March 28, 2024

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — Home sales across the Asheville region and MSA continued to rise in February.  Sales across the region rose by 7.2 percent year-over-year as 657 homes sold compared to slightly more than 600 homes that sold during the same period a year ago. Month-over-month sales were up 6.3 percent across the 13 counties that make up the Canopy MLS western region, as buyers continued to capitalize on rates that were held steady by the Fed in February. Canopy MLS sales represented in this report are for single-family, condo, and townhome sales only.

Pending contracts signaling buyer demand, also rose in February, by 9.3 percent year-over-year as a little less than 800 homes went into under contract status compared to 730 that were pending a year ago, marking the fourth consecutive month of rising demand. Contract activity is up slightly, 0.3 percent month-over-month.  Demand has been building since November 2023, when mortgage first started falling from their peak in late September 2023 at nearly 8 percent.  Since that time contract activity has steadily risen each month. Buyer interests was highest in Buncombe County this past month, as listings within the county averaged 4.1 showings (or potential buyers) per listing, with homes within the city of Asheville seeing an average of 4.7 showings per listing, followed by Hendersonville, where listings averaged 3.7 showings.

New listings pushed higher in February, rising 27.1 percent year-over-year, a welcome sign for buyers and a strong signal of increased seller confidence, as 923 homes were newly listed during the month, nearly 200 hundred more listings than were offered in February 2023. Month-over-month new listings were up 26.8 percent, a continued boost to region’s supply and inventory, which also increased in February.

“Sellers throughout the region continue to react positively, bringing more supply and helping to meet rising demand,” said Steve Barnes, a Canopy MLS Board of Director, and VP/Managing Broker with Allen Tate/Beverly-Hanks Realtors®-Waynesville. “Rising supply will help home prices throughout the region continue stabilizing, and signals a healthier market for buyers, especially if new listing growth continues.”

The region’s inventory increased again in February, rising 21.8 percent over last year to 1,973 homes for sale at report time, the largest increase since April 2023.  Inventory has been steadily rising across the region since September 2023. But still remains critically low. Supply also rose again in February, by 27.8 percent to 2.3 months of supply compared to 1.8 months of supply in February 2023, still signaling a strong sellers market.

The region’s prices held steady in February with the median sales price slipping 1.3 percent to $394,900 while the average sales price increased slightly, 0.2 percent to $470,412. The average list price for the month rose slightly, 3.7 percent year-over-year to $541.123, bringing the original list price to sales price measure to down a percent to 93.2 percent, still a strong incentive for sellers to list. Time on market increased slightly.  The list to close metric dipped 5.6 percent year-over-year to 102 days on market compared to 108 days on market in February 2023, while days on market, the metric that accrues for “Active” and “Under-contract-show” statuses, increased 1.9 percent and showed homes averaged 55 days on market until sale this past February, compared to 54 days on market in February 2023.

“We’re seeing our market moving in the right direction at the start of the year, said Barnes. More listings from sellers means buyers have a broader range of home options to select from. What’s interesting is that we’re starting to see more listings across a wider selection of price ranges. The market is still complex, so buyers should enlist the assistance of a buyer’s agent and ask about down payment resources, as nearly 80 percent of listings in Canopy MLS qualify for down payment assistance.”

Asheville MSA 

Sales rose for a second consecutive month across the MSA. February home sales increased 4.2 percent year-over-year as 426 homes sold compared to 409 that sold a year ago in February. Month-over-month sales were up 7.6 percent, as recovery continues across the four-county market. Buyer demand as displayed by pending contract activity rose 5.9 percent as buyers drove 500 homes into under contract status last month, a strong signal of future sales in the market, as these sales tend to close in 45-60 days. Contract activity compared to January however was down 6 percent.  New listing activity surged across the MSA, rising 21.8 percent as sellers listed 565 homes for sale compared to 464 that were offered in February 2023. Month-over-month, new listings were up 23.4 percent, helping the inventory and supply picture improve.

Inventory and supply moved higher in February. Inventory increased 19.3 percent to 1,166 homes for sale or 2.1 months of supply. In February 2023 the MSA had only 1.6 months of supply.  Rising supply and inventory, caused prices to soften a bit, a further help to buyers. The median sales price of $413,750 dipped 2.6 percent year-over-year, while the average sales price decreased 6 percent year-over-year to $489,913.  The average list price remained unchanged, dipping less than a percent to $566,040, which brought the original list price to sales price measure down slightly to 94 percent, while homes across the MSA averaged 54 days on market until sale compared to 53 days on market in February 2023.

