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Musings from the Mountains
I realize I have spoken about this on our May 15th blog, but a trend is continuing, and it is important. Home inventories continue to rise. After a couple of years of thin inventories, it seems now that everyone and his brother has put their home on the market. For the first time in a couple of years, houses are plentiful, buyers, not so much. In my humble opinion, after being in a seller’s market for so long, we are now in a buyer’s market.
This can be a tough market for real estate agents. Sellers depend on real estate agents to sell their home in a timely fashion. I am almost positive that days on the market (the time from a home going on the market until it’s sold) will increase. The other unknown is pricing. Historically when going from a seller’s market to a buyer’s market, prices decrease. So far, this has not occurred. The last numbers I have for the county were the final numbers for April. In April the average sales price was actually up 27% from April 2024. I believe that prices will now begin to level off, and may even drop, depending on May and June sales results.
If you have any thoughts or comments, please let us know. We are here to help.
Real Estate Recap April 2025
If you regularly read our blog, you know that I have been writing about our local market changing from a sellers’ market to a balanced market for the last few months. After seeing April 2025 final numbers, I would say that the balanced market is here. Our inventory of homes for sale increased in April 2025 by almost 60% when compared to April 2024. We now have a 5.1 month’s supply of homes on the market. A balanced market is usually defined as having a 5 to 6 month’s supply of homes for sale. (In other words, if home sales continued at the current rate, and no additional homes came on the market, we would be out of homes for sale in 5 to 6 months.) The question now is will we go from a balanced market into a buyers’ market, if inventories continue to increase? Below are the local numbers for Haywood County in the month of April 2025:
New listings in April 2025 were up 72% compared to new listings in April 2024.
Closed sales in April 2025 were up 1.3% compared to closed sales in April 2024.
The median sales price in April 2025 rose to $411,000, a 13.4% increase compared to the median sales price in April 2024.
The average sales price in April 2025 rose to $520,722, a whopping 27% increase compared to the average sales price in April 2024.
Average days on the market has increased 102.5% from 40 days in April 2024 to 81 days in April 2025. (Searching for a reason for this- maybe more homes for sale equals more homes for a buyer to see, thereby increasing the days on the market?)
The average list price of a new listing coming on the market has increase 6.5% from April 2024 to April 2025. ($475,291 to $506,219)
The inventory of homes for sale has risen almost 60% from 250 in April 2024 to 399 in April 2025.
Lastly, the question becomes: Will we remain in a balanced market, or will inventories increase so much we move to a buyers’ market?
Thank you for reading our blog. Please let us know if you have any real estate questions.
Musings from the Mountains
It sure seems that the Waynesville and Maggie Valley area roads are all under construction. They are repaving at the intersection of Soco Road, and Jonathan Creek Road (Hwy 19 and 276 intersection). The NCDOT is also changing Jonathan Creek Road, at least the 6 miles between Hwy 19 (Soco Road) and Interstate 40 at exit 20. I have tried to figure out what they’re doing to the median, but for the life of me, I cannot. I suppose I must trust the DOT to know what needs doing to make the road more efficient and safer.
In Waynesville, Russ Avenue is still in the midst of a major remake. The bridge over the railroad tracks at the beginning of Russ Avenue is being replaced, as is the bridge just below that crosses over Richland Creek by Zaxbys Restaurant. One side of each bridge was demolished and that side is being rebuilt. It appears the workmen are getting very close to completing the sides that were being rebuilt. Soon they will open the new side to traffic and demolish the old sides of each bridge. I believe the expectation is to have them both completed by this Fall. The town of Waynesville also took the opportunity to replace water, sewage and drain lines along Russ Avenue while the bridge construction was underway.
There is also extensive work being done to make the entrance to Hwy 23-74 (The Great Smoky Mountains Expressway) safer for drivers merging into the expressway from Hwy 19. (coming from Maggie Valley) This merge has always been difficult as traffic from Maggie must merge into the expressway from the left. Most merges are done from the right side of the road. Hopefully, these changes will make the merge much safer.
Let’s not forget Interstate 40. Crews are still hard at work trying to repair the road which was washed away by Hurricane Helene. Currently they do have the interstate open, but near mile 2 in the Pigeon River Gorge, traffic is reduced to one lane in each direction with a speed limit of 35. This has caused some traffic congestion at times.
That’s not all the road work, but I believe it covers the major ones. Please let us know if you have any questions about the area.
Real Estate Recap March 2025
It seems the major trend is increasing inventories, and prices finally leveling off. We seem to be heading from a seller’s market to a more balanced market where neither the buyer nor seller has the upper hand.
