Mar. 11, 2023

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — Asheville area home sales continued to fall in February as 604 homes were sold across the 13-county region, a year-over-year decline of 22.7 percent.  Sales compared to the month of January 2023, however showed an increase of 3.8 percent, as the market continues to cycle towards equilibrium. Housing statistics included in this report are completed transactions that include single-family and condo/townhomes only, according to data from Canopy MLS.

Buyer demand, reflecting through pending contract activity, declined 15.8 percent compared to last year, as 780 homes went under contract.  Month-over-month contract activity was down 3.7 percent, as buyer activity continues to be impacted by rising rates and economic uncertainty.  Canopy MLS showings report in February, signals buyer traffic mostly concentrated in the city of Asheville, where listings averaged 4.9 showings (or potential buyers) per listing.

New listings throughout the region continue to reflect a return to seasonality, down 23.3 percent year-over-year with 709 homes listed for sale during the month.  Month-over-month listing activity is unchanged, down 0.6 percent.  Consistent listing activity helps to replenish inventory and supply over time. Pockets around the region are starting to see an uptick in supply, most notably, Jackson County (2.3 months of supply), Madison County (2.3 months of supply), Rutherford County (1.8 months of supply). Inventory across the region in February rose 18.8 percent year-over-year to 1,495 homes for sale compared to 1,258 in February 2022, which brought the region’s supply to 1.6 months of supply.

“The steady increase in supply and inventory in areas across the region, coupled with increased days on market, will be a welcome change for buyers, as these conditions give them more time to purchase, with less competition once the spring selling season truly starts.” said Dave Noyes, a Canopy MLS Board member and Realtor®/Broker with eXp Realty. “We are still in a seller’s market, however, unlike previous spring markets, sellers will need to reset their expectations, as the days of receiving well over asking price are behind us; understanding that well-priced homes in excellent condition will attract more buyers and sell quickly, even as buyers deal with the uncertainty of rates.”

Prices across the region continued to rise in February. Both the median sales price ($400,000) and the average sales price ($471,946) rose 14.3 percent and 10.3 percent year-over-year respectively while the average list price rose 15.5 percent to $536,315. Prices are still inching up, compared to the previous month (January 2023) the region’s median and average sales prices have risen 11.1 percent and 5.2 percent respectively.

Noyes continued, “Unfortunately, rising prices due to tight supply particularly in the MSA will continue to challenge buyers this year, and these conditions will likely continue until we’re able to reach equilibrium. Our market is moving in the right direction. A healthy housing market isn’t defined by record-breaking sales, but by market activity that’s steady and sustainable. Whether buying or selling a home this year, a Realtor’s® guidance remains key to a successful transaction.”

The time a home spent on market increased again in February. List to close averaged 108 days, compared to 95 days in February 2022. Days on market until sale, which accrues for “Active” and “Under-contract-show” statuses, showed the region’s homes were on market 54 days compared to 37 days in February 2022, which is also an increase from 48 days this past January (2023).

Asheville MSA 

Depressed sales continued throughout the MSA. Sales declined 20.3 percent year-over-year as 405 homes sold compared to 508 that sold in February 2022. Contract activity, showed buyer demand falling 15.4 percent compared to last year, with 504 homes going under contract during the month. Though demand is down compared to last year, buyer interest as displayed by Canopy MLS Showings reports, indicate more demand in the MSA, with listings seeing 4.9 showings (or potential buyers) per listing. Seller confidence as displayed by new listings fell 22.4 percent, as sellers brought 456 homes to market compared to 588 this time last year. New listings are typically sensitive to seasonality, which is still in play during in February. Fortunately, the slower sales pace has allowed inventory to rise 21.5 percent year-over-year to 893 homes for sale at report time or 1.4 months of supply.  Months of supply has risen 55.6 percent compared to last February. However, prices are still increasing. Both the median sales price ($425,0000 and the average sales price ($521,405) rose 11.8 percent and 12.8 percent year-over-year respectively, while the average list price of $578,643 increased 12.3 percent.  This brought the original list price to sales price measure down 3.6 percent year-over-year to 94.8 percent, as sellers a sign that sellers no longer have the strong position, they held in 2021 and 2022. Homes are also spending more time on market, averaging 52 days on market until sale in February 2023, compared to 35 days on market in February 2022.

Noyes added, “Buyers should be aware that multiple offer situations and competition could make for a challenging spring in highly desired areas throughout the city and MSA. Being aware of loan options and programs available from lenders can be essential to navigating the process.”

