The Asheville real estate market continues to set records as buyers flock to Western North Carolina. Here are a few highlights from third quarter 2020 results for Asheville and Buncombe County.
-Median sale prices in Buncombe County and city of Asheville hit record highs at $335,000 and $355,000 respectively in 3rd quarter 2020, according to Mosaic Realty.
-Prices are going up because demand is high, and inventory – the number of homes for sale – remains low. It’s still clearly a seller’s market out there.
-The average number of days a house for sale sits on the market remains low – at 77 for Buncombe County and 58 for Asheville.
-In Buncombe County, the total number of homes sold since January is down 2.3 percent. Beverly-Hanks Realtors in Asheville notes a discrepancy in two price categories in Asheville. Since the beginning of the year, the sale of homes priced under $300,000 is down 15 percent, while home sales for those priced above $700,000 is up 52 percent. “The disparity between the
two market segments is likely impacted by the severe shortage of homes for sale under $300,000 and Asheville’s appeal with luxury home buyers from outside the region,” Beverly-Hanks notes.
-Interest rates remain low. Financing a home purchase has never been cheaper, with the average rate on the 30-year fixed-rate mortgage dropping to a record low of 2.72 percent recently.
-Why is this happening? Local real estate agents say the action is triggered by the pandemic, with some buyers fleeing big cities for more open spaces; others who are a little older have been speeding up retirement plans; and others, freed by new orders to work from home, are looking to relocate.