Carolina Mountain Sales Annual Report & Q4 Results 2022

Issue 1, 2022 Serving Asheville Buncombe Co. Henderson Co.

Local knowledge. Valuable insight. Impeccable service.

Annual Report & Q4 Market Results

Prepared for Asheville, Hendersonville, Buncombe County, and all the markets we serve.

TABLE OF CONTENTS 01

Letter from our

02

Asheville

07

Charlotte Metro

12

Winston Salem &

Broker-in-Charge

Region

Region

Triad Region

Data Disclaimer: The source of all data contained in this report is provided by the Canopy REALTOR® Association, Triad Real Estate MLS, & Paragon MLS (Raleigh).

Information is deemed reliable but not guaranteed. Consult your Carolina Mountain Sales Real Estate Associate | Charlotte Regional REALTOR® Association, for more information.

15

Raleigh, Durham

19

A Year of Giving:

Copyright 2022 Carolina Mountain Sales

& Triangle Area Each Office is Independently Owned & Operated

Company Review

2020 ERA Annual Conference.

L to R: Eb Moore, Sherry Chris, Tania Moore, TIm Jones

Dear Friends, Clients, Colleagues, Welcome to our 2022 Annual Market Report prepared for Carolina Mountain Sales and our mountain market areas of Asheville, Henderson County, and Asheville's Buncombe County. We continue to be grateful to have the privilege of working with you!

As we begin 2022, we provide an in-depth look at the most recent quarter of activity, Q4, 2021. It has been another year of extremes throughout our major markets in North Carolina–the ongoing COVID-19 pandemic and rising unemployment rate have inhibited a stronger economic recovery, while real estate continues its record growth.

In many respects, our markets mirror the low inventory and rising prices of 2020 with the early signs of a slight cooling, as evidenced by a reduction in Closed Sales, and the continued dominance of a strong seller's market.

The biggest impact we predict for 2022? First-time homebuyers will feel the biggest pinch, placing desirable metro NC markets out of reach for many. Rising mortgage rates predicted this year by The Fed, may place added pressure on homebuyers who remain "on the fence" about buying this year.

Throughout our markets in 2021, we reinstilled our commitment to the community and have had the privilege of working with some wonderful nonprofits in Asheville. Our gallery at the back of this market report shares a selection of these rewarding experiences.

When considering your real estate needs in 2022, you may have questions about making a move, what your home might be worth, or what is involved in putting a home up for sale.

Let our award-winning REALTORS® here at Carolina Mountain Sales guide you through the entire process–we are always available to answer any questions you may have!

We wish you and yours good health and prosperity for this year and the years ahead.

Amanda Holland, Broker-in-Charge | REALTOR® Carolina Mountain Sales

"Asheville and our mountain market area continue to demonstrate longterm strength and resilience, despite inventory constraints."

-Amanda Holland, Carolina Mountain Sales

Carolina Mountain Sales Real Estate Annual Report | 2022

P1

ASHEVILLE REGION RESIDENTIAL SALES SUMMARY Home sales across the Asheville region continued their slowdown, largely due to the lack of inventory available throughout the region. Days on Market dropped more than 40% on 2020's results, showing the demand from homebuyers remains strong, outpacing supply in all price ranges.

Not only is the lack of inventory impacting the market, but the rising sales price continues to put homes further out of reach for many first-time homebuyers. Sellers, on the other hand, are consistently getting the asking price or more for their homes, in a seller's market that is expected to continue well into 2022.

Key observations from this last Quarter of 2021 are: Homes in Asheville have steadily sold for 97.2% of the asking price in this active seller's market during the fourth quarter of 2021. A slight increase from the previous quarter.

Once again, fourth-quarter sales results saw inventory fall in all of the markets we serve, reaching 1.2 in Asheville, an unprecedented result.

The shortest average time to have an offer accepted on a home in Asheville is 33 days, a reduction of more than 41% on 2020 4th quarter results.

Closed sales are down just slightly, at -4.1% in the fourth quarter of last year–likely due to forthcoming interest rate hikes, the holiday season, and a considerable lack of inventory.

Carolina Mountain Sales Real Estate Annual Report | 2022

P2

ASHEVILLE RESIDENTIAL SALES SUMMARY Asheville continues to see Average and Median Sales Prices increase with Months Supply nearly decimated by buyer demand. With such a low inventory it's no surprise that Closed Sales have dropped more than 4% on 2020 figures. Expect more of the same in 2022, with prices continuing to rise and both inventory reducing and Days on Market increasing, likely in tandem with mortgage rate hikes.

