Jan. 19, 2022

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. – As 2021came to a close, home sales across the Asheville region marked another banner year of sales, as 14,248 homes were sold across the 13-counties that make up the Asheville region last year. The more than 14,000 home sales in 2021 represents an 11.8 percent increase over sales in 2020. Buyers were lured by historically low mortgage rates and the region’s growing second-home market, and endured heavy competition amidst shrinking inventory over most of the year. Sales during the month of December 2021 were mostly on par with last year, dipping slightly 1.7 percent compared to sales in December 2020. These are completed transactions, according to Canopy MLS that include single family and condo/townhome data only.

Pending contracts, which measure buyer demand, are typically a forward-looking indicator and predictor of future sales. Buyer demand has been particularly strong since the beginning of 2019 and really kicked into high gear during the first year of the pandemic, when buyers were temporarily side-lined until mid-2020, creating pent-up demand. Since June 2020, demand as displayed by pending contract activity has increased nearly 29 percent, with 14,533 contracts written in 2021.  Yearend figures show pending contract activity pacing well ahead of 2020’s activity, by 10.2 percent, which means sales should be steady in January and February, with competition building once the spring market gets underway in late March and early April.  

New listings at yearend showed sellers brought 15,623 homes to market last year, an increase of 8.7 percent compared to new listings in 2020, a welcome sign for buyers, headed into the new year. The region’s new listing activity was down 8.9 percent year-over-year in December 2021, compared to December 2020, which is actually normal, as the mountain region’s home sales are generally sensitive to seasonality, during the winter months.

Debbie Williams, a Canopy MLS Board of Directors member and Executive Vice President of Beverly Hanks & Associates said, “Our market was impacted by a number of factors last year, including low interest rates, demand from buyers relocating to the area who are working remotely, buyers seeking to purchase vacation homes and rentals, supply chain constraints and retirees moving from other parts of the country and this activity will likely continue this year. The good news for buyers is that industry experts expect more inventory in the second half of 2022, which should help prices rise at a more moderate pace and interest rates, though already rising, are still at historic lows.”  

Inventory across the region will continue to present headwinds for buyers. At report time in December 2021, there were only 1,420 homes for sale across the 13-county region or 1.2 months of supply.  This time last year the region had more than 2,400 homes for sale and 2.2 months of supply. 

Canopy MLS data shows the 2021 average sales price ($417,969) increased 18.3 percent over the 2020 average sales price ($353,300), while the median sales price, ($340,000), which is the best measure of price over time, since it factors out the extreme highs and lows of the market, increased 16 percent over 2020’s median sales price of $293,000. 

Prices were pressured over the past couple of years due to inventory challenges, heavy buyer competition and the faster pace of sales. Yearend figures show the original list price to sales price ratio for all of 2021 was 97.8 percent, which means sellers in the region received nearly all of asking prices from most transactions. Days on market signaled the overall pace of sales last year, as homes sold quickly, averaging 39 days on market until sale compared to 69 days on market in 2020. 

The Asheville region includes Burke, Buncombe, Haywood, Henderson, Jackson, Madison, McDowell, Mitchell, Polk, Rutherford, Swain, Transylvania and Yancey counties. 

Asheville MSA

Metro-Asheville home sales ended the year on a high note with 9,447 homes sold in the past year, which is an increase of 11 percent year-over-year, when compared to sales in 2020. Contract activity mirrored the region and increased 10.8 percent year-over-year as buyers drove 9,731 homes under contract versus 8,780 that were in under contract status in 2020. Demand will continue to be strong in the MSA, as buyers seek to be close to job centers, retail and entertainment amenities. New listing activity increased 8.4 percent year-over-year and showed seller confidence continuing to rise across the region last year, as sellers listed 10,462 homes for sale.  Still, with inventory challenged for the past three years, and new listing activity only ramping up since August 2020, buyers will likely face headwinds of low supply, particularly during the spring selling season. The 2021 median sales price ($365,000) for the MSA increased 15.9 percent year-over-year, while the 2021 average sales price ($449,935) increased 19.5 percent compared to 2020. Growth in sales prices are directly related to increased demand amidst critically low supply.

Williams added, “Realtors® will continue to watch affordability this year and its impact on first-time homebuyers and workforce buyers, as growth in the region has been tremendous over the last two years. The market had little inventory in homes priced below $350,000 and an amazing amount of sales activity last year in homes priced from $500,000 and up. The second-home and luxury market attracted a number buyers to the region, largely due to western North Carolina’s enviable lifestyle of four relatively mild season, culture and abundance of outdoor beauty and activities. It will take industry, city and regional leadership working creatively together, to keep the dream of homeownership within reach of all in our communities.”

