June Real Estate Results

Continuing with the same theme as last month, June 2022 was a strong month for real estate sales, and especially sales prices.  Our average sales price in Haywood County jumped from $315,331 in June 2021, to $380,002 in June 2022.  This represents a 20.5% increase year over year.  Our total inventory of homes for sale in June 2021 was 273.  In June 2022 we only had 249 total homes for sale, or an 8.8% decrease in inventory.  As long as our inventory remains low, expect average sale prices to continue upward.

The average list price of a home coming on the market in Haywood County during June 2021 was $379,317.  During June 2022 the average list price of a home coming on the market has risen to $486,724.  This is a 28.3% increase in list prices year over year.

I keep looking for inventories to increase, which might take the pressure off sales prices, but so far, that has not happened.  One reason that sales remain strong, and inventories remain low is directly related to short-term rentals, in my opinion.  Investors keep buying properties and placing them in short-term rental program apps like Air BnB, or VRBO.  Also, there are local real estate rental companies managing short-term rentals for investors.  As long as there is this huge demand for short-term rental investment properties, demand pressures will keep inventories low, and prices will continue to edge upward.