Asheville (Region)

P3

BUNCOMBE COUNTY RESIDENTIAL SALES SUMMARY In the pastoral setting of Buncombe County, Asheville's home county, Q4 Average Sales Prices for homes were up 19.1% compared to 2020 figures, selling for a record $527,393! On average, homes in Buncombe County are on the market for 27 days, more than 40% faster than Q4 2020. While Buncombe County offers greater selection and opportunities for first-time buyers, its new developments and luxury communities have put upward pressure on home prices, outpacing Asheville

Buncombe County

P4

HENDERSON COUNTY RESIDENTIAL SALES SUMMARY Long the sleepier, country town cousin to Asheville's savvy foodies and in-the-know culture-seekers, Henderson County attracts its fair share of equally erudite buyers relocating from the midwest, Florida, and east coast, successfully attracting buyers seeking affordability without sacrificing that mountain lifestyle.

Just a 25-minute drive to Asheville, its proximity to amenities without the crowds is a major draw for homebuyers throughout the county.

Henderson County

P5

View the results of our major markets throughout North Carolina

CHARLOTTE REGION

RESIDENTIAL SALES SUMMARY A double-digit Median and Average Sales Price increases, a steep drop in inventory, and a slight cooling in Closed Sales offer a picture of the Charlotte Region and a baseline for most of our other markets.

P7

MECKLENBURG CO.

RESIDENTIAL SALES SUMMARY Charlotte's home county is facing doubledigit Median and Average Sales Price increases, a steep drop in inventory, and a slight cooling in Closed Sales offer a picture of the Charlotte Region and a baseline for most of our other markets.

P9

CHARLOTTE-AREA COUNTIES RESIDENTIAL SALES SUMMARY

Cabarrus County is one of Charlotte's largest neighboring counties and home to the county seat of Concord and pretty towns of Mt. Pleasant, Midland, & Kannapolis. Union County features the charming town of Waxhaw–growing in both popularity and Median Sales Price.

Cabarrus Co.

Union Co.

P10

CHARLOTTE-AREA COUNTIES, Cont'd.

RESIDENTIAL SALES SUMMARY The major metro area surrounding Charlotte includes seven different counties, each with its distinctive towns, cities, and townships. Charlotte’s surrounding counties provide greater inventory at a variety of price points with something for everyone- from charming rural communities to vibrant market towns and commercial areas.

York Co.

Lancaster Co.

P11

THE TRIAD | WINSTON SALEM RESIDENTIAL SALES SUMMARY In Q4 of 2021, the median sales price in Winston-Salem, NC was $240K, trending up 14.3% year-over-year. This laid-back city poised for continued growth is located in Forsyth County in the north-central part of North Carolina. The metro area lies along the Carolina Core in the heart of North Carolina, a 120+ mile stretch running between Winston-Salem, Fayetteville, Greensboro, & High Point. The Triad's big draw? Affordability!

P12

THE TRIAD | GREENSBORO RESIDENTIAL SALES SUMMARY U.S. News and World Reports ranks Greensboro #94 in the nation for Best Places to Live and #71 in Best Places to Retire. Part of the Piedmont Triad, with a low cost of living and Q4 2021 Median Sales Price of $256,000, it's one of North Carolina's more affordable metro areas.

Like the rest of the Piedmont Triad, there's less than one month of inventory available!

P13

THE TRIAD | HIGH POINT RESIDENTIAL SALES SUMMARY High Point is located alongside Greensboro and Winston-Salem in the Piedmont Triad region of North Carolina, the nation’s 33rd largest metro area with a population exceeding 1.7 million. Home of High Point University and the famous annual High Point Market, the world's largest home furnishings trade show. High Point offers outstanding value for homebuyers and a 99.9% of List Price Received for sellers.

P14

THE TRIANGLE AREA | RALEIGH RESIDENTIAL SALES SUMMARY Raleigh’s real estate market is already red hot with prices at record highs and predicted to go even higher this year, setting the scene for Raleigh as the #3 hottest market in the U.S. Home values are forecasted to soar nearly 24% in the capital city’s real estate market, pushing a typical home value to well over $450,000!

P15

THE TRIANGLE AREA | DURHAM RESIDENTIAL SALES SUMMARY All of the Triangle real estate markets remain hot, with the areas of Durham and Wake County showing particular demand. That's positive news for sellers, with equity occupying the most popular seat at the table. For buyers, inventory and rapidly rising sales prices will add a unique challenge with little relief in sight–in fact, quite the opposite as prices are expected to continue an upward trend in 2022.

P16

THE TRIANGLE AREA RESIDENTIAL SALES SUMMARY

P17

THE TRIANGLE AREA RESIDENTIAL SALES SUMMARY, Cont'd.

P18

P19

CarolinaMountainSales.com | Copyright © 2022 Carolina Mountain Sales