Sales Trends in Haywood County Real Estate

As 2020 was a banner year for real estate sales, I thought I would share some stats with you today.

In the year 2020 we closed a total of 1334 homes and condos in the county.  This compares with a total of 1159 homes and condos in 2019, for an increase of 15 percent year to year.

In December of 2020, we closed a total of 121 homes and condos in the county.  This compares with a total of 91 homes and condos sold in December of 2019, for an increase of 33 percent.

Our January 2021 sales county-wide of homes and condos was 74, compared with 74 in January 2020.  Sales were flat in January due to lower inventories of available homes.  In December of 2019 we had a 4.6 months supply of available homes for sale.  In December of 2020 we only had a 1.8 months supply of available homes for sale.  This represents a 60.9 percent decrease in supply.  In most real estate markets, a balanced supply is 4 to 6 months of sales.  Less than 4  to 6 months is considered a seller’s market.  More than a 6 months supply is considered a buyer’s market.  Real estate, after all, is a supply and demand market.  When supplies are slim, prices must go up.  The average price of a home in Haywood County increased by 17.6 percent in 2020, when compared to 2019.  ($256,450 to $301,606)

A couple of other factors drove home sales in our area.  First, the pandemic brought buyers from more populous areas to the less populous mountains.  Many buyers are now working from home, and decided they wanted to work from home in a more desirable setting than the city.  The other factor driving home sales was low mortgage interest rates.  Interest rates for homes are still at historic lows.  Many home buyers have taken advantage of these low rates before rates rise again.

If you have an interest in purchasing a home in our area any time soon, let us know.  If we know what you are looking for, we can set up a website for you that will automatically add homes that match your search criteria.  That way, you will see homes of interest to you the day they go on the market.

(All stats provided by Canopy Realtor® Association and Showing Time)