FOR IMMEDIATE RELEASE:
WNC’s Real Estate Markets are Back to Historical Norms
Beverly-Hanks delivers their end-of-year market report and predictions for 2019.
January 23, 2019, Asheville, NC—Neal Hanks, Jr., President of Beverly-Hanks, REALTORSⓇ, recently delivered the company’s end-of-year 2018 Real Estate Market Report. The Beverly-Hanks market report highlights four key metrics of the Western North Carolina real estate market: sales pace, homes for sale, home prices, and the availability of financing.
According to the Beverly-Hanks Year-End 2018 Real Estate Market Report, 9,200 homes sold last year in the nine-county region, amounting to 25 each day. Across the region, tight supply has reduced the number of homes selling for under $300,000. “In some places like Buncombe County, sales of more affordable homes are down by as much as 15%. But sales of homes priced over $800,000 are up 12%,” said Hanks.
The region’s tight supply and growing demand are pushing home prices higher. “It’s possible that certain communities may no longer have homes priced in our most affordable brackets,” said Hanks. “Buyers willing to consider places like Rutherford County are finding more affordable opportunities.” Rutherford County saw a 25% increase in the number of homes for sale under $300,000.
The Federal Finance Housing Agency reported that Asheville MSA’s home prices appreciated 9.5% over the last 12 months. “With no meaningful additional supply on the horizon, we expect that prices will continue to rise. Supply concerns may dampen some enthusiasm for homeownership, and will likely slow price increases,” said Hanks.
Mortgage rates continue to remain historically low as investors are increasingly moving their money to safer investments like U.S. Treasury bonds. “In the growing economic uncertainty, as the trade war continues, the government shutdown, and forecasts of slower economic growth, mortgage interest rates are headed south,” said Hanks. “The silver lining is that low mortgage interest rates are mitigating declining affordability caused by escalating home prices.”
Watch Neal Hanks’ full end-of-year market report and predictions for 2019 at beverly-hanks.com/blog/2018-eoy-market-report. Or speak with a Beverly-Hanks real estate agent today at (866) 858-2257.
About Beverly-Hanks, REALTORSⓇ
The market leader since 1976, Beverly-Hanks is a full-service real estate firm offering residential and commercial sales, marketing, and consulting services across Western North Carolina. In addition to these core business platforms, Beverly-Hanks has strategic partnerships in several related industry ventures, including mortgage and title insurance.
For more information, visit beverly-hanks.com.