November 2, 2023

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — September home sales for the 13 counties surrounding Asheville, where Canopy MLS tracks housing trends, declined 21 percent year-over-year as 886 homes sold during the month, compared a little over 1,100 homes that sold during the previous year.  Month-over-month sales were nearly unchanged compared to August, down 1.8 percent, with 16 more transactions. Notably, Jackson County experienced a second consecutive month of sales increases, with September sales up 17.6 percent compared to the same period last year; Madison County also saw sales rise 57 percent compared to last year, as buyers continue navigating the low inventory market and higher mortgage rates. Sales represented in this report represent single family, condo and townhome sales.

As the market continues to cycle towards normalization, pending contracts, which tend to be a strong indicator of future sales, rose in both the region and the MSA, the first year-over-year increases this year. Contract activity rose 2.4 percent across the region, as 957 homes went under contract, a sign that buyers are adjusting to the higher mortgage rate environment. September’s contract activity was down 5.4 percent compared to August, which had 55 more contracts in the sales pipeline.  A look at September’s showing statistics, showed listings in Buncombe County averaged 3.4 showings per listing, with the city of Asheville’s listings seeing the majority of foot-traffic at 3.8 showings per listing.

“The market continues to try to stabilize even as limited inventory and low affordability hamper sales.” said Dave Noyes, a Canopy MLS Board of Director, and Realtor®/Broker with eXp Realty. “However, the first-time year-over-year increase in contract activity across both the region and the MSA, is definitely positive and shows buyers are adjusting to higher mortgage rates, but our tight inventory situation, coupled with rising demand will unfortunately continue to pressure prices.

New listing activity was off by 4.3 percent compared to last year, as sellers listed 1,181 homes for sale during the month compared to the more than 1,200 listed a year ago in September. Month-over- month new listings were nearly unchanged, dipping 2.6 percent. The slower sales pace along with moderate seller activity continues to have a positive impact on supply, which rose 17.4 percent year-over-year, to 2.7 months of supply. Inventory dipped slightly, 2.8 percent leaving roughly 2,300 homes for sale at report time. A closer look at the data showed roughly 149 units were added to inventory since August 2023, an increase of 6.9 percent, while comparing third quarter’s inventory to second quarter, showed a 15.5 percent increase in inventory.

Noyes continued, “Seller activity in September, though lower than previous years, continues to rise in a number of areas throughout the region and the nearly 16 percent rise in active listings from Q2 to Q3, will definitely help buyers in the long term. The mountains tend to be more susceptible to seasonality, which means we will continue to see slower sales moving forward, allowing inventory and supply to steadily ramp up over the winter months.”

Sales prices across the region were mostly unchanged, with the median sales price in September increasing slightly, 3.4 percent year-over-year to $404,250, while the average sales price, which tends to be more sensitive to changes in supply and demand, dipped 0.1 percent to $493,672. The average list price of $595,554 increased 5.4 percent, bringing the original list price to sales price ratio for the region to 96.4 percent in September. 

Time on market showed the List to Close metric dipped 3.3 percent to 87 days, compared to 90 days last September, while days on market, the metric that accrues for “Active” and “Under-contract-show” statuses increased 28.6 percent, as homes averaged 36 days on market compared to 28 days in September 2022.

Asheville MSA

The MSAs sales in September mirrored the region, with the number of homes sold down 22.1 percent to 587 homes sold compared to 754 homes sold in September 2022. Month-over-month sales were monthly unchanged, dipping 2 percent.  Contract activity rose 6.4 percent to 619 homes under contract during the month compared to 582 homes under contract last September. Contract activity is down 5.5 percent compared to August 2023. New listing activity declined 3.9 percent to 797 homes listed in September, compared to 829 a year ago. A closer look at the data shows listing activity was only off by 32 listings. Still, inventory declined in the MSA, falling 5 percent to 1,418 homes for sale, while supply increased 13.6 percent to 2.5 months of supply. The decline in inventory along with rising contract activity or buyer demand, impacted prices which were mostly unchanged.  The median sales price ($440,770) moved up slightly, 2.5 percent year-over-year, while the average sales price dipped slightly by 0.5 to $536,508.  The average list price increased 4.3 percent to $639,068 which brought the original list price to sales price ratio across the MSA to 96.8 percent.

