Neal Hanks, Jr., President of Beverly-Hanks, REALTORS, recently delivered the company’s end-of-year 2018 Real Estate Market Report. The Beverly-Hanks market report highlights four key metrics of the Western North Carolina real estate market: sales pace, homes for sale, home prices, and the availability of financing.
According to the Beverly-Hanks Year-End 2018 Real Estate Market Report, 9,200 homes sold last year in the nine-county region, amounting to 25 each day. Across the region, tight supply has reduced the number of homes selling for under $300,000.
“In some places like Buncombe County, sales of more affordable homes are down by as much as 15 percent. But sales of homes priced over $800,000 are up 12 percent,” said Hanks.
The region’s tight supply and growing demand are pushing home prices higher.
The Federal Finance Housing Agency reported that Asheville MSA’s home prices appreciated 9.5 percent over the last 12 months.
“With no meaningful additional supply on the horizon, we expect that prices will continue to rise. Supply concerns may dampen some enthusiasm for homeownership, and will likely slow price increases,” said Hanks.
Watch Neal Hanks’ full end-of-year market report and predictions for 2019 at beverly-hanks.com/blog/2018-eoy-market-report. Or speak with a Beverly-Hanks real estate agent today at 866-858-2257.