Real Estate Recap February 2024

In looking at the February sales numbers for Haywood County, two items really stand out.  First, our new listings increased 31.3% from February 2023.  Hopefully, this is the beginning of the end of our shortage of homes for sale in the county.  Second, both the median and the average home price fell in February.  The median home price fell to $334,500, a 4.4% drop from February 2023.   The average home price fell to $379,349, a 13% drop from February 2023.  This is the first substantial drop in home prices since before the Covid pandemic.  A lot of this decrease is due to the fact that lower priced home sales increased, while higher end home sales decreased a bit.  If you read our blogs, you know that we have been continually talking about our shortage of inventory here in the county and how that has caused home prices to increase.  Real estate sale prices have always been driven by supply and demand.  When the supply is low, yet demand remains high, prices will indeed increase.  So overall, I believe these numbers represent a positive trend to a more normal market in the future.

Below are some inventory and sales numbers from February 2024:

New listings rose from 67 last year to 88 in February 2024.

Pending sales rose from 72 last year to 76 in February 2024.

Closed sales rose from 57 last year to 58 in February 2024.

The median sales price dropped from $350,000 last year to $334,50o in February 2024.

The average sales price dropped from $436,178 last year to $379,349 in February 2024.  (a 13% decrease)

Number of days on the market until sale dropped from 75 last year to 57 in February 2024.

The average list price of homes rose from $394,615 last year to $453,257 in February 2024.

Our inventory of homes for sale in the county rose from 180 last year to 191 this year.  (a 6.1% increase) This brought our month’s supply of homes for sale from 1.9 months last year to 2.2 months this year.  (Keep in mind that a balanced market is a 5 to 6 month’s supply.  We are still substantially behind in available inventory of homes for sale.)

Please, if you have any questions regarding real estate, give us a call.  We are here to help.