A look at inventory by property type showed that while the region’s single-family inventory was down 4.8 percent, the inventory of townhomes increased by nearly 44 percent year-over-year, while condo inventory increased slightly, 0.8 percent compared to last year.

Days on market across the MSA in September rose 25.9 percent and showed homes averaged 34 days on market until sale compared to 27 days on market in September 2022.

Noyes also noted, “As the supply of single-family homes for sale continues to be challenged, the region’s thriving condo and townhome market presents buyers with a number of options throughout the area. Supply in September increased 76 percent year-over-year to 3.7 months, for condos priced from $300,000 to $400,000, while the supply of townhomes in the same price point has increased to 2.5 months. Prospective buyers can stay informed of the dynamics in the market by working closely with a Realtor®.”

Buncombe County home sales declined 30.5 percent in September to 305 homes sold compared to 439 that sold during the previous September. Pending contracts however rose 1.2 percent as buyers remain resilient in the face of rising rates, driving 327 homes under contract during the month. New listings were down 5.2 percent year-over-year as 417 properties were brought to the market, compared to 440 in September 2022. Inventory rose slightly 0.3 percent, to 762 homes for sale or 2.5 months of supply. Supply is up by 25 percent over September 2022. The median sales price of $468,911 rose 3.2 percent over last year’s median sales price, while the average sales price slipped by 2.4 percent to $598,216.  The average list price increased 5.8 percent to $726,227 bringing the list price to sales price measure to 96.5 percent during the month, compared to 98.4 percent this time last year.  Days on market showed properties on market longer at 38 days in September, an increase of 31 percent year-over-year.

Haywood County home sales declined 23.3 percent year-over-year to 89 homes sold in September compared to 116 that sold in September 2022. Pending contracts dropped by 10.5 percent as buyers drove 85 homes under contract, versus 95 this time last year. New listings declined by 30.3 percent to 99 homes listed during the month compared to 142 newly listed last September.  Both inventory and months of supply declined as well, falling 23.6 percent to 223 active listings or 2.6 months of supply in September.  This time last year months of supply was a bit higher at 2.9 months.  As a result, all price indices rose. The median sales price ($389,000) and the average sales price ($420,941) increased by 12.1 percent and 5.87 percent year-over-year respectively, while the average list price increased 10.6 percent to $468,082. This brought the original list price to sales price measure to 96.9 percent while days on market showed homes averaged 29 days on market until sale.

Henderson County home sales in September declined by 10.1 percent year-over-year as 160 homes sold compared to 178 that sold in September 2022. Contract activity showed buyer demand rose by 21.3 percent as 171 homes went under contract during the month compared to 141 under contract a year ago. New listings increased 1.5 percent year-over-year as 209 homes were brought to market during the month compared to 206 during September 2022. Inventory declined slightly by 1.1 percent to 344 homes for sale or 2.3 months of supply. Last September supply was at 1.9 months.  With demand increasing and inventory down slightly both the median sales price ($455,565) and the average sales price ($508,064) rose by 7 percent and 9.5 percent respectively, while the average list price declined 8.9 percent year-over-year to $549,387. This brought the original list price to sales price measure to 97 percent while days on market increased 35 percent, with homes averaging 27 days on market until sale compared to 20 days in September 2022.

