Danielle Malecek
May 8, 2023
Hendersonville Real Estate Market Continues to Face Low Inventory and High Demand, Resulting in Increased Prices and Decreased Median Days on Market.
Click here to view the Market Report for Hendersonville, NC (May 2023)
The real estate market in Hendersonville, North Carolina, continues to be impacted by low inventory, with only 114 homes available for sale in April 2023. This is a decrease of 34.1% compared to the same time last year. The low supply of homes is contributing to the increase in median sales price, which rose 21.8% year-over-year to $390,000.
However, despite the low inventory, the number of homes sold in Hendersonville increased by 10.8% compared to last year, with 95 homes sold in April 2023. The median days on market for homes sold was only 7 days, which is a decrease of 30.0% compared to the same time last year.
Luxury homes, which are defined as homes priced at $750,000 or higher, continue to be in high demand in Hendersonville. In April 2023, 19 luxury homes were sold, which is a 375.0% increase compared to the same time last year. The median sales price for luxury homes also increased by 20.7% year-over-year to $1,190,000.
The report also highlights the impact of the ongoing COVID-19 pandemic on the real estate market, with many buyers seeking homes with more space and outdoor amenities. The report suggests that this trend may continue in the coming months, with buyers looking for larger homes and outdoor spaces.
Overall, the real estate market in Hendersonville remains strong, with low inventory and high demand driving up prices and reducing median days on market. The report suggests that the luxury home market in particular is experiencing significant growth in the area. However, the low inventory may continue to be a challenge for buyers looking to enter the market.