Nationally, 2024 was supposed to be the year that the housing market bounced back. Instead, home sales have failed to gain momentum, even with a late-year rally, though pending sales are sending a promising signal. A common theme throughout the year? Optimism, followed by disappointment. And, of course, the biggest interruptor in our Western North Carolina market was Hurricane Helene.
Mortgage rates dipped slightly this fall, but the reprieve was only temporary. As buyers continue to face record high home prices, hopeful eyes are now turning to 2025, despite uncertainties. We’re told to expect interest rates to continue fluctuating, almost daily, between 7% and 6.5%.
What makes our local real estate economics go ‘round?
So you will know, we take a look at what’s happening every day. It’s important. For most people, your home is your largest single investment. When you need to know, we have your numbers.
Here are clues to what’s happening locally.
We watch the median sales price of all residential properties in three counties. For December, the last month of 2024:
Buncombe $603,000
Henderson $508,000
Haywood $427,000
The number of homes sold is always worth watching. For December, the number of homes sold was
Buncombe 239, down 6 % for the year
Henderson 153, up 9% for the year
Haywood 72, up 18% for the year
We watch how long homes stay on the market before they find their probable buyer. For December the median Days on Market was
Buncombe 30 - See the full county report HERE
Henderson 27 - See the full county report HERE
Haywood 33 - See the full county report HERE
These hit the highlights. When you need to know more about the value of your home, or when you need an expert real estate friend, like the James Taylor song says, “all you got to do is call and I’ll be there.” Connect today!