After devasting Helene, Asheville region housing market shows signs of recovery, with increased buyer and seller activity in December
January 21, 2025
Contact: Kim Walker, 704-940-3149
Yearend figures show seller confidence unshaken in 2024, as more listings boost inventory and supply
CHARLOTTE, N.C. — The Asheville region and MSA housing market in 2024 moved towards normalization for most of the year, with most metrics mirroring national trends of low, but steady year-over-year contract activity and seller confidence as displayed by new listing activity that rose for eight consecutive months, helping to boost inventory to more than 3,400 homes for sale and 4.2 months of supply at the end of August 2024. However, Asheville’s housing market recovery was disrupted by Hurricane Helene, on Sept. 28, 2024, which brought devastation of biblical proportion to the region, uprooting lives and the market’s recovery from the pandemic of 2020/2021, which was characterized by a faster pace of sales, and heavy buyer competition that drove inventory and supply critically low, while prices soared.
When Hurricane Helene struck the region and MSA in late September, mortgage interest rates had fallen to their lowest point in the year of 6.08 percent, moving buyers in other markets across the country and the state of North Carolina to purchase, and sellers to list their homes for sale. For regions where Canopy MLS trends and monitors data (Charlotte and Hickory-Lenoir housing markets), contract activity and closed sales increased, but Hurricane Helene brought yet another layer of recovery to the Asheville region and MSA, prompting Canopy MLS to suspend reporting during the fourth quarter of 2024.
By the end of October, key metrics for the region showed the impact of Helene in the data: new listings had declined by 43.5 percent year-over-year; pending contract activity had declined by 39.7 percent year-over-year; showing activity had fallen by 27.1 percent compared to October 2023, while more than 300 homes had been withdrawn or taken off the market, with the value of those withdrawn estimated at $272M. MSA housing data at the end of November showed early signs of market resilience with pending sales rising 7.6 percent year-over-year, a strong signal that buyers were back in the market.
The Asheville Region at Yearend
At yearend in December 2024, the region’s home sales activity was not far off from the 2023 market, with 9,344 homes sold in 2024, which is down 6.7 percent compared to slightly more than 10,000 sales in 2023. Pending contract activity for the year totaled nearly 9,500, down by 5.7 percent compared to slightly more than 10,000 contracts written in 2023; while new listing activity rose 5.3 percent to end the year with nearly 13,300 new listings, compared to 12,600 new listings in 2023. Canopy MLS sales represented in this report are for single-family, condo, and townhome sales only.
Showings compared to 2023, revealed there were 9.2 percent fewer showings last year across the market. The typical home received 9 showings before moving into pending status which was down 10 percent compared to the prior year. Canopy MLS’s annual report showed the top areas by number of showings per listing were concentrated in the MSA, particularly in the City of Asheville, where listings there averaged 13.1 showings per listing, followed by Hendersonville, where listings averaged 12.2 showings per listing. Listings in Haywood County, averaged 12.1 showings per listing while listings in Henderson, Burke, and Transylvania Counties, averaged 10.8 showings per listing in 2024.
“Despite the challenges brought by Hurricane Helene in 2024, the Asheville area housing market has demonstrated remarkable resilience,” said Dave Noyes, a Canopy MLS Board of Director, and Designated Managing Broker with eXp Realty. “When comparing yearend data from 2023 to 2024, the market remains strong. If the National Association of Realtors® predictions for the 2025 housing market hold and mortgage rates stabilize between 6-7%, 2025 holds significant promise for both buyers and sellers. As the region rebuilds and recovers, Realtors® anticipate a steady and encouraging path forward for the 13-county Canopy MLS Asheville region.”
Even though the region’s new listing activity declined significantly from September through November 2024, new listings rebounded during the month of December, rising 13 percent compared to December 2023, as sellers added 668 homes to inventory. Inventory at report time (Jan. 6, 2025), increased 17.8 percent to 2,783 homes for sale, while supply increased 25 percent year-over-year to 3.5 months of supply.
