WNC Real Estate – 1st Quarter
The first quarter of 2020 has been eventful! We’re experiencing a global pandemic, ups and downs in the stock market, job insecurity, and a new way of living all within the first three months of the year! It will take time to see the long-term effects COVID-19 will have on the Asheville real estate market, but it will be helpful to look at some key metrics in Asheville, Buncombe County, and Henderson County in the meantime: New Listings, Closed Sales, and Median Sales Price.
The number of New Listings increased in March in Asheville and Henderson County, but there was a slight decrease in Buncombe County. Comparing the quarter in 2019 to 2020 in all three areas we see an overall decrease in the number of new listings, except in Henderson County, which exhibited the most upward growth in March 2020. This isn’t surprising as we’ve been seeing people move outward from Asheville because of low inventory and high prices.
The number of Closed Sales remained consistently high in Buncombe County, while staying relatively the same in Asheville, and dipping then rising again in March for Henderson County. Comparing 2019 to 2020 there are consistently more Closed Sales in all three areas this quarter.
The Median Sales Price has steadily increased in all three areas from January-March 2020 and also from 2019 to 2020. WNC is a popular place and high demand and low supply, especially in Asheville, means higher prices. As the area continues to grow outward we’ll see the average sales price continue to climb, especially as we move out of current stay-at-home orders and the weather warms up.
Be sure to contact your Real Estate Agent to stay up to date on all the changes the industry is experiencing. Their expertise and guidance is going to be crucial as we navigate real estate post-COVID-19.