(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)

Madison County home sales increased 57.1 percent year-over-year as 33 homes closed in September compared to 21 that closed in September 2022. Pending sales showed buyer demand jumped by 56.5 percent as 36 homes went under contract during the month compared to 23 under contract a year ago. New listings declined 13.2 percent as 33 homes were listed compared to 38 that were listed by sellers a year ago in September. Inventory dropped by 3.3 percent to 89 homes for sale or 3.4 months of supply. Prices are roughly in-line with last September, with both the median sales price ($416,350) and the average sales price ($415,766) dropping 2 percent and 0.4 percent year-over-year respectively.  The average list price increased rose by 21 percent year-over-year to $621,279, bringing the original list price to sales price to measure to 97.2 percent while days on market showed homes were on market 33 days until sale compared to 31 days on market in September 2022.

Other counties around the region

Burke County home sales in September declined by 5.1 percent as 74 homes sold compared to 78 that sold in September 2022. Pending contract activity declined by 25.4 percent compared to last year with 50 homes under contract compared to 67 under contract a year ago. Seller confidence as displayed by new listing activity increased 23.5 percent as 84 homes were added to the market compared to 68 newly listed in September 2022. As a result, inventory rose by 6.3 percent at report time to 118 homes compared to 111 that were for sale a year ago or 1.8 months of supply. Supply is up 28.6 percent compared to supply a year ago in September. Still, tight supply and inventory pressured prices during the month.  Both the median sales price ($280,000) and the average sales price ($341,292) increased by 16.7 percent and 21.2 percent year-over-year respectively, while the average list price declined 11.1 percent to $301,317. This brought the original list price to sales price measure to 96.6 percent, while days on market increased 75 percent, showing properties averaging 35 days on market until sale compared to 20 days on market in September 2022.

(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)

Jackson County Home sales increased 17.6 percent year-over-year as 20 homes sold compared to 17 that sold in September 2022. Pending contracts declined 19 percent as 17 homes went under contract compared to 21 a year ago.  Sellers listed 26 homes for sale compared to 30 that were newly listed in September 2022. Inventory increased 8.6 percent to 88 homes for sale or 4.4 months of supply. Last year supply was at 3.5 months. Prices also increased. The median sales price ($375,000) and the average sales price ($539,047) increased 12.7 percent and 65.7 percent year-over-year respectively, while the average list price increased 46.2 percent to $690,108.  This brought the original list price to sales price measure to 91.8 percent while days on market until sale showed homes on market 74 days compared to 41 days in September 2022.  

(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)
McDowell County home sales declined 30.2 percent as 30 homes sold compared to 43 that sold in September 2022. Contracts rose by 8.3 percent as buyers drove 39 homes under contract compared to 36 that were under contract a year ago in September. New listings increased by 20.5 percent as sellers listed 53 homes for sale during the month compared to 44 listed in September 2022. Inventory increased by 47.4 percent to 115 homes for sale or 3.6 months of supply. The median sales price increased 18.6 percent to $284,750 while the average sales price decreased 12.3 percent to $294,167. This brought the original list price to sales price measure to 94.7 percent while days on market showed homes sold quickly in September, averaging 19 days on market until sale compared to 35 days on market this time last year.   

(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)

Mitchell County home sales declined 45.8 percent year-over-year as 13 homes sold in September compared to 24 that sold in September 2022. Pending sales show demand rose 12.5 percent as 18 homes went under contract compared to 16 that were under contract a year ago in September. New listings also rose 53.8 percent as 20 homes were newly listed compared to thirteen during the same period last year.  Inventory declined 17.4 percent to 57 homes for sale compared to 69 for sale a year ago, while months of supply rose 5 percent to 4.2 months of supply compared to 4 months a year ago. The median sales price of $261,000 dipped 3 percent year-over-year while the average sales price of $372,811 increased 29.1 percent. The average list price also increased 5.4 percent to $295,802, which brought the original list price to sales price measure to 89.8 percent, while days on market until sale showed homes averaged 82  days on market compared to 36 days on market this time last year.   

