George Real Estate Group Radio Broadcast

Real Estate Reality: Market Shifts and Stability in Henderson County

• George Real Estate Group

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The real estate landscape in Henderson County reveals fascinating contrasts as we navigate 2025's market realities. Despite mortgage rates hovering at 6.81%, one in three homes still sell for cash, underscoring the resilience of local demand. Contrary to alarming headlines, the market isn't crashing—it's evolving in response to historically low inventory levels.

What grabbed my attention was the striking parallel between 2024 and 2008: both years saw approximately 4 million homes sold nationwide. But today's market couldn't be more different. While 2008's numbers reflected distressed sales (nearly 40% of transactions), current figures stem from limited inventory rather than economic distress. With only 1.15 million homes available nationally—well below the historical average of 1.98 million—prices remain relatively stable despite slower sales activity.

Henderson County's weekly snapshot tells the story clearly: 56 new listings balanced against 57 new contracts and 50 price adjustments. This pattern indicates a healthy, balanced market where properly priced homes still attract multiple offers. The average single-family home price has softened slightly from its peak but remains strong at $5.43 million, showcasing the enduring appeal of our region compared to neighboring Buncombe County where average prices exceed $674,000.

For sellers, pricing strategy has never been more critical. Homes priced right from the start continue to generate competitive bidding, while overpriced properties face extended market times and eventual reductions. For buyers, despite higher financing costs, the age-old wisdom holds true: "Don't wait to buy real estate; buy real estate and wait." With its proven track record as an inflation hedge and wealth-building vehicle, property ownership continues to offer stability in an uncertain world.

Whether you're responding to life changes, considering investment opportunities, or evaluating career options in real estate, we're here to provide clarity amid the noise. The sky isn't falling—it's just changing colors. What real estate moves make sense for your unique situation?

Speaker 1:

So with that average sales price of $5.43, the previous 12-month price is at $5.35. So we're coming down a little bit from the price peaking out at $5.51 here in Henderson County and the demand is staying steady, I mean over the last. I mean, here's the interesting thing If you look at the historical real estate market in 2024, they were saying the number of homes sold in the United States was just right at 4 million. It's actually the lowest level since 1995. And again, there's so many factors that go into play there the mortgage rates, the limited housing inventory, the record high home prices. Now the median home price across the United States was at $407 for the United States.

Speaker 1:

But let's put things in historical perspective. There's some in regards to the interest rates. I mean interest rates peaked out in 1981, 44 years ago Actually, I was born in 1981. And the average interest rate in 1981 was at 18.63% for a 30-year fixed. It went down. The historical average. The lowest recorded average was in January 2021 at 2.65%. So many people that I knew said, listen, that's just free money. And then in 2023, rates surged up to 8% in October, marking a 23-year high. And as of April 2025, the average 30-year fixed mortgage rate stands at 6.81%. Again, it's the rising bonds, it's the market volatility, but just again the impact of the interest rates. But one in three one in three single-family homes sold in Henderson County are still purchased with cash. One in three single-family homes sold in Henderson County are still purchased with cash. One in three single-family homes sold in Henderson County are purchased with cash.

Speaker 1:

But if you look at the number of homes sold in 2005, 20 years ago, there was over 7 million homes sold. It crashed in 2008 with only 4.1 million homes sold. Isn't that interesting? Here we are in 2025, but in 2024, the number of homes sold was the same as in 2008 with again the crash. But we weren't saying this was a crash with the market in 2024, but the number of distressed homes being sold in 2008 was almost 40%. But isn't that interesting where the prices are now holding in the high? I mean we are still at historical highs for our average price being sold.

Speaker 1:

But isn't that interesting? In 2008, there was 4 million homes sold. Here. In 2024, there was 4 million homes sold, the lowest, actually, since 1995. 2008 still wasn't even the lowest and then things recovered and then the highest sales increased into 2021 with those mortgage rates and the low twos and threes and the fours and then really the last two years we've been holding around that 4 million homes sold in the United States. The thing is part of that challenges the low inventory, inventory levels. As of late 2024, only one point, um only 1.15 million homes were on the market, which is below the historical average of 1.98 million so that's why the price.