The following data is from March 2025 as compared to March 2024:
New Listings rose 6.8% to 145
Pending Sales rose 16% to 94
Closed Sales rose 31.1% to 80 homes sold
Median Sales Price dropped 2.5% to $390,000
Average Sales Price rose .5% to 427,554
Cumulative Days on the Market rose 20% to 96 days until sale
Average Listing Price dropped 3% to $475,914
Inventory of Homes for Sale rose by 32.5% to 334
Our months of inventory rose from 3.0 in March 2024 to 4.2 months in March 2025. A balanced market is usually defined as having a 5 to 6 month’s inventory of homes. I believe we are gradually working toward a “balanced market” where neither a buyer nor seller has an advantage due to a shortage of homes for sale, or an over-abundance of homes for sale.
If you have any real estate question, or comment, please let us know. We can help!
Musings from the Mountains
I thought I would give a few thoughts on road construction in the area. It seems to be ongoing and never ending.
Interstate 40 through the Pigeon River Gorge is now open, but just one lane each way with a 35-mph speed limit.
Interstate 26 through Asheville is still in a semi-permanent state of construction. The most congested part of Interstate 26 through Asheville is from the Interstate 40 intersection South to Hendersonville.
There are still many side roads that are blocked from Hurricane Helene in the Asheville, Fairview, Swannanoa, and Black Mountain areas. Also in the Spruce Pine, Marshall and other areas north of Asheville there are still roads and bridges that have been washed out. Repairs are in progress but are progressing slowly in some areas. Federal and state money for roads and bridges are somewhat slow in coming.
Here in Haywood County, bridge replacement on Russ Avenue is progressing nicely. Both the bridge over the railroad tracks, and the bridge over Richland Creek are being replaced. Both were 4-lane bridges, so 2 lanes were closed and demolished on both bridges. Those demolished 2 lanes are almost rebuilt on both bridges currently. When they are completed, they will be opened and the existing 2 lanes that are currently being used, will be closed, demolished and rebuilt. Water, sewer, and waste-water lines are all being replaced on Russ Avenue also. Needless to say, traffic on Russ Avenue is fairly congested during all the construction.
The bridge in Frog Level should be repaired and open for traffic tomorrow, April 1st. At least that is the target date. This will help traffic on Russ Avenue in Waynesville.
If you are coming to our area and have any questions on road construction, please let us know.
Real Estate Recap February 2025
Listings are still on the short side in Haywood County. In January we had a 3.8 month’s supply of homes on the market, but that shrank to a 3.7 month’s supply in February.
The median sales price finally dropped from $329,000 in February 2024 to $320,000 in February 2025. The drop was even more pronounced when compared to January of this year. In January our median sales price was $418,500. The drop to $320,000 in February was significant. This drop was mainly due to lower priced homes selling as opposed to higher priced homes. There is a large demand for homes in the $200,000 to $300,000 price range, but not much availability.
In February 2024 the average days on the market until sale was 58 days. This February that increased to 70 days.
The average list price of homes coming on the market this February was $526,584 compared to $442,103 in February 2024. I believe this difference is mainly due to higher priced homes being listed more often than lower priced homes.
The main takeaway from these numbers is that we are in a complicated and somewhat complex market. If you are thinking of selling your home, or are looking to purchase a home, let us know. We can help guide you through the market and help you avoid some of the pitfalls.
Thank you!
Road Changes in Haywood County
It seems that every time I turn around roads are changing. Work is being done on the bridge through “Frog Level” in Waynesville. Hurricane Helene damaged the bridge, but repairs have finally begun. I didn’t realize how much traffic not having this bridge would add to the traffic on Russ Avenue in Waynesville.
Also, Russ Avenue has its own traffic issues. The bridge over Richland Creek and the bridge over the railroad tracks on Russ Avenue are both being replaced. They are replacing half of each bridge currently. After the new half is completed, traffic will be re-routed, and the other half of both bridges will be replaced. To make traffic even worse, it was decided that all the water and sewer lines along Russ Avenue needed replacement also. All the one lane traffic has really slowed the flow 0n Russ Avenue.
Now the DOT is reworking Jonathan Creek Road (Hwy 276 North). Turn lanes are being added, and all shoulders are being paved. Also, the median crossovers are being redone. The end goal is to make the highway safer. At the intersection of Hwy 276 and Hwy 19, all four-lane roads, the stop lights are being replaced with a two-lane round-about. There has been some local push-back on the round-about, but according to the DOT, round-abouts are safer and also save gasoline, as there is no stopping and waiting.
Finally, the state is working feverishly to get Interstate 40 through the gorge open again, if only one lane in each direction. Hopefully this will happen sometime during this March. Currently the only way into Tennessee is 441 through the Great Smoky Mountains National Park, or I-26 from Asheville north to I-81, then I-81 back to I-40 in Tennessee.