Barnes said further, “It’s good to see growth in new listings across the MSA, but with supply nearly wiped out during the pandemic, we’re just not back to healthy levels, so our recovery is essentially from rock bottom, and we’re still a long way off from a healthy and balanced market, which has about six months of supply and favors neither buyers nor sellers.”

Counties in the MSA.

Buncombe County home sales increased again in February rising 0.9 percent year-over-year as 236 homes sold compared to 234 that sold in February 2023. Contract activity rose during the month by 4.5 percent year-over-year as buyers wrote contracts on 276 homes compared to 264 a year ago, while sellers offered 286 new listings during the month, an increase of 16.7 percent year-over-year and a boost to supply and inventory. Inventory rose 22.3 percent at report time to 587 homes for sale or two months of supply, compared to 1.4 months of supply a year ago.  Both the median sales price ($429,895) and the average sales price ($530,335) declined by 3.3 percent and 8.4 percent year-over-year respectively, while the average list price dipped 2.9 percent to $610,657. This brought the original list price to sales price metric to 93.7 percent while days on market showed homes averaged 55 days on market which is unchanged compared to February 2023.

Haywood County home sales increased 1.8 percent year-over-year as 58 homes sold compared to 57 that sold a year ago in February. Contracts rose 5.6 percent to 76 homes under contract compared to 72 that were under contract last year.  New listings surged 31.3 percent as sellers brought 88 homes to market during the month compared to 67 that were newly listed in February 2023. Inventory and supply rose by 6.1 percent and 15.8 percent respectively, to 191 homes for sale or 2.2 months of supply. Both the median sales price ($334,500) and the average sales price ($379,349) declined by 4.4 percent and 13 percent year-over-year respectively, while the average list price increased 14.9 percent to $453,257. This brought the original list price to sales price measure to 91.3 percent while homes averaged 57 days on market in February 2024 compared to 75 days on market last February.   

Henderson County home sales increased slightly rising 1.8 percent year-over-year as 111 homes sold compared to 109 that sold a year ago in February. Pending contracts increased 5 percent as 125 homes went under contract during the month compared to 119 last February. New listings climbed 22.8 percent as sellers brought 167 homes to market during the month, which is 31 more homes than were listed a year ago. Inventory and supply rose 23.9 percent and 31.3 percent year-over-year respectively to 316 homes for sale and 2.1 months of supply.  Prices held steady. The median sales price ($412,500) and the average sales price ($472,683) increased 1.1 percent and 6.3 percent year-over-year, while the average list price increased 3.8 percent to $547,992. This brought the original list price to sales price measure to 96.1 percent while days on market showed homes averaged 49 days on market in February compared to 35 days on market in February 2023.

Madison County homes sales increased 133.3 percent as 21 homes sold compared to nine that sold in February 2023. Pending sales increased 35.3 percent as 23 homes went under contract compared to 17 during the same period last year. New listings nearly doubled, as sellers listed 24 homes for sale compared to 16 that were listed in Madison last February. Inventory rose 16.1 percent to 72 homes for sale, while supply increased 3.7 percent to 2.8 months of supply. Increased demand, caused the median sales price to surge 41.1 percent to $422,000, while the average sales price softened 13.5 percent to $432,085. The average list price however dipped 13.5 percent to $575,345 which brought the original list price to sales price measure to 94.4 percent. Homes were on market 62 days in February compared to 65 days in February 2023.

Other counties around the region  See data for February 2024

Burke County experienced increases in most metrics except in sales price. There was a 36.1 percent increase in inventory levels, with 147 properties available, equivalent to 2.2 months of supply. Home sales saw a 6.5 percent rise to 49 units sold in February 2024.

Pending contract activity increased 27.1 percent with 75 homes under contract during the month compared to 59 during the same period last year. New listings jumped 56.5 percent as sellers brought 97 homes to market compared to 62 in February 2023. Days on market also increased 16.7 percent to 49 days in February compared to 42 days this time last year. 

The median sales price experienced a decrease of 17.1 percent from the previous year to $206,000. Additionally, the average sales price fell by 7.4 percent to $270,304. The ratio of the original list price to the sales price experienced a decrease of 4.1 percent to 91.5 percent in February, down from 95.4 percent the year before. Conversely, the average list price increased by 19.6 percent year-over-year to $336,160.

Jackson County had 11 homes closed in February, a decline of 15.4 percent year-over-year while contract activity dropped 345 percent as 13 homes went under contract during the month.  New listings increased 35 percent year-over-year as sellers listed 27 homes for sale compared to 20 homes newly listed during the same period last year. Both inventory and supply increased in February by 36.5 percent and 52 percent year-over-year respectively. Inventory in Jackson County showed 71 homes for sale or 3.8 months of supply. Price increased. The median sales price ($395,000) and the average sales price ($564,091) rose 19.7 percent and 43.2 percent year-over-year respectively, while the average list price increased 32.4 percent to $727,274.  This brought the original list price to sales price metric to 93.6 percent while days on market showed homes averaged 55 days on market until sale in February compared to 66 days on market in February 2023.