Speaker 1:

This is why, even though, if you look at 2008, which was the bottom of the market in regards to, there was four million something 4,100,000 homes sold in 2008, but prices were at an all-time low, how can our prices be where they're at right now? The difference is supply and demand. Even though the demand is lower, the amount of homes available when you have low inventory levels. That's why you see prices keep going up and prices have been holding, although prices are softening. And specifically in Henderson County, this is so wild. In the last seven days there's been 56 new listings, but there's also been 50 price decreases. But this is some great news 57 homes have gone under contract in the last seven days in Henderson County and then 36 homes closed in the last seven days. So it seems to be that we have flattened out in a sense, in the number of. I mean literally the last two years we've been averaging around 125 single-family homes a month selling in Henderson County. 125 single-family homes a month selling in Henderson County, and that's really been the last two years. The inventory levels have remained low and right now, as of this morning, only 477 active homes on the market, and so the supply and demand, but we are seeing the prices come down. The average single family price has come down some $8,000 from the peak earlier this year and it might be a downward trend of where prices are going. Certainly, the price reductions are a trend that we're paying attention to as well, and when we're talking to sellers, that's why pricing the home correctly from the beginning so incredible.

Speaker 1:

Now. You can't underprice anything. The market will always bid it up, but the market will talk back to you as a seller, and so that's where pricing the home is so critical in getting it right. But you can also always make adjustments. I mean, there's story after story. I mean, for example, we had a home hit the market recently with our team and guess what? Within three days, multiple offers bidding war under contract. And then there's other stories where homes are on the market. They've been on the market some six months and then slowly chasing the price down and guess what? When it finally got to its fighting weight, to the price that was appropriate for the market, we still got multiple offers. You might say how can you get multiple offers six months after it's been on the market? But when you price it right, the market responds and you get the offers, you get the activities, you get the showings and, again, the data is going to talk about where the data, the data from the market, and this is where we're just the messenger. We're here to provide information and clarity for our clients that are trying to figure out what they want to do. And so we, you get to decide as a seller. Where do you want to price your home? How do you want to price your home? You know what is it worth to you? Again, to and you got to decide what you want to do with your life, and there's no right or wrong to this. It's, you know, the market's the market, the economy's the economy. Interest rates are the interest rates, but I mean, certainly has an impact, but you, you get to decide. Is it right for you? Is it the right time to consider selling? But it's so interesting.

Speaker 1:

When we look at the historical data, I mean, oh, this is another interesting thing. The number of real estate agents certainly has adjusted. I mean, in 2005, the number of real estate agents, according to the National Association of Realtors approximate membership, it peaked out at 1.3 in 2005. And then it dropped down to the bottom of their membership was in 2012 with a million members and then it jumped up again in 2003. It actually got to a record high of 2023, excuse me, 2023, that membership jumped up to 1.6 million and then a slight decline last year. We're going to probably see more declines, but this is also interesting. You know that they say in and then a slight decline. Last year we're going to probably see more declines, but this is also interesting. They say and this is just the numbers 20% of the real estate agents actually do 80% of the business. It's the 80-20 rule. Also, 1 in 10 new licensees today will be in the business in the next five years. It has the highest attrition rate, only second to the insurance industry.

Speaker 1:

Again, people getting their real estate license. The real estate career is so rewarding and it's fascinating. It's able to help people walk along their life. And again, whether it's they're selling their personal home or we're helping clients sell their investment properties or their rental properties or they're selling an estate property, I mean, even with the market shifts and the downturns and again, 2005 is when I got my real estate license. 2005 is when I got my real estate license the market has had these cycles and it's been, you see, a top of the market. You see a downturn, you see the bottom of the market, you see a recovery and it's going to repeat. There's always cycles in the real estate market and you stay in it long enough. You're going to see these cycles. I know we see cycles in the stock market and obviously, with homes, I mean all the implications of, I mean the, the emotional implications of our homes. We live there, we it's, it's where we raise our families or it's where we have our retirement or, you know, you have your grandchildren. I mean homes have so many, you know. You know there's so much emotions connected with homes. But again, looking at the information so you can decide what's right for you, and we meet with people all the time that are considering buying or selling.

