State of the Market in Haywood County

November and Thanksgiving have come and gone.  We are now beginning December and nearing the end of our year.  I wanted to reflect a moment on the home and land market over the last few years here in the mountains of Haywood County.

Home sales continue to be somewhat brisk with buyers continuing to search for their dream home before our historically low interest rates begin to rise.  Our inventory of homes that was once too high, is beginning to decrease, particularly below the $350,000 price point.  As homes available on the market become fewer in the lower price points, prices begin to rise.  The average sales price of all homes sold in Haywood County has risen from $197,228 in November 2014, to $241,593 in November 2017.  This represents a 22% rise in the average sales price over a 3 year period.  Also I like to look at average price per square foot.  In November 2014 the average price per square foot of homes sold in the county was $105.  In November 2017 the average price per square foot of homes sold in the county was $133.  This is a 27%  increase over the 3 year period.  Keep in mind this includes all homes sold including mobile homes.  (Mobile homes usually sell for much less per square foot than stick-built homes.)   Some upscale homes are now selling in the $200 per square foot range and more.

Land sales have begun to improve somewhat.  In November 2016, only 7 properties were sold in Haywood County.  In November 2017, 28 properties were sold in the county.  As inventories of homes continue to diminish, some buyers are purchasing lots or land with plans of building their dream home.  The uptick in sales of land or acreage should continue as home inventories continue to fall.  However, we still have a large inventory of lots and land available, making this a buyers’ market.

So, the state of the market in Haywood County is good.  Hopefully the market will continue to improve in 2018.