At Vignette, every market is a great market. The difference is discerning the opportunities and taking advantage of areas to obtain our client's goals. While most of our competitors are down year over year in sales, we have exceeded 2024 sales and will increase 10 to 15% based on current trends. (In depth analysis below)
Interest rates have been a concern, and we have addressed this by marketing to cash buyers and people who understand the effect of fewer competing bids versus the current market rate. As interest rates fall, more buyers will enter the market, driving the average home sale price. In 2021, 2023, and 2024, the Median home value has increased by 5% per year in Macon County. In Cherokee and Jackson County, the story is similar.
Nationally, the median home price increased by 5.7%, and in 2023 and 2024, it dropped back to a nominal 2.75% increase. North Carolina dropped from 6.7% in 2021 by almost 2 points in 2023 and 2024.
Western North Carolina is the place to be, with a consistent 5% year-over-year performance. When comparing a 5% increase in value to a 7% interest rate, it's essential to understand that a 5% increase is a compounded value. In contrast, a mortgage is on a declining balance - one of the reasons why home values nearly double every 10 years. Further, the price paid for a home is permanent. The mortgage is re-financeable when rates drop; currently, every indication in the market indicates this direction.
Since 2022, the principal gain in home values has been approximately 10 percent in Macon County and surrounding areas. Many of our clients have experienced much better returns on the properties they chose to sell. Our average selling price per home has followed a slightly higher trend.
The question is, why? Macon and surrounding counties contain some of the country's most beautiful retirement places. Further, North Carolina is accommodating based upon no taxes on social security, inheritance, or estate taxes, which means retirees can keep more of their income and assets.
Small towns, friendly people, and no taxes on the big three put Western North Carolina on the map for people like me, the last baby boomers crossing the path of 60.
With telecommuting, more people live in rustic areas, abounding in recreational activities such as hiking, fishing, hunting, and more. People continue to pin Western North Carolina as the place they want to live.
Western North Carolina is and will be a great place to invest in the future and live an incredible life. These facts pose the question, Why are you not here already?
| Region | Year | Median Sale Price | |
| National | 2021 | $ 350,000.00 | |
| National | 2022 | $ 370,000.00 | 5.7% |
| National | 2023 | $ 380,000.00 | 2.7% |
| National | 2024 | $ 390,000.00 | 2.6% |
| North Carolina | 2021 | $ 300,000.00 | 0.0% |
| North Carolina | 2022 | $ 320,000.00 | 6.7% |
| North Carolina | 2023 | $ 335,000.00 | 4.7% |
| North Carolina | 2024 | $ 350,000.00 | 4.5% |
| Western NC | 2021 | $ 325,000.00 | 0.0% |
| Western NC | 2022 | $ 345,000.00 | 6.2% |
| Western NC | 2023 | $ 360,000.00 | 4.3% |
| Western NC | 2024 | $ 375,000.00 | 4.2% |
| Macon County | 2021 | $ 275,000.00 | 0.0% |
| Macon County | 2022 | $ 290,000.00 | 5.5% |
| Macon County | 2023 | $ 305,000.00 | 5.2% |
| Macon County | 2024 | $ 320,000.00 | 4.9% |
| Jackson County | 2021 | $ 285,000.00 | 0.0% |
| Jackson County | 2022 | $ 300,000.00 | 5.3% |
| Jackson County | 2023 | $ 315,000.00 | 5.0% |
| Jackson County | 2024 | $ 330,000.00 | 4.8% |
| Cherokee County | 2021 | $ 265,000.00 | 0.0% |
| Cherokee County | 2022 | $ 280,000.00 | 5.7% |
| Cherokee County | 2023 | $ 295,000.00 | 5.4% |
| Cherokee County | 2024 | $ 310,000.00 | 5.1% |
