Press Release: WNC’s Real Estate Markets Saw a Decade of Unprecedented Growth

FOR IMMEDIATE RELEASE:

WNC’s Real Estate Markets Saw a Decade of Unprecedented Growth

Beverly-Hanks delivers their year end 2019 market report.

January 23, 2020, Asheville, NC—Neal Hanks, Jr., President of Beverly-Hanks, REALTORSⓇ, recently delivered the company’s 2019 end-of-year Real Estate Market Report

According to the Beverly-Hanks Year End 2019 Real Estate Market Report, the last decade was one of the best times in history to buy real estate in Western North Carolina. If you bought a house in 2010 for $250,000, today it would be worth $346,862.

“As we cap off a decade of unprecedented growth, it’s easy to forget that in January 2010, optimism for real estate was in short supply,” said Hanks. “Today, it’s hard to imagine a market where every price point was oversupplied, the average time on the market was close to six months, and sellers were wrestling with the fact that values were dropping 6% per year.”

Today, our regional sales pace remains very strong. Total closed sales across the region (9,849) were up 7% over the highwater mark hit in 2018. When paired with a declining home supply, this strong sales pace means that competition for your chosen home may be more intense than ever.

“Throughout the region, sellers are firmly in the driver’s seat when selling a home priced under $600,000,” said Hanks. “This isn’t to say that this market is without challenges. Unlike ten years ago, 2020 promises to be challenging for buyers, not because of affordability, but because of availability.”

The shortage of homes for sale intensified in seven out of nine WNC counties in Q4. Overall, there are 12% fewer homes for sale now than this time last year. Yancey and Mitchell are the only counties in our region seeing more homes for sale now than at the end of 2018.

“As we wrap up our 43rd year in business, I can confidently say the Western North Carolina real estate markets are in great shape,” said Hanks. “Most homes are selling in 90 days or less, and homeowners in many cases have reached all-time highs for accumulated appreciation.”

The Federal Finance Housing Agency reported a 4.5% price appreciation in the Asheville MSA over the last 12 months. Buncombe County’s median sales price continues to lead the region at $312,250. Yancey and Mitchell Counties are the most affordable at $191,000.

“Real estate markets are constantly changing, but one thing remains the same: That’s our commitment to our clients,” said Hanks. “We’re proud of the fact that more buyers and sellers choose Beverly-Hanks than any other firm in our region. Our Beverly-Hanks agents stand ready once again to help position you for success during this next decade.”

Read Neal Hanks’ full year end 2019 market report at beverly-hanks.com/blog/2019-ye-market-report. Or speak with a Beverly-Hanks real estate agent today at (866) 858-2257 to request your free print copy of the report.

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.

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