Home Values are on the rise in Buncombe County and surrounding areas.
Just in case you haven’t watched the news, read a news article or even been on social media in the last few months.
According to the Ruiz Report prepared by Zacory Ruiz for Keller Williams Professionals;
In Buncombe County in April the average sales price of a home is $119,000 higher than last year in April 2020. Homes valued between $0-199,000 sold the fastest, averaging 57-days, followed closely by homes in the $450-499,000 price range which sold in 61 days on average.
The average days on market is 5 days, down 75% from last year. The current average sales price in Buncombe County is $489,712 which is up 32% from last year.
Right now the inventory is at 1.1 months, down 69% from 2020, what is Inventory? Inventory represents how long it would to deplete the marketing assuming no new inventory is purchased or put on the market. A Balanced Market is when the inventory is between 5-7 months, right now we’re in a Seller’s Market.
According to REALTOR.com in the United States, home prices are up 17% over last year with one in 10 sellers expecting to get double what they paid for their homes when they purchased it.
Why is this happening?George Ratiu an economist at Realtor.com says that “Low mortgage rates and a lock of available homes for sale have created a strong seller’s market.” The other change is working from home or remote working, you don’t necessarily have to live near your job. With all of these factors it gives the current homeowners the upper hand when listing their homes for sale.
If you would like more info on Home Value and the Real Estate Market in Buncombe County and Surrounding areas email Jim at email@JimBuff.com or give us a call at (828) 771-2310.