Real Estate Recap May 2024

For the first time in a long while, our Month’s Supply of Inventory actually increased from 2.4 months last year in May to 3.4 months this year in May.  That means out market is still a seller’s market, since a balanced market is a 5 to 6 month’s supply.  However, this is the most inventory we’ve had to work with in some time.  Also, the average sales price of homes sold actually dropped, all be it a small amount, from May of last year to May of this year.  Does this mean our market is gradually changing from a seller’s market to a buyer’s market?  I believe that still remains to be seen.  The numbers are still a step in the right direction.

Here are some other results from our May 2024 sales in Haywood County:

Pending sales were off 20.2% from May 2023.

Closed sales were off 13.5% from May 2023.

The median sales price rose 5.2% from May 2023 to $373,000.

The average sales price dropped 0.2% from May 2023 to $420,572.

The average list price of new homes coming on the market rose 10.9% from May 2023 to $597,537.

Our county-wide inventory of homes for sale rose 26.7% from May 2023 to 280 homes.

If you have any real estate questions, or if you are thinking of listing your home for sale, please let us know.  We can come to your home and do a Comparable Market Analysis to let you know what your home is worth in this crazy market.