Speaker 1:

I want to say thank you to our radio listeners, the calls that come in each week from our radio show, our radio shows. We have multiple shows and, by the way, we podcast them. We've been podcasting now some two years. We may be a little bit behind to the podcast world but already has some 10,000, almost 11,000 downloads to the podcast. But we're so grateful for our listeners that tune in and then people that call in and refer us. We're so grateful for the recommendations and the referral, the personal word of mouth, and we know radio works because, again, the phone calls and we ask people where they hear about us, where they've got connected to us, and so we're grateful for that, you know.

Speaker 1:

Again back to the news and what people are asking. You know people are asking you know, is the housing market about to crash? I mean, you know the social media is saying the sky is falling. In the news you might have seen some scary headlines. You know, according to data from a recent survey, 70% of Americans are worried about a housing crash in 2025. And so a lot of people are pausing on buying or selling. But you know, I would encourage you to take a deep breath. You know the truth is the housing market is not about to crash, it's just shifting and the shift actually can work in your favor.

Speaker 1:

The inventory levels that we have, the low inventory levels, is what's going to keep us from crashing. There's just not enough supply. There's more people than the housing inventory. According to Mark Fleming, the chief economist of First American said it's just economics 101. If there's a shortage of something let's talk about like a ticket to a popular concert.

Speaker 1:

The prices go up, and that's what's still happening with homes. We have a shortage of supply, too many buyers and not enough homes to push. There's not enough homes. That's what causes prices to be stable or even to go up, and you can see this on one of our more recent blogs. You can go to georgialestategroupradiocom. You can see the graph and again, the home prices have been holding. They are coming down a little bit, but if there's a shortage, if there's a shortage, prices simply cannot crash. That was a comment from Lawrence Young, the chief economist at the National Association of Realtors. So, but when you see more homes for sale, that's when you see price growth easing up, and so, and when you see more homes available and the inventory is increasing, it takes some of the intense upward pressure off home price growth and more of a healthier price appreciation.

Speaker 1:

If you look at the last 40 years of home prices, there's a graph, there's a 4% trend line with real estate, and so there are some areas where prices are falling. I mean, again, it depends on your market, but in our specific market, I mean we've had a slight decline. This is another quote from Freddie Mac that the moderation should continue through the rest of the year. In 2025, we expect the pace of house price appreciation to moderate from levels seen in 2024, while still maintaining a positive trajectory. So they're expecting and that means prices will continue going up in some areas, just not as quickly. So again, as a buyer, you're going to have more choices and as a seller, the good news is homes. It's not like the prices are crashing, but again it is more important now than ever to price your home appropriately.

Speaker 1:

We're seeing the trends here locally where the number of price reductions continue to increase. I mean almost as many price reductions in the last seven days. Price decreases, price adjustments there's almost as many price adjustments in Henderson County as there's been new listings, but a very healthy. This is so interesting. In the last seven days, just as many homes went under contract as they were filling up the inventory 56 new listings in the last seven days and 57 homes went under contract. That is a balanced market. That's very healthy. Now people are.

Speaker 1:

I do get people asking about what's happening in Buncombe County. So, just for context, the average single-family home price in Buncombe County is at $674,000. I mean some $130,000 higher in Buncombe County than Henderson County. Also, if you look in the last 12 months. Buncombe County is averaging some 222 single-family homes a month selling compared to our 125. So almost 100 more homes a month are selling in Buncombe County compared to Henderson County. So their market is larger and that's also a reflection of the population. Their population is greater in Buncombe County than Henderson County. And then also their inventory levels. I mean they have some there's right around 900 single-family homes available and then, based on the number of homes selling, they have a four-month average, a four-month supply of single family homes on the market.

