Real Estate Recap August 2024

It looks as if the same trends I noted for Haywood County in July continued into August.  Real estate sales were off from August 2023, and inventories were up considerably.  It appears the market is rapidly heading from a seller’s market to a balanced market, if not a buyer’s market.

New listings increased almost 23% in August 2024 compared to August 2023.

Pending sales were down over 6% in August 2024 compared to August 2023.

Closed sales were down over 2% in August 2024 compared to August 2023.

The median sales price fell from $399,900 in August 2023 to $370,000 in August 2024, down 7.5%.

The average sales price fell from $451,320 in August 2023 to $444,593 in August 2024, down 1.5%.

The average list price of homes coming on the market in August 2024 actually increased from $501,529 in August 2023 to $611,685 in August 2023, a 22% increase.  This is mainly due to some high-end homes coming on the market in August.

Our inventory of homes on the market in August 2024 for Haywood County rose to a 4.8 month’s supply versus a 2.8 month’s supply in August 2023.  A balanced market is usually defined as a 5 to 6 month’s supply of homes.  At a 4.8 month’s supply, we are very close to a balanced market.  If inventories continue rising, we could go into a “buyer’s market” in the near future.

If you’re thinking of selling your home or will be searching for a home in our area, or just have questions, please let us know.  It would be our honor to help you navigate the process.