from December 2022
Let's take a dive into December's stats as we wait for real 2023 data to come in. In this post, we will focus on the Asheville Region, City of Asheville, and City of Hendersonville.
Keep in mind that the Asheville Region Includes Buncombe, Burke, Haywood, Henderson, Jackson, Madison, McDowell, Mitchell, Polk,
Rutherford, Swain, Transylvania and Yancey Counties
2022 was turbulent in the Housing Market. Some due to interest rates, and part due to the drop in new listings. The market decelerated rapidly and we saw a whiplash effect from the Covid-Era 2021 housing demand with record low mortgage rates. With increase in prices in 2021 and interest rates climbing in 2022, many buyers began feeling eeked out of an already competitive scene as the year rounded out.
Interest rates are an important factor in the real estate market. If you're considering buying a home or refinancing, interest rates can help you decide if it's a good time to buy or not. We are all watching the rates in these first months of 2023 to see what is going to happen. The rates have climbed high and there is no doubt it is affecting the market.
Take quick look at what interest rates do to your monthly mortgage payment with an example of rates from 2021 to 2022.
A new Homeowner buying the same home in 2022 could expect to pay $757 more EVERY MONTH than a Homeowner from 2021 buying the same home, at the same price, and with the same downpayment!
Experts expect 2023 to balance out a bit and we are seeing rates slowly edge back down. We are assured we won’t see the foreclosures like we saw in 2008 and the market will remain stable. As we begin to settle in here in WNC, we are seeing some movement in inventory, and a timid return to action. Our clients continue to trust our expert advice, and we are ushering them into 2023 with the best Selling and Buying teams on their side!
“The CoreLogic HPI Forecast indicates that home prices will decrease on a month-over-month basis by 0.1% from November to December 2022 and on a year-over-year basis by 2.8% from November 2022 to November 2023.”
*from U.S. Home Price Insights – January 2023
Noble & Company Inside Tip remains the same this month: Hendersonville is the largest city closest to Asheville. Think of making your move to this town of just over 15,000 people vs. Asheville's population creeping up on 100,000. Hendersonville lays out that small town vibe that is just around a 20 minute drive to downtown Asheville!
See more about the City of Hendersonville here.
Now take a look at the stats and see why you should consider letting us show you around Hendersonville, NC.
We are seeing the same month's supply of inventory in the City of Asheville and the City of Hendersonville with the average home price being around $100,000 less in Hendersonville!
Thinking of moving to Western North Carolina?
We’d love to help you buy or build a home in the mountains of Western North Carolina or the lakes of Upstate South Carolina! Contact Noble & Company Realty to let us know you’re considering a move and we’ll let you know about new listings that fit your criteria whenever they become available. You can also view all of our current land listings HERE and sign up for new listing alerts to stay in the loop.