Speaker 1:

So both Henderson County and Buncombe County still are experiencing a seller's market. When you look at that based on what an economist would say economist says six months supply is considered balanced. More than six months is a buyer's market, less than six months is the seller's market. We are still technically in a seller's market, although we're experiencing the prices softening. The average price in Buncombe County is up some $40,000 compared to the previous 12 months. Henderson County that number is only up some $10,000 when you look at the current 12 months versus the previous 12 months. I know that number's only up some $10,000 when you look at the current 12 months versus the previous 12 months.

Speaker 1:

I know I'm jumping around, I know there's a lot of facts, a lot of stories, information I'm sharing with you. I guess all that to say. Again, we study the market. I try to with a radio show to bring just some clarity. The market is still moving regardless of the interest rates. The market is still moving regardless of the interest rates. The market is still moving regardless of the stock market. We have a healthy market in Henderson County and Buncombe County. The sky is not falling.

Speaker 1:

We had a tremendous outpouring of people at our open houses this past weekend. We had three open houses on Sunday, we had an open house last Thursday and the activity is strong. I'm just trying to report what's happening in the trenches or boots on the ground. I mean, we are every single day having conversations with buyers and sellers and it's not about the interest rates, it's about what's going on in their life. They have their family growing, or their kids are going off to college, or we have the family that's retiring, or we had the conversation with the family that lost a loved one and they're selling the estate property.

Speaker 1:

There's so many real life situations why people are buying and selling and it's their choice. They don't have to do any of this, but they want to do it, and so the people are. People are still moving ahead with their life, um, you know, and, and that's why real estate it's not. I mean, it's so important. And this is where hiring a real estate professional, hiring a real estate broker, like the agents at the George real estate Group, we can provide clarity and information and we can help you decide what's right for you.

Speaker 1:

But we know it's about what's going on in your life and there can be really compelling reasons. There can be beautiful, joyful reasons and happy reasons why you're buying and selling. There can be also some sobering moments. It can be some challenging moments. Maybe it's you're moving to selling. There can be also some sobering moments. It can be some challenging moments. Maybe it's you're moving to get closer to your kids in another state, you're downsizing, you're retiring, you're moving into a retirement community, you lost a loved one, it could be a divorce. I mean, there's really challenging reasons why people are still buying and selling, and there's positive reasons too.

Speaker 1:

All these things are happening, and so the conversations that we're having with clients every single day is about life. It's just real life. And then we bring in the context of the market and the numbers and provide clarity so that people can decide what's right for them. And then we're there to support our clients and to advocate them and to facilitate what that looks like. And we're helping our clients with investment properties and we're helping our clients with 1031 exchanges and commercial property and raw land and selling lots. We're helping people with every situation you can imagine and we keep learning, we keep showing up every day and we are so grateful to help our clients with real estate.

Speaker 1:

And so if you're thinking of buying or thinking of selling or thinking of investing in real estate, I love the saying you know, don't wait to buy real estate. You buy real estate and wait. You know, don't wait to buy real estate, you buy real estate and wait. You know, don't wait to buy real estate. Um, you, you buy real estate in, in, in weight, um, you know, and that speaks to the long-term perspective on the appreciation um of of houses. Actually, I was looking it up again the it was they. They say that statement was, it was contributed, was attributed to probably Will Rogers. And again, it's not about timing the market. You can't time the stock market but you know, if you stay in it long enough, you're going to see appreciation, even with the ups and downs. Same thing about real estate.

Speaker 1:

We know real estate appreciates over time, and it's also the wealth building mindset you know. When you invest in real estate and hold onto it long-term, you often build equity and wealth, and it's slowly but surely. You know the the because of the ups and downs of the housing market. You know you. And also, if you buy rental and real estate rental real estate you know the rents, you charge rent. And again, you know that that's a, that's a part of it too. Also, real estate is one of the best hedges against inflation. You know your mortgage stays fixed while the value and income potential of your asset rises.

Speaker 1:

And so you know, we know, that long-term owning real estate is one of the best things that you can do. You know and it's not just a quote, you know it's a strategy, and so it doesn't matter if the market's hot or cold, owning property is one of the most proven paths for long-term wealth. And so and then there's part of the strategy too is, if you own real estate, you own investment properties. You know how do you think about what that looks like long-term. And and again, there's uh, you know strategies with 1031 exchanges and your, your rental portfolio. There's so many different paths and we can talk about those things, and so I encourage you to call us, give us a call, 828-393-0134. Find us online at realestatebygregcom. Follow us on social media Facebook and Instagram.