Buncombe County home sales had 230 homes sold in February 2023, a 17.3 percent year-over-year decrease compared to 278 homes sold during the same time last year. Pending contracts or buyer demand slipped 20.4 percent year-over-year to 281 homes under contract versus 353 in February 2022. New listings declined 25.2 percent year-over-year, to 241 homes added by sellers compared to 322 during the same time last year. Prices increased. Inventory increased 13.4 percent to 432 homes for sale or 1.3 months of supply. Both the median sales price ($439,500) and the average sales price increased 4.4 percent and 12.9 percent year-over-year respectively, while the average list price increased 6 percent year-over-year to $642,414. The original list price to sales price measure showed sellers received 94.9 percent of asking prices, down 3.7 percent when compared to February 2022. Homes are spending nearly double the time of last year, averaging 54 days on market until sale compared to 36 days on market this time last year.

Haywood County home sales in February 2023 declined 27.3 percent year-over-year to 56 homes sold compared to 77 in February 2022. However, buyer demand is up 15.2 percent year-over-year, a sign of a competitive spring selling season and steadier future sales. New listings indicated seller confidence was down, as sellers listed 66 homes for sale compared to 77 homes in February 2022. Inventory and supply however increased at report time, by 25.4 percent (173 units) and 50 percent (1.8 months of supply) year-over-year respectively. Both the median sales price ($356,900) and the average sales price ($$438,521) increased 8.5 percent and 23.8 percent year-over-year respectively, while the average list price increased 12.7 percent to $424,162. This brought the original list price to sales price measure to 91.6 percent, which is down compared to last February. Sellers will find that time on market has increased, as buyers take their time to purchase. However, this means sellers have more time to purchase and plan their move as well. Days on market showed homes averaged 75 days on market until sale compared to 32 days in February 2022.

Henderson County sales in February 2023 declined 15.4 percent with 110 homes sold compared to 130 sold in February 2022. Contract activity showed demand fell 20 percent year-over-year as 128 homes went under contract last month. Likewise new listings declined 20.7 percent year-over-year, as only 134 homes were added in February 2023. Inventory increased 30.7 percent compared to last year leaving 234 homes for sale at report time or 1.5 months of supply. All price indices increased.  The median sales price ($406,500) increased 12.9 percent and the average sales price ($442,973) increased 2.9 percent compared to last year. The average list price increased 23.4 percent to $537,743. The original list price to sales price of 96.5 percent was down 3.2 percent compared to last year when sellers received 99.7 percent of asking prices in Henderson County. Time on market shows homes are spending about the same time on market as last year, selling quickly and averaging 35 days on market until sale compared to 30 days on market in February 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 had nine homes that sold in February 2023, down 60.9 percent year-over-year, while pending contract activity has seen an 11.8 percent uptick in homes under contract year-over-year to 19 homes under contract versus 17 under contract this time last year.  New listings are down 25 percent year-over-year as 15 homes were listed during the month compared to 20 homes listed this time last year. Inventory increased at report time to 54 homes for sale compared to 37 on market last year, likewise supply is up 64.3 percent to 2.3 months of supply compared to 1.4 months of supply last year. Prices were mixed in Madison.  The median sales price of $299,000 was down 11.8 percent year-over-year, while the average sales price rose 29.3 percent to $499,556 year-over-year. The average list price rose 101.4 percent year-over-year to $687,155. This brought the original list price to sales price ratio down (4.5%) to 89.3 percent. Homes are staying on market longer and averaged 65 days on market until sale compared to 58 days on market in February 2023.  

Other counties around the region

Burke County home sales declined 24.6 percent year-over-year in February to 43 homes for sale compared to 57 homes sold in February 2022. Pending contract activity sloped 7.2 percent year-over-year as 64 homes went under contract compared to 69 homes that were under contract during the same period last year.  New listings declined 11.8 percent year-over-year as sellers listed 60 homes in February 2023 compared to 68 homes listed in February 2022. Inventory and supply rose at report time. Inventory increased 31.6 percent to 100 homes for sale compared to 76 active listings in February 2022, while supply increased 55.6 percent from (0.9 months of supply) 27 days of supply last February to 1.4 months of supply.  Prices increased. Both the median sales price ($255,000) and the average sales price ($300,408) rose 14.9 percent year-over-year and 13.3 percent year-over-year respectively, while the average list price increased 26.4 percent to $290,551. This brought the original list price to sales price measure to 95.1 percent, which is on par with this metric last year, while time on market increased 38.7 percent to 43 days compared to last ‘s February’s much faster market, when homes averaged 31 days on market until sale.

