Real Estate Recap September 2024

In September the sale of homes in Haywood County decreased by over 37% when compared to September 2023.  The trend in decreasing home sales has continued since March of this year.  September 2024 was affected some by Hurricane Helene the last 5 days of the month, however, this trend of decreasing sales has continued for the last 7 months.  On the bright side, the inventory of homes for sale in Haywood County increased by almost 58% in September.  This increase in inventory gives us a 4.7 month’s supply of homes for sale.  (If sales continued at the current rate and no new homes came on the market, it would take 4.7 months to sell all the homes on the market.)  For a long time, we have not had enough inventory to fill buyer demand.  This shortage of inventory has driven prices up as buyers compete for too few homes.  A balanced market (one where there are an equal number of buyers and sellers) is usually considered to be a 5 to 6 month’s supply of inventory.  With a current inventory of a 4.7 month’s supply, we are approaching a balanced market.  Hopefully, this will ease the upward rise of prices.

Below are a few key stats for September 2024 home sales:

Closed Sales dropped by 37.4% compared to September 2023

The Average Sales Price rose 9.8% to $465,383 when compared to September 2023

Cumulative Days on the Market Until Sale rose to 49 days, a 40% increase compared to September 2023

The Average List Price of homes coming on the market rose to $495,694, an 8% increase compared to September 2023

Inventory of Homes for Sale rose to 381, a 58.8% increase compared to September 2023

If you are considering selling your home, or purchasing a home here, please let us guide you through the process.  Our goal is to help you be successful, and to make a friend.  That is why so many of our clients and friends are repeat customers.  Thank you!