Speaker 1:

We also podcast over radio shows. You know, and I you know, we're so grateful, we have so much to be thankful for. We're excited and we're enthusiastic about helping and meeting with our clients every single week, every single day. We've had so many conversations and to our listeners, are so thankful for the referrals and the recommendations and the connections. And we know that you're listening because, again, we get the phone calls every week, and so you can call us 828-393-0134. Find us online at realestatebygregcom.

Speaker 1:

We have some great new listings. We already some of the listings that we were sharing with you last week are already under contract multiple offers. The market is moving Again. If you're, if you hear something on the news about the housing or real estate market, you know, give us a call. You know, find out what the actual numbers and story that, what the story is. The market is moving. We, we again. Already the first quarter this year, there was more homes sold in Henderson County the first quarter this year than last year 7% increase in the number of homes sold, single family homes sold and again, inventory levels are stable. I mean in the last seven days I mean this, this is, I think, the most telling story of all in the last seven days in Henderson County there was 56 new single family home listings, there was 57 homes that went under contract and there was 50 price drops, um and and and, then there was 36 homes closed. I mean again, we have a very healthy market, you know, here in Henderson County.

Speaker 1:

So, in regards to your personal situation, whether it's selling a personal home, a residential home, or maybe you're considering selling your real estate, you know investment property or land or commercial, or you know, if you've heard about 1031 exchanges but want to learn more, we have solutions for that and can help walk you through those tax strategies. And then, finally, if you're thinking about a career in real estate, you might say what in the world I mean? But we are growing. We're helping more people. We've helped more people this year than we did last year and we were growing our team at the George Real Estate Group. So if you thought about a career in real estate, give us a call at 828-393-0134. If in real estate, give us a call at 828-393-0134. If you have your real estate license or thinking about getting your real estate license, you know, certainly give us a call. And again, so grateful.

Speaker 1:

Now we're here every Friday morning as well, sponsoring the Hometown Hero series, and so excited tomorrow morning to have as our hometown hero tomorrow morning Kate Carlton. She's the executive director of the United Way of Henderson County and during Helene, you know Kate helped create a path forward in organizing relief efforts for Henderson County. You know, again, the relief efforts are still going on. There are areas in our county that are going to be years in the recovery effort and there's so many individuals facing challenges still, and so we wanted to honor Kate as our Hometown Hero this week. She's going to come in tomorrow morning at 845, and we're going to have a conversation with her, with myself and Randy Houston. Again, we're here every Friday morning at 845, sponsoring the Hometown Hero series and if you know somebody that you'd like to nominate, certainly reach out to WHKP, nominate them, reach out to us. We're glad to have the conversation and hear amazing stories and we have more stories that we're going to be sharing as well throughout the spring with our Hometown Heroes series. But thank you so much for tuning in this Thursday morning. Sorry about the technical challenges we had, but have a great day, have a great Thursday, happy Easter this weekend as well, and we'll see you tomorrow morning.

Speaker 1:

If the story I shared with you stopped you in your tracks, you're not alone. People have been asking what happened next. Dr Robbins' car had plunged into a freezing river and asa teenager underwater and disoriented. She remembered a survival tip Blow bubbles and follow them. They will rise to the surface. She did, but when she reached the top, expecting air, she slammed into solid ice, out of breath and nearly out of strength. She kept moving desperately, searching for a break, and just when she thought she couldn't go on, a stranger appeared and pulled her to safety. It's a powerful reminder. We can do hard things, but we don't have to do them alone. At the George Real Estate Group, we're here to help you through life's transitions, whether you're buying, selling or just trying to figure out your next move. The George Real Estate Group, because the right guide makes all the difference.

Speaker 2:

Thank you for listening to the George Real Estate Group podcast. Tune in next time for more industry news updates and real estate tips. You can reach Greg, the George Real Estate Group group at 828-393-0134.