How’s the market?
While 2020 has thrown us all many other unforeseen curve balls, the effect on our Asheville area real estate market has been pleasantly surprising. From an economic standpoint, there’s no question that when we began this year we were expecting higher interest rates and a gradual slowing of our market. While there was a slow down for a short time in March and April, the market saw a dramatic uptick in May and June, and was still going very strong as we hit the mid year point. Interest rates were still at historic lows as of July 1 and inventory was also very low, causing average sales prices to increase.
We present to you our 2020 Asheville Mid Year Market Report.
We’ve had many multiple offer situations when homes list, given there are more buyers in the market than we have homes to sell them. We have seen an influx of buyers from larger cities seeking mountain respite, and local buyers looking for more retreat-like settings to live. No doubt attraction to the WNC lifestyle helps our local market weather market ups and downs better than other areas of the country. We are not market proof, but we do have something here that many are looking for, giving us overall confidence in the next months and years to come.
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