The MSAs inventory at report time in December 2021 was down 42.4 percent year-over-year, leaving 867 homes for sale or 1.1 months of supply. This time last December the MSA had 2.1 months of supply. Metro-Asheville sellers received 98.5 percent of asking prices on average last year, according to the original list price to sales price ratio, while homes sold quickly, averaging 34 days on market until sale in 2021 compared to 59 days on market in 2020.

Buncombe County

Homes sales at yearend showed 5,204 homes sold in 2021, representing a year-over-year increase of 13.2 percent when compared to sales in 2020. Pending sales showed the tremendous desire to live in or near the city of Asheville, as 5,341 homes were in under contract status during the year, compared to 4,791 that were in pending sales status in 2020. New listings showed sellers in the county, confident about the market with some 5,715 new listings added to the market in 2021, an increase of 6.2 percent compared to new listing activity in all of 2020.  Buyers will find that Buncombe County is a solid seller’s market, as inventory which continues to cycle lower, showed 457 homes for sale at report time in December, a decline of 45.1 percent compared to inventory at yearend 2020 or just one month of supply. Low inventory pressured prices for the majority of 2021 and saw double-digit year-over-year increases, as the 2021 median sales price ($390,000) increased 14.7 percent over 2020’s yearend median sales price of $339,900, while the 2021 average sales price of $499,885 rose 20.6 percent year-over-year compared to last year’s average sales price of $414,543.  The 2021 average list price in Buncombe County ($536,130) rose 15.6 percent over 2020’s average list price of $463,736. Heavy buyer demand amidst shrinking supply, will continue to present buyers with the challenges of frequent price increases this year, although rising mortgage rates may impact the number of buyers in the market as well. Still sellers in Buncombe received nearly all of asking prices last year, as indicated by the original list price to sales price measure which registered 98.8 percent in 2021, while homes sold quickly, averaging 34 days on market until sale last year. 

Haywood County

Haywood County ended 2021 with 1,417 homes sold, a 7 percent year-over-year increase compared to all homes sold in 2020.  Pending contracts showed strong buyer demand for homes in Haywood throughout 2021, with 1,444 contracts written last year, representing an increase of 6.7 percent when compared to the number of contracts written in 2020. Seller activity was also positive at yearend and showed 1,593 homes were listed during the year, an increase of 11.5 percent year-over-year, which means that buyers should have more inventory to choose from once the selling season truly kicks off.  Inventory however is low, and at report time in December, showed 157 homes for sale or 1.3 months of supply. Low inventory over much of 2021 pressured prices.  The 2021 median sales price ($311,000) and the 2021 average sales price increased 19.7 percent and 18.6 percent year-over-year respectively, while the 2021 average list price ($390,410) rose 13.6 percent over the 2020 average list price.   Sellers in Haywood County on average received 96.9 percent of asking price, according to the original list price to sales price ratio at year end, while homes sold fairly quickly in 2021, averaging 35 days on market until sale throughout the year.

Henderson County

Home sales in Henderson County at yearend increased 8.2 percent year-over-year as 2,512 homes were sold in 2021, while pending contracts showed buyers drove 2,615 homes under contract during the year, an increase of 11.5 percent over last year and a sign that demand will be strong and sales steady over the next few months.  New listing activity showed sellers brought 2,765 homes to market in 2021, a welcome sign for buyers at the start of the year, representing a 9.2 percent year-over-year increase. Critically low inventory will present headwinds in 2022. Inventory at report time declined 41.2 percent leaving 203 homes for sale or 0.9 months of supply, approximately 27 days of supply. This dynamic of low supply and high demand will continue to pressure prices this year. The 2021 median sales price ($350,000) and the 2021 average sales price ($405,567) increased 12.9 percent and 16.3 percent over sales prices in 2020, while the 2021 average list price ($431,129) increased 11.2 percent over 2020’s average list price. Sellers received 98.9 percent of asking prices in 2021 according to the original list price to sales price measure, while homes sold quickly, averaging 31 days on market until sale last year.

 Madison County

 (Due to small sample size of homes for sale, percentages of change can look extreme.)

