Real Estate Recap July 2024

Looking at the final sales numbers from July 2024, it’s apparent that the same trend I have mentioned in previous blogs is continuing.  As more and more new listings come on the market, our shortages of inventory are getting better.  For July 2024 our new listings gained almost 39% over new listings in July 2023.  This is a welcome addition of new listings to our market.  As I have mentioned previously, a balanced market (an equal number of buyers and sellers) is usually defined as a 5 to 6 month’s supply of homes.  In July 2024 we finally got up to a 4.0 month’s supply of homes.  In July 2023 we only had a 2.6 month’s supply of homes.  Unfortunately, home prices have not stabilized yet and are still rising.  The average sales price of homes sold in July 2024 rose 26.2% over the average sales price of homes sold in July 2023.

Here are some of the raw numbers from July 2024 Haywood County sales:

New Listings rose 38.8% from July 2023

Closed Sales dropped 3.4% from July 2023

Median Sales Price rose 13.5% from July 2023 to $405,000

Average Sales Price rose 26.2% from July 2023 to $506,365

Cumulative Days on Market Until Sale rose 8.7% from July 2023 to 50 days

Average List Price of homes coming on the market was actually down 1.5% from July 2023

Inventory of Homes for Sale rose 48.2% from July 2023 to 332 homes

If you are thinking of buying or selling, and you have questions, please let us know.  We will give you honest, informed answers and help you through the process.