By Oby Morgan - Realtor with Christie's Ivestor Jackson Blackstream
Below, you will find market reports that we curate for folks looking to buy and sell property in Western North Carolina. Please let us know if you would like a more detailed report on one of these areas, or elsewhere in the region.
Fourth Quarter Overview
Low Inventory and Sustainable Demand
In a rapidly changing real estate landscape, we are seeing a number of external influences starting to take effect in the local housing market. Existing home inventory has slid to record lows during the 4th quarter of 2022, while demand has remained moderately high with inbound migration leading the way. Interest rates have continued to climb with little relief during the 4th quarter.
The Mid-Market (500K-999K) segment is most affected by these rate increases which has been revealed in sales numbers throughout the region. Cash buyers have continued purchasing luxury properties across the region in the 4th Quarter of 2022, with over half of all closed purchases being cash transactions.
Looking forward, 2023 should be a year in which our localized market sees stabilization into a more sustainable and normalized market moving forward.
These Market Reports are based on information from the Canopy MLS for the period(s) and area(s) as titled above those data sets.
We welcome feedback of any kind.
Your dream home is closer than you think
Neighborhoods: Biltmore Forest | North Asheville | Biltmore Park | Fletcher/Fairview | Arden