At yearend 2021, 314 homes had sold across Madison County, an increase of 17.2 percent year-over-year, while pending contract activity showed buyer demand up 13.7 percent at yearend, as buyers drove 331 homes under contract last year. New listing activity at yearend showed a year-over-year increase of 26.3 percent, as sellers listed 389 homes for sale last year versus 308 listed in 2020. Still inventory is challenged and fell 29.6 percent at report time in December, leaving 50 homes for sale of 1.8 months of supply. Low supply pressured prices as both the 2021 median sales price ($349,450) and the 2021 average sales price ($392,844) rose 20.1 percent and 19.2 percent year-over-year respectively. The 2021 average list price of $456,619 has increased 16.1 percent over the 2020 average list price.  Last year sellers in Madison County received 97.1 percent of asking price, according to the original list price to sales price ratio, while homes sold at a steady pace, averaging 56 days on market until sale in 2021.

Other counties around the region

Burke County closed sales at yearend 2021 rose 21 percent over sales in 2020 with 985 homes sold last year versus 814 sold in 2020. Pending contract activity shows demand was strong in 2021 and will continue to be strong in 2022, as the year ended with 1,003 homes in pending contract status, a sign of steady sales to come. Buyers will enjoy the 20 percent year-over-year increase in new listing activity here at yearend, showing seller listed 1,075 homes for sale in 2021. However, inventory at report time in December, showed just 85 homes for sale or 1 month of supply, which means challenges lie ahead for buyers this spring, as price increases will continue. Both the 2021 median sales price ($205,700) and the 2021 average sales price increased 14.3 percent and 15.1 percent year-over-year respectively. The 2021 average list price of $264,279 showed an increase of 6.5 percent over 2020’s average list price. Sellers last year received 97.8 percent of asking price, according to the original list price to sales price ratio, while homes sold quickly, averaging 27 days on market until sale compared to 46 days on market in 2020.

(Due to small sample size of homes for sale, percentages of change can look extreme.) Jackson County sales at yearend 2021 showed 360 homes sold compared to 305 that sold in 2020, an increase of 18 percent year-over-year, while pending sales counts totaled 344 at yearend, showing buyer demand inching up 3.9 percent over contract activity in 2020. New listing activity also showed increases at yearend, rising 4.8 percent over 2020’s new listing activity, with 370 homes added to the market. Inventory at report time in December showed 45 homes for sale or 1.6 months of supply.  Low supply pressured prices throughout the year.  The 2021 median sales price ($300,000) and the 2021 average sales price ($417,602) increased 12.6 percent and 3.6 percent year-over-year respectively, while the 2021 average list price of $452,828 increased 12 percent over the 2020 average list price. Sellers in Jackson received 95.6 percent of asking prices in 2021 according to the original list price to sales price measure, while homes sold at a slower pace and averaged 73 days on market until sale compared to 131 days on market in 2020.

McDowell County at yearend had 511 homes sold in 2021 compared to 440 sold the previous year, which is an increase of 16.1 percent, while pending contract activity showed buyers drove 521 homes under contract last year, an increase of 13 percent year-over-year. New listing activity was also strong in 2021, as sellers listed 588 homes for sale last year and increase of 14.2 percent year-over-year, which should be helpful to buyers once the selling season resumes.  Inventory at yearend showed 64 homes for sale or 1.5 months of supply. Both the 2021 median sales price ($235,000) and the 2021 average sales price ($293,622) increased 16.1 percent and 13.4 percent year-over-year respectively, while the 2021 average list price of $332,334 was 13.7 percent higher than the 2020 average list price. Sellers received close to asking price on average in 2021, as indicated by the original list price to sales price ratio of 96.7 percent year-over-year, while homes were on market an average of 36 days in 2021 compared to 74 days in 2020.

(Due to small sample size of homes for sale, percentages of change can look extreme.)

Mitchell County home sales at yearend 2021 rose 10 percent year-over-year as 219 homes sold, while pending contracts showed buyer activity steady as 222 homes went under contract last year, an increase of 3.7 percent year-over-year. New listing activity was nearly unchanged compared to activity in 2020, rising 1.3 percent year-over-year as sellers listed 235 homes compared to 232 listed in 2020. Inventory at report time showed 31 homes for sale or 1.7 months of supply. Buyers desiring homes at some of North Carolina’s highest elevations, saw large changes in price over 2020. Both the 2021 median sales price ($260,000) and the 2021 average sales price ($294,638) rose 20.1 percent and 24.8 percent year-over-year respectively, while the average list price for 2021 ($326,859) increased 10.9 percent over 2020’s average list price. According to the yearend original list price to sales price figure, sellers received 92.4 percent of asking prices in 2021, while their homes averaged 76 days on market until sale.