Though December’s inventory and supply is higher in comparison to December 2023, it is 22 percent lower than it was when the Hurricane impacted the region in September, when there were 3,565 homes for sale. December’s supply is also 21 percent lower than it was in September when there was 4.4 months of supply and moving towards a balanced market (with six months of supply) that favors neither buyers nor sellers.
The Asheville region’s median sales price for 2024 was $420,000, an increase of 3.7 percent year-over-year, while the average sales price for 2024 increased 6.2 percent year-over-year to $526,880. The 3.7 percent increase in the region’s median sales price, which is the best measure of price over time, shows a healthy rate of growth, signifying a stable and sustainable increase, in yet another sign that the region’s prices are moderating and moving towards normalization. The original list price to sale price measure for the year fell slightly (-1.3%) to 94.7 percent for the year, which hints at a market that still favors sellers, but is not as strong as in recent years.
Overall, time on market increased in 2024, and the List to Close metric for the year, increased 8.9 percent to 98 days, compared to 90 days in 2023, while days on market, the metric that accrues for “Active” and “Under-contract-show” statuses increased 25 percent to 50 days on market in 2024 compared to 40 days on market in 2023.
The Asheville MSA
In 2024, the Asheville Metropolitan Statistical Area (MSA), encompassing Buncombe, Haywood, Henderson, and Madison counties, showed resilience despite broader challenges as a result of Hurricane Helene. Yearend figures show new listings increased modestly by 3.2 percent (from 8,175 in 2023 to 8,437 in 2024). However, pending sales declined by 7.6 percent, and closed sales dropped by 8.9 percent, indicating softer demand, after the Hurricane and headed into the winter selling season, compared to the previous year. The median sales price saw a 3.1 percent rise, reaching a record $452,550, while the average sales price increased by 5.2 percent, reflecting continued price growth in the market.
The average list price rose by 8.6 percent to $641,038, and the months' supply of inventory expanded by 32.0 percent, suggesting improved housing availability. Despite these gains, homes took longer to sell, with days on market increasing by 26.3 percent to 48 days on market in 2024 compared to 38 days on market in 2023.
December data revealed new listings rose by 16.9 percent compared to the previous December (from 361 to 422), signaling increased seller activity. Closed sales, however, experienced a slight decline of 1.2 percent (from 490 to 484), consistent with broader trends, while the median sales price for December, the best measure of price over time, edged up by 1.9 percent reaching $450,000, while the average sales price remained relatively stable, with a minor decrease of 0.4 percent.
"The MSA continues to demonstrate its strength and adaptability in 2024, even amidst challenges," said Noyes. "While sales volume dipped, the modest and healthy rise in the median sales price along with increased inventory reflects a market that continues to evolve and offer opportunities for both buyers and sellers as we rebuild and look toward 2025 with optimism."
County Summaries reflect yearend/annual figures only. See data for December 2024.
Buncombe County yearend data reveals a slight increase in new listings by 1.5 percent (from 4,327 to 4,393), indicating a steady influx of properties on the market. However, pending sales and closed sales declined by 9.0 percent and 11.2 percent, respectively, pointing to reduced buyer activity. The median sales price rose by 2.1 percent to $479,900, while the average sales price saw a more significant increase of 6.2 percent to $636,973, reflecting sustained price growth despite a slower sales pace.
In December 2024, the market dynamics shifted further. New listings surged by 22.9 percent compared to December 2023, reflecting strong seller engagement, while closed sales decreased by 8.7 percent, emphasizing softer demand, likely due to continued recovery efforts and the slower winter selling season. The median sales price for the month grew by 5.6 percent, reaching $475,000, and the average sales price rose by 3.5 percent to $601,181. With inventory increasing by 10.8 percent and the months' supply of inventory expanding by 20.0 percent, the market saw greater balance. Homes, however, took longer to sell, with days on market rising by 39.5 percent year-over-year, indicating a more deliberate pace of sales in the evolving market.
