Real Estate Recap March 2024

In March our Haywood County home sales were off 37% compared to March 2023.  This is the first month since the pandemic that home sales have fallen off to that degree.  In March 2023 we sold 97 homes.  This March that number dropped to 61.  This cannot be blamed on the weather, as we had an abnormally warm March, with hardly enough snow to mention.  Inventories of homes for sale have been historically low.  Certainly, the lack of homes to sell contributed to this decrease in sales.  However, it does seem that demand has cooled a bit.  Also, the cumulative number of days on the market until a home sold increased 25% compared to March 2023, from 64 days last year to 80 days this year.

We had 135 new listings come on the market in March, compared with 132 new listings in March 2023.  Our total number of homes for sale in March was 222 compared to 205 in March of 2023.  This gave us a 2.6 month’s supply of homes in March compared to a 2.2 month’s supply in March 2023.  (A balanced market is a 5 to 6 month’s supply of homes.)  So, we are still deeply in a seller’s market here in Haywood County.

The average sales price of homes that sold in March rose to $425,425, a 16.8% increase over March 2023.  In a seller’s market, prices tend to rise due to buyer competition for available homes.

Needless to say, this is a complicated market to predict.  If you are thinking about buying a home, let us know, we can help you navigate the market.  Also, if you are thinking of selling your home, we can come to your home and give you a current market analysis of your home’s worth.  Your home may be worth more than you think.