If you are planning a trip through our area and have questions about routes, let us know. We’re happy to help.
Real Estate Recap January 2025
It seems the same real estate trends are continuing from the last few months of 2024 into 2025.
New listings in January 2025 increased over 50% as compared to January 2024.
Pending sales in January 2025 rose over 20% as compared to January 2024.
Closed sales in January 2025 were slightly behind closed sales in January 2024 (68 vs 69).
The median sales price rose to $418,500 in January 2025 compared to $388,000 in January 2024.
The average sales price rose to $445,906 in January 2025 compared to $430,954 in January 2024.
Days on the market until a sale were 62 in January 2025 compared to 68 in January 2024.
The average list price of a new home rose to $457,109 in January 2025 compared to $438,538 in January 2024.
This year in January we had 297 homes for sale in Haywood County compared to only 200 homes for sale in January 2024.
Our month’s supply of inventory rose to 3.8 month’s supply compared to only 2.4 month’s supply in January 2024. (A balanced market is considered to have a 5 to 6 month’s supply.)
In summation, prices are still going up, but thankfully, inventories are going up also. However, we are still in somewhat of a seller’s market.
Please call us if you have a real estate question or are thinking of listing your home for sale.
More on Hurricane Helene Relief Efforts
Parts of Western NC were forever changed last September when Helene blew through. The outpouring of support from organizations and from volunteers has been wonderful and humbling at the same time. I thought I would make a list of the organizations that helped in WNC, but there were so many, I found even that to be a daunting task. I have added many of the organizations that helped below, but this is by no means a complete list. The volunteers who just showed up with food, water, propane, clothing, sleeping bags, tents, etc. were too many to even count. Some came with shovels, some with hammers, others with tractors, bulldozers and large equipment. One construction crew from West Virginia, I believe, began rebuilding roads and bridges in the Bat Cave, Chimney Rock area. Local residents were amazed how quickly and efficiently the crew worked to rebuild infrastructure that had been totally destroyed. So, THANK YOU to all who contributed and showed up in person to help.
We were fortunate in Haywood County. Some of our low-lying areas were hit hard, but overall, we were lucky. The low-lying areas of Asheville, Swannanoa, Black Mountain, Burnsville, Spruce Pine, Marshall, Bat Cave and Chimney Rock really got hammered. It will be some time before these areas are again back to normal.
Thanks to the following organizations:
Samaritan’s Purse, NC Community Foundation, Hands On Asheville-Buncombe, Appalachia Relief, Mountain Strong for Business, Baptists on Mission, Day One Relief, Diaper Bank of NC, Feeding the Carolinas Food Bank, Food Bank of Central & Eastern NC, Grassroots Aid, Helene Rebuild, Hispanic Federation, Luthran Disaster Response, Mutual Aid Disaster Relief, NC Disaster Relief Fund, Red Cross, Salvation Army of the Carolinas, WNC Conference of the UMC, A-B Community Christian Ministry, Asheville Relief, Beloved Asheville, Hearts with Hands, Manna Foodbank, World Central Kitchen, Haywood Christian Ministry, Mountain Projects
Real Estate Recap December 2024
Below are the numbers from December 2024 for Haywood County in Western North Carolina:
New Listings increased 6.8% compared to the previous December (2023).
Closed Sales increased 15.9% compared to the previous December.
The Median Sales Price increased 5.5% from the previous December to $400,000.
The Average Sales Price, however, decreased 5.8% from the previous December to $426,887.
Percent of Original List Price Received decreased 1% to 93.4% compared to the previous December. (This would indicate that sellers may be a bit more inclined to negotiate prices.)
Days from Property Listing to Closing increased 56.4% compared to the previous December. (In December 2023 properties closed in 78 days from listing. This year that time increased to 122 days. Propeties are staying on the market longer before receiving offers.)
Cumulative Days on the Market Until Under Contract increased 73.3% from the previous December. (In December 2023 the average property went under contract in 45 days. In December 2024 the average property was on the market 78 days before going under contract.)
The Average List Price of Homes going on the market increased 16.7% from December 2023 to December 2024. The average was up to $474,141.
Our Months’ Supply of Inventory was 3.8 months in December 2024 compared to only a 2,5 months’ supply in December 2023. We have been experiencing a shortage of homes on the market as many sellers are reluctant to sell and lose their low interest mortgages. We are still in a sellers’ market as inventories are short. Inventories had been rising since June 2024 but fell again in December 2024.
Please let us know if you have any questions about selling or buying a home. We are here to help!