Polk County home sales at yearend 2021 increased 8.3 percent over 2020, as 455 homes sold compared to 420 that sold in 2020. Pending contracts at yearend showed buyer demand was on par with demand at yearend 2020 as 444 homes went under contract last year, an increase of 1.6 percent year-over-year.  New listing activity showed sellers active, listing 482 homes in 2021 compared to 456, an increase of 5.7 percent year-over-year.  Inventory at report time showed 51homes for sale or 1.4 months of supply.  Low inventory pressure prices throughout 2021.  Both the 2021 median sales price ($358,000) and the 2021 average sales price ($450,661) increased 20.3 percent and 29.8 percent year-over-year respectively, while the 2021 average list price ($520,367) rose 24.9 percent compared to 2020. Sellers received nearly all of asking price in Polk County, as indicated by the original list price to sales price ratio of 96.9 percent last year, while homes averaged 48 days on market in 2021, compared to 89 days on market in 2020.

Rutherford County home sales at yearend 2021 totaled 1,029 and increase of 13.6 percent year-over-year, while pending contracts showed buyer demand headed into the new year will be strong, rising 14.1 percent year-over-year as 1,054 homes went under contract in 2021 compared to 924 under contract in 2020.  New listing activity was up a welcome 19 percent year-over-year as sellers listed 1,151 homes for sale in 2021. Though these are strong new listing figures headed in to 2022, inventory in Rutherford County, was down 26.1 percent at report time in December, leaving 113 homes for sale or 1.3 months of supply.  Both the 2021 median sales price ($249,900) and the 2021 average sales price ($314,270) rose 15.2 percent and 12.6 percent year-over-year respectively, while the 2021 average list price increased 15 percent year-over-year to $338,494.  Sellers in Rutherford County last year received on average, 96.8 percent of asking price, according to the original list price to sales price ratio at yearend while their homes averaged 37 days on market until sale versus 84 days on market in 2020.

(Due to small sample size of homes for sale, percentages of change can look extreme.)

Swain County ended 2021 with 75 homes sold at yearend compared to 67 homes sold in 2020. Pending contract activity was down compared to 2020, with 66 contracts written over the year compared to 74 homes under contract for all of 2020. New listing activity is also down at yearend, falling 11.2 percent year-over-year as sellers listed 79 homes for sale in 2021 compared to 89 listed in 2020. The 2021 median sales price ($300,000) and the 2021 average sales price ($373,664) rose 23.7 percent and 23.5 percent year-over-year respectively, while the 2021 average list price ($594,044) rose 25.2 percent compared to 2020’s average list price.  Sellers in Swain received 94 percent of asking price as indicated by the original list price to sale price ratio at yearend, while homes were on market an average of 66 days in 2021 compared to 99 days in 2020. At yearend 2021 there were 16 homes in inventory or 2.7 months of supply.

Transylvania County ended 2021 with 788 homes sold versus 746 homes sold in 2020, an increase of 5.6 percent year-over-year, however pending contract activity signals buyer demand is waning, as it declined 6.5 percent year-over-year with 752 contracts written in 2021 compared to 804 written by yearend 2020. New listing activity for the year is also down, with sellers listing only 786 homes for sale in 2021 compared to 862 that were listed over the course of 2020. Inventory is low and showed 89 homes for sale at report time in December or 1.4months of supply. Low inventory pressured prices over much of last year and will create headwinds for buyers this year.  Both the 2021 median sales price ($385,000) and the 2021 average sales price ($491,473) rose 16.7 percent and 18.7 percent year-over-year respectively, while the 2021 average list price increased 17.1 percent to end the year at $554,693. The original list price to sales price measure for all of 2021 was 96.1 percent and showed sellers receiving nearly asking price last year.  Homes sold at a moderate pace and averaged 54 days on market until sale in 2021 versus 95 days on market in 2020.

Yancey County home sales totaled 379 at yearend 2021, an increase of 13.8 percent when compared to total homes sold in 2020, while pending contract activity last year showed 396 contracts written and increase of 13.8 percent year-over-year as well. New listing activity for all of 2021 showed sellers listed 395 homes for sale, an increase of 11.9 percent over new listings in 2020.  Inventory at report time is low and showed a total of 59 homes for sale or 1.8 months of supply. Low inventory impacted prices last year and will continue to pressure prices in 2022. Both the 2021 median sales price ($310,000) and the 2021 average sales price ($369,541) rose 29.2 percent and 21.5 percent year-over-year respectively, while the 2021 average list price increased 29.7 percent to $493,694. The original list price to sales price measure indicates sellers received 94.2 percent of asking prices in 2021, while home sold much slower than other counties in the region, as homes averaged 115 days until  in 2021 versus 157 days on market in 2020.

For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Market Data.”  For an interview with an Asheville-area Realtor®/broker, 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, the mountains area of North Carolina, South Carolina, and beyond. 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: 1/19/2022