Local Real Estate by the Numbers
There’s an old saying in real estate that all real estate is local. This means ultimately that the value of real estate is principally derived from its unique location. It would be highly impractical to find the home of yours dreams and want to move that home to the location of your dreams. Hence, all real estate is local. I was playing around on our MLS today, since this is the last day of the year, looking at our local numbers here in Haywood County, NC. Below are some comparison numbers for the last 4 year period.
Back in November of 2015, the average home was selling for $114 per square foot. In November of 2019, the average home sold for $158 per square foot. This represents a 39 percent price increase over the last 4 years in dollars per square foot of homes sold.
In November of 2015 the median time on the market before a home sold was 86 days on the market. In November of 2019, the median time on the market before a home sold had decreased to 52 days on the market.
In November of 2015 there were 1025 homes listed for sale in the county. In November of 2015 there were only 637 homes listed for sale in the county. This is a 38 percent decrease in the number of available homes for sale.
The above numbers show a trend of rising home prices, combined with less days on the market, partially because of fewer homes for sale, or decreased inventories of listed homes.
The market has definitely shifted from a buyer’s market (one in which the buyer has the upper hand) to a seller’s market.
The moral of the story: If you are considering buying a home, act now. Prices are steadily increasing. If you are considering selling your home, we would certainly love to have the listing. There are buyers waiting for your home to come on the market.
Here’s wishing a very Happy New Year to you and yours.