August 2024 Real Estate Market Update: Transylvania County Steals the Spotlight
U.S. existing-home sales increased for the first time in five months, signaling a shift in market dynamics as lower mortgage rates and rising inventory levels helped boost activity. According to the National Association of REALTORS® (NAR), sales of previously owned homes rose 1.3% month-over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists' predictions and breaking the downward trend.
Here’s a closer look at how this trend is playing out in the Asheville region, covering Buncombe, Henderson, and Transylvania counties.
Asheville Regional Real Estate Highlights for August 2024
- New Listings in the Asheville region saw a significant increase, up 17.9% to 1,449.
- Pending Sales climbed by 1.7%, reaching 946.
- Inventory surged by 40.1%, bringing the total number of units to 3,349, offering buyers more choices than in previous months.
The rise in inventory combined with lower mortgage rates is creating opportunities for buyers who had previously been priced out of the market. The Median Sales Price in the region increased 3.8% to $427,900, reflecting continued demand despite more homes being available.
Days on Market also lengthened by 28.6%, reaching an average of 45 days, while the Months Supply of Inventorygrew by 37.9%, pushing the current supply to 4.0 months. This uptick indicates that supply is slowly beginning to outpace demand, which could level out the competitive market we’ve been experiencing over the last few years.
Transylvania County: The Area to Watch
While Buncombe and Henderson counties continue to show steady growth, Transylvania County is becoming the region’s standout. The increase in inventory, combined with slightly softer price gains, makes this area especially attractive for homebuyers and investors alike. Transylvania's scenic landscapes, outdoor lifestyle, and relative affordability compared to its neighboring counties are driving interest.
In fact, the county’s unique blend of small-town charm and proximity to major cities like Asheville makes it a prime spot for growth in the coming months. With inventory expanding and a market that’s shifting to favor buyers, Transylvania County offers significant opportunities, whether you're looking for a primary residence or an investment property.
Looking Ahead: What to Expect for the Fall Market
As we move into fall, experts predict continued stabilization in the housing market, particularly in regions with rising inventory like the Asheville area. Buyers who have been waiting for a less competitive market might find fall 2024 the perfect time to make their move, especially in up-and-coming areas like Transylvania County.
For sellers, the growing inventory might mean adjusting pricing expectations, but demand remains strong enough to keep prices from falling too sharply. Pricing homes correctly will be essential to attracting buyers in a market where they have more options than they did just a few months ago.
This August 2024 market update offers key insights for anyone considering buying or selling real estate in Buncombe, Henderson, and Transylvania counties. If you're thinking about making a move, don't hesitate to reach out to us at Noble & Company Realty. Our local expertise can help guide you through the market and find the best opportunities available.
data from canopy mls and NAR