(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)
Polk County home sales declined 32.1 percent year-over-year as 19 homes sold compared to 28 that sold in September 2022. Contract activity rose 25 percent as 30 homes went under contract during the month compared 24 during the same period a year ago. New listings increased 18.8 percent as sellers listed 38 homes for sale compared to 32 a year ago in September. Inventory dropped by 12.6 percent to 76 homes for sale or 3.2 months of supply.  Last year supply was at 2.8 months in September. Both the median sales price ($340,000) and the average sales price ($593,197) dropped 39.3 percent and 22.5 percent year-over-year respectively, while the average list price increased 1.4 percent to $710,718. This brought the original list price to sales price measure to 94.7 percent in September while days on market showed homes averaged 38 days on market until sale compared to 28 days on market this time last year.

Rutherford County home sales declined 23.9 percent year-over-year as 70 homes sold compared to 92 that sold a year ago in September. Pending contracts fell 8.4 percent as 87 homes were listed compared to 95 that were listed in September 2022. New listings declined 11.2 percent to 87 homes listed compared to 98 that were listed during the same period last year. Inventory also fell 7.4 percent to 176 homes for sale, compared to 190 that were for sale in September 2022. Months of supply, however rose 21.7 percent to 2.8 months compared to 2.3 months of supply. With inventory dropping and supply still tight prices rose. The median sales price of $271,156 increased 10.9 percent year-over-year while the average sales price increased 1.1 percent to $315,593. The average list price also increased by 6.5 percent to $432892, which brought the original list price to sales price measure to 96.6 percent, while days on market until sale increased 37 percent showing homes on market for 37 days compared to 27 days on market a year ago.

Transylvania County home sales declined 16.7 percent year-over-year as 40 homes sold compared to 48 that sold in September 2022. Pending contracts declined 9.4 percent year-over-year as 48 homes went under contract compared to 53 that were in under contract status a year ago in September. New listings dropped 6.9 percent as sellers listed 67 homes for sale compared to 72 that were listed in September 2022. Inventory rose during the month 9.2 percent to 143 homes for sale or 3.4 months of supply. This time last year Transylvania County had 131 homes for sale or 2.5 months of supply. Increases in both supply and demand caused prices to fall.  Both the median sales price ($438,750) and the average sales price ($507,595) declined 14.4 percent and 32.4 percent year-over-year respectively, while the average list price increased 23.4 percent to $794,449. This brought the original list price to sales price measure to 95.8 percent compared to 94.1 percent in September 2022, while days on market showed properties averaged 31 days on market until sale compared to 39 days on market in September 2022.

(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)

Yancey County had sales down 3.8 percent year-over-year as 25 homes sold compared to 26 that sold a year ago in September.  Pending contracts increased 12.1 percent to 37 homes under contract, four more than were under contract in September 2022. New listings were down 7.9 percent year-over-year as 35 homes were listed compared to 38 that were listed in September 2022. Inventory dropped by 17 percent to 88 homes for sales compared to 106 homes for sale a year ago, while months of supply increased 17.9 percent to 4.6 months of supply compared to 3.9 months of supply last September. Both the median sales price ($400,000) and the average sales price ($660,490) rose 22 percent and 93.4 percent year-over-year respectively, while the average list price dropped 17.3 percent to $420,767. This brought the original list price to sales price measure to 96.6 percent while days on market showed properties averaged 51 days on market until sale compared to 38 days on market in September 2022.    

For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Market Data.” For an interview with a Realtor®/broker representing the Canopy MLS service area in the western/mountain region of North Carolina, please contact Kim Walker.

Canopy MLS is a wholly-owned subsidiary corporation of Canopy Realtor® Association and is the private broker cooperative used by Realtors® to bring buyers and sellers together with access to thousands of residential listings in a multicounty service area, including Charlotte, Asheville and Catawba Valley regions spanning across North Carolina, South Carolina and outside of the Carolinas. Canopy MLS, which has 21,000 subscribers, provides the most trustworthy, timely, accurate and complete property data along with proprietary tools for showings, market stats, predictive analytics, and more. Canopy MLS is used by its members to support consumers in their residential real estate transactions, whether selling, buying, investing or renting.

Original Publish Date: 11/2/2023