Real Estate Recap April 2023

Lack of inventory continues to drive the market in Haywood County.

Last year in April we had 139 New Listings come on the market.  This year in April we only had 113 new listings.

Last year in April we sold 101 homes, but we only sold 84 this April.  However, we do have 113 Pending Sales from April 2023 versus 95 in April 2022.

Last year in April, the Median Sales price was $305,000.  This year in April the Median Sales Price rose to $325,000.  I believe this increase mainly reflects on inventory.  We have fewer homes coming on the market under $300,000, but more coming on the market over $300,000.

Last year in April homes were spending an average of 34 days on the market before being sold.  This year in April the days on the marker before being sold has increased to 43 days.  However, log homes, and other homes with great curb appeal are still going under contract quickly, as they are in high demand.

One more number, Average List Price of New Listings, was $434,806 in April 2022, but had increased to $473,419 in April 2023.

Getting back to lack of inventory, last year in April we only had a 1.5 month’s supply of homes on the market.  This year in April we had a 2.0 month’s supply of homes on the market.   That increase was substantial, but keep in mind a balanced market is usually defined as a 5.5 to 6 month’s supply of homes.

Please let us know if we can help you with your real estate questions or needs.