McDowell County home sales increased again in February, rising 56.5 percent as 36 homes sold compared to 23 that sold a year ago. Pending contracts showed buyer demand was up 32 percent to 33 homes under contract compared to 25 that were under contract a year ago.  New listings surged 63 percent compared to last year as sellers listed 44 homes for sale compared to 27 newly listed in February 2023. Inventory and supply rose by 59.7 percent and 70.6 percent year-over-year respectively. Inventory showed 99 homes for sale at report time or 2.9 months of supply. All price indices declined. The median sales price ($308,450) and the average sales price ($320,719) declined 11.2 percent and 19 percent year-over-year respectively, while the average list price declined 18.2 percent to $440,016. This brought the original list price to sales price measure to 91.6 percent while days on market indicated homes averaged 61 days on market until sale compared to 39 days on market in February 2023.  

(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 six home sales in February compared to nine sales a year ago, while pending contracts showed only eleven homes in under contract status compared to 16 a year ago. Sellers listed 14 homes for sale during the month compared to 17 newly listed homes added in February 2023. Inventory at report time showed 42 homes for sale asor 3.7 months of supply.  Prices dropped. Both the median sales price ($227,500) and the average sales price ($202,317) declined 8.2 percent and 39.5 percent year-over-year respectively while the average list price dipped 4.3 percent to $334,886.  This brought the original list price to sales price measure up 10.9 percent to 88.5 percent, while homes averaged 80 days on market until sale compared to 132 days on market in February 2023.  

(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 were unchanged compared to last February with 18 closings while pending contract activity dipped 12 percent to 22 homes under contract versus 25 a year ago. New listing activity showed sellers listed 23 homes for sale, down 23.3 percent versus a year ago, when 30 new listings were added. Inventory and supply increased by 28.4 percent and 44 percent year-over-year respectively. At report time 86 homes were in inventory and supply was 3.6 months.  Both the median sales price ($592,50) and the average sales price ($616,694) rose by 64.6 percent and 53.6 percent year-over-year respectively, while the average list price increased 63 percent to $842,582. This brought the original list price to sales price measure to 93.2 percent while days on market showed homes averaged 46 days on market until sale compared to 58 days on market in February 2023.

Rutherford County home sales increased 11.4 percent to 49 homes closed in February, which is five more home than sold in February a year ago. Contract activity increased 22.4 percent as buyers drove 71 homes under contract during the month compared to 58 that were under contract a year ago.  New listings increased 19 percent versus last February, as sellers brought 75 new listings to market compared to 63 newly listed in February 2023.  Both inventory and supply increased by 23.1 percent and 40 percent year-over-year respectively, to 176 homes for sale or 2.8 months of supply at report time. The median sales price ($262,500) and the average sales price ($363,109) increased 4.2 percent and 12.7 percent year-over-year respectively while the average list price dipped 0.9 percent to $368,460. This brought the original list price to sales price measure to 90.2 percent while days on market showed homes averaged 47 days on market versus 63 days on market last February.  

Transylvania County home sales increased again in February, rising 25 percent year-over-year as 40 homes sold compared to 32 that sold last February.  Buyers drove 48 homes into under contract status, an increase of 26.3 percent year-over-year while sellers brought 50 new listings to the market, an increase of 47.1 percent compared to last year. Both inventory and supply increased 15.3 percent and 35.3 percent to 98 homes for sale at report time or 2.3 months of supply. The median sales price ($492,000) and the average sales price ($699,441) rose 23.8 percent and 70.5 percent year-over-year respectively, while the average list price increased 28 percent year-over-year to $896,450.  This brought the original list price to sales price measure to 94.4 percent while days on market showed homes averaged 59 days on market until sale compared to 56 days on market in February 2023.

(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 17 homes sale in February compared to 13 homes that sold in February 2023. Pending contracts increased 25 percent to 20 homes under contract during the month compared to 16 that were under contract a year ago. New listings increased 100 percent as sellers offered 16 new listings compared to eight new listings a year ago.  Inventory showed 64 homes for sale at report time or 3.5 months of supply. The median sales price increased 6.3 percent to $425,000 while the average sales price decreased 10.4 percent to $485,882.  The average list price declined 26.3 percent to $401,431 which brought the original list price to sales price measure to down to 88.6 percent, while homes averaged 95 days on market until sales compared to 82 days on market a year ago in February.   

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: 3/28/2024