Asheville 2022 Annual Report

We are proud to present you with this synopsis of the national, regional, and localized trends that matter most to you, found here in our Asheville_2022 Annual Report.

MARKET OUTLOOK  – NATIONAL LEVEL

With our Nest Annual Report, we aim to provide the most useful information possible, as every homeowner needs to keep tabs on their investment, and every potential shopper needs to be informed before embarking on such a major financial decision. Locally, we study neighborhoods, builders, and development trends, but on a national level, there are three trends that year-in and year-out are a fantastic indicator of the overall health of our national economy, and by extension, the housing market: Mortgage Rates, Consumer Confidence, and Unemployment Rates.
Looking at these numbers allows us to make predictions of what we should expect to see in 2023—which is a more stable real estate market. Mortgage rates have increased more quickly than economists had predicted, but they still remain in an affordable range, historically speaking. And while consumer confidence is down entering 2023, it has been trending upward since June 2022. And finally, unemployment is running extraordinarily low, which points to potential real wage gains in the coming year, benefitting average consumers.

MARKET OUTLOOK – LOCAL LEVEL

During the first half of the year, we were seeing record-breaking inventory lows, coupled with low mortgage rates and high buyer demand. In short, houses were selling quickly, often over the asking price. By the end of 2022, mortgage rates increased, but inventory remained low and over one third of homes were purchased with cash, causing less of a market slow down than in other areas. Average days on the market increased slightly by the end of the year, but home sales remained steady. Buyers who had been waiting could finally purchase, although their budgets may have shifted if a mortgage was involved.

By the end of 2022, it was a market where both buyers and sellers could still meet their goals. While we’re not in the business of predictions, it is our hope that we’re heading toward a more balanced market in 2023 where both buyers and sellers have the time to make well-thought-out decisions. With that, let’s look through the 2022 data to gain a deeper understanding of where the market has been and where it’s heading.

In this report, we start off with an overall snapshot of the national market, then take a closer look at what’s happening locally. Understanding both the national and local trends can help us better interpret your home’s value and where the local market is potentially headed. Should questions arise as you review and digest this data, please don’t hesitate to reach out. We’re here to help any way we can!

–Nest Realty Asheville Realtors provide unparalleled client care, expert market knowledge, and a passion for all that makes Western North Carolina a magical place to live, work, and play. We pour our hearts into all that we do and are focused on giving back to the community we love. At Nest, we are all about intentional and strategic growth. As of 2022, we have 451 Nest agents buying and selling throughout 23 offices in 17 locations, spanning seven states across the U.S. With each new office that opens, we are able to expand our reach, better serving you, our incredible clients.

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