great borrowing rates. If you are a seller and willing to price your home at a market competitive price, now is the time to sell. Please reach out to the Eskritt Group for any inquires so that we can help bring life to Western North Carolina!

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