Press release from Beverly-Hanks:
Neal Hanks, President of Beverly-Hanks, REALTORSⓇ, recently delivered the company’s year-end 2020 Real Estate Market Report.
According to the Beverly-Hanks Year End 2020 Real Estate Market Report, the Western North Carolina housing market has been nothing short of remarkable over the past 12 months. As we head into the new year, the industry is just beginning to relax its grip on the restraining bar in hopes of a more balanced sales pace in 2021.
“We began 2020 with great optimism, but our outlook quickly turned apprehensive as the COVID-19 pandemic and accompanying recession destabilized the market’s early momentum,” said Hanks. “The early summer’s slow sales pace rapidly accelerated as record-low mortgage interest rates and an influx of relocations pushed sales to record levels each and every month from July until the end of the year.”
Across the country, luxury home buyers have made a clear move toward locations that support a wellness lifestyle. Resort and second home communities, like Brevard, Waynesville, and Lake Lure, have enjoyed a renewed popularity with luxury home buyers that hasn’t been seen since the early 2000s. As a result, luxury home sales spiked.
“Lockdowns and self-quarantines sent thousands of new buyers into our market in search of larger homes, bigger back yards, and locations closer to recreation,” said Hanks. “Fueled by the ability to work from home, powerful stock market gains, and a desire to cocoon in a place with easy access to amenities, affluent buyers are snapping up homes around Western North Carolina at a record-breaking pace.”
Persistent demand and too few homes for sale across nearly all price ranges have stoked competition among buyers. This competition continues to push the regional sales pace and home values upward.
Hanks predicted, “We expect the following three trends will continue to drive median sales prices upward in Western North Carolina: Changing demographics, including Millennials entering homeownership at record rates, shifting consumer preferences, and the ongoing appeal of our mountain communities will far outstrip the number of homes for sale in the region and will continue to push the median sales price upwards.”
On the whole, the market will remain advantageous to sellers in 2021. Buyers looking for affordable homes will continue to struggle as supplies remain critically low. At the other end of the market, affluent buyers are snapping up homes around WNC at a record-breaking pace, creating demand at those price points.
“Flexibility and creative solutions will be essential to finding a home in our most competitive markets,” said Hanks. “Whether you’re buying or selling real estate, if you’d like more information on your local real estate market, our Beverly-Hanks real estate professionals are eager to assist you.”
Read Neal Hanks’ full year-end 2020 market report, including details about current home values and the cost of financing, at beverly-hanks.com/blog/2020- 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.
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