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

Jackson County had 13 homes sold in February 2023 compared to 19 that sold this time last year, while 19 homes went under contract last month, compared to 30 under contract a year ago.  New listings showed sellers listed 18 homes for sale compared to 25 listed this time last year. Inventory at report time showed 46 homes for sale or 2.3 months of supply. Prices were mixed. The median sales price ($330,000) decreased 7.7 percent year-over-year while the average sales price ($406,615) rose 2 percent year-over-year. The average list price increased 13.9 percent to $613,361.  The original list price to sales price measure noted sellers in Jackson received 90 percent of asking price in February while homes sold faster than last February, averaging 67 days on market until sale compared to 36 days on market in February 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 had 24 homes sold during the month of February, a decline of 20 percent year-over-year compared to 30 that sold last February. Pending contract activity decreased 20.6 percent as buyers drove 27 homes under contract during the month compared to 34 in February 2022. New listings also declined 23.5 percent year-over-year as sellers listed 26 homes for sale during the month.  Inventory showed 59 homes in active status, an increase of 5.4 percent year-over-year, bringing months of supply to 1.5 months compared to 1.3 months in February 2022. Prices were mixed. The median sales price increased 9 percent to $339,000, while the average sales price declined 26.5 percent to $388,413. This brought the original list price to sales price measure to 93.8 percent as sellers received a sizeable amount of asking price within the county, while days on market showed homes selling faster, averaging 39 days on market compared to 47 days 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 had eight closed sales in February 2023 and 18 homes under contract. New listings totaled 17 during the month, while inventory rose 33.3 percent to 44 homes in active status. Months of supply also increased from 1.9 months to 2.7 months of supply. The median sales price ($248,900) and the average sales price ($346,913) increased 0.6 percent and 24.5 percent year-over-year respectively, while the average list price increased 41.6 percent to $370,100. This brought the original list price to sales price measure down 12.1 percent to 82.4 percent. This time last year the metric was 93.7 percent. Days on market until sale increased 7.3 percent to 117 days on market from 109 days 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 closed sales declined 22.7 percent year-over-year as 17 homes sold compared to 22 in February 2022. Pending contract activity declined 19.4 percent year-over-year as buyers drove 25 homes under contract during the month compared to 31at the start of 2022. New listings were unchanged with sellers listing 29 homes for sale. Inventory at report time increased 28.8 percent to 67 homes for sale, or 2.5 months of supply. Prices were declined. The median sales price ($362,000) declined 20 percent year-over-year while the average sales price declined 34 percent to $409,294. This brought the original list price to sales price measure to 90.2 percent while homes were on market longer, averaging 60 days on market until sale compared to 63 days on market in February 2022.

Rutherford County home sales declined 40 percent year-over-year as 45 homes sold in February 2023 compared to 75 that sold during the same period last year. Contract activity declined 13.2 percent year-over-year as 66 homes went under contract versus 76 that were under contract last February. New listings showed sellers listed 63 homes for sale in February, a decreases of 22.2 percent when compared to new listings in February 2023.  Inventory rose 22.4 percent to 131 homes for sale compared to 107 that were for sale during the month of February 2022. Months of supply also increased from 1.2 months last year to 1.8 months of supply this past February 2022. Prices are rising.  Both the median sales price ($255,000) and the average sales price ($328,255) rose 8.5 percent and 21.7 percent year-over-year respectively, while the average list price increased 19.9 percent to $387,884. This brought the original list price to sales price measure to 93.3 percent. Last February, it was 95.9 percent, down 2.7 percent from 95.9 percent in February 2022.  Homes are on market longer and averaged 62 days on market until sale compared to 28 days on market in February 2022.

Transylvania County home sales in February 2023, dipped 11.4 percent year-over-year as 31 homes sold compared to 35 that sold this time last year. Pending sales which represent buyer demand, declined 17.8 percent year-over-year to 37 homes under contract.  New listings declined 43.6 percent year-over-year to 31 homes listed versus 55 that were listed in February 2022. Inventory declined 9.9 percent to 82 homes for sale at report time compared to 91 for sale during the same period. Months of supply ticked up 6.3 percent from 1.6 months of supply to 1.7 months of supply in February 2023. Both the median sales price ($400,000) and the average sales price ($413,448) decreased 13 percent and 11.3 percent year-over-year respectively, while the average list price increased 39.3 percent to $728,573. This brought the original list price to sales price measure down 3 percent to 92.1 percent, as sellers receive less than asking prices. Days on market show homes are selling at about the same pace as last year, averaging 56 days on market versus 53 days on market.

(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 12 homes sold in February 2023, a decline of 25 percent year-over-year, while 19 homes went under contract during the month, a decline of 26.9 percent year-over-year. New listing activity was also down 63.6 percent as sellers listed eight homes for sale compared to 22 in February 2022. Inventory at report time showed 60 homes for sale or 2.7 months of supply, which is up from 1.6 months of supply last February. Both the median sales price ($418,500) and the average sales price ($555,375) increased 40.5 percent and 63.2 percent year-over-year respectively, while the average list price increased 23.8 percent to $544,129. Sellers received 93.6 percent of asking price, according to the original list price to sales price measure, and increase of 0.5 percent compared to 93.1 percent in February 2022, while days on market showed homes averaged 86 days on market until sale, which is an increase of 168.8 percent compared to last year when homes averaged 32 days on market until sale in February 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.

Original Publish Date: 3/11/2023