Haywood County Yearend data for Haywood County’s housing market showed moderate shifts compared to the previous year. Yearend new listings rose by 2.0 percent, reaching 1,301, indicating a slight increase in seller activity. However, pending sales and closed sales dropped by 10.4 percent and 9.5 percent, respectively, highlighting a decrease in overall transaction volume, which is likely due to continued Hurricane recovery efforts and seasonality. Despite this, the market saw healthy price growth, with the median sales price increasing by 6.8 percent to $395,000 and the average sales price rising by 6.4 percent to $452,888. Inventory levels grew significantly, with months of supply increasing by 52.0 percent to 3.8 months, providing more options for buyers.
In December 2024, the market saw new listings increased by 6.8 percent year-over-year, while closed sales rose by a notable 15.9 percent. The median sales price for December reached $400,000, a 5.5 percent increase from the previous year. However, homes took longer to sell, with days on market surging by 77.5 percent to an average of 71 days. The growth in inventory and extended selling timelines reflect a market shifting toward balance, offering opportunities for both buyers and sellers.
Henderson County Yearend figures for Henderson County showed notable activity in its housing market compared to 2023. New listings increased significantly by 10.5 percent to 2,416, providing more inventory for prospective buyers. Pending sales remained stable, with a negligible decrease of 0.1 percent, while closed sales dipped slightly by 1.6 percent. The median sales price grew by 4.3 percent to $453,540, and the average sales price rose by 3.6 percent to $518,962, reflecting continued upward pressure on prices. Inventory expanded notably, with a 38.0 percent increase in available homes and months of supply rising by 41.7 percent, signaling a shift toward a more balanced market.
December 2024 data highlighted key trends in the market. New listings rose by 20.4 percent compared to December 2023, while closed sales saw a modest increase of 3.4 percent. The median sales price for the month slightly declined by 0.9 percent to $451,968, and the average sales price decreased by 3.3 percent to $510,051, suggesting some cooling in pricing dynamics. Homes took longer to sell, with days on market nearly doubling year-over-year to 60 days, reflecting a more deliberate pace in buyer decision-making. These trends indicate a market adjusting to increased inventory while maintaining steady buyer interest.
Madison County In 2024, Madison County experienced significant shifts in its housing market compared to 2023. Yearend figures show new listings declined by 15.5 percent to 327, and pending sales fell by 25.9 percent, with closed sales decreasing by 22.0 percent to 230. Despite the reduction in activity, prices continued to grow, with the median sales price rising by 3.4 percent to $422,445 and the average sales price increasing by 3.8 percent to $482,038. Inventory levels showed slight growth, with the months of supply of inventory increasing by 37.8 percent to 5.1 months, suggesting a more balanced market with improved availability for buyers.
December 2024 data reveals a mix of trends. While new listings dropped by 25.0 percent compared to December 2023, closed sales rose by 15.4 percent year-over-year, indicating increased buyer urgency amidst fewer options. The median sales price for December surged by 52.1 percent to $540,000, reflecting demand. Homes sold more quickly, with days on market decreasing by 34.6 percent year-over-year to 51 days, signaling heightened competition for available properties despite broader market adjustments.
Noyes continued, “At the start of 2024 Asheville received national acclaim, with Southern Living naming the city one of the “South’s Best Cities”, while numerous accolades rank the region high for tourism, food, arts, and entertainment, making us a relocation destination. As recovery and rebuilding continue throughout the region, tourism will return, ensuring the region will continue to grow, which means housing, both new construction and existing homes continue to be the most crucial infrastructure throughout the region.”
Other counties around the region
Burke County at yearend displayed growth in listings and slight improvements in overall sales compared to 2023. Year-to-date, new listings increased significantly by 17.6 percent to 1,085, while pending sales rose by 4.1 percent to 805. Closed sales remained relatively stable, growing by 1.6 percent to 786. The median sales price increased by 4.0 percent to $260,000, and the average sales price rose by 10.0 percent to $331,087, reflecting steady price appreciation. Inventory expanded, with months of supply increasing by 34.8 percent to 3.1 months, offering buyers more options in the market.
December 2024 data highlighted some unique trends. New listings surged by 24.5 percent compared to December 2023, providing fresh opportunities for buyers. However, closed sales dropped by 19.7 percent, indicating a potential lag in converting pending transactions. The median sales price for the month rose sharply by 20.4 percent to $295,000, and the average sales price jumped by 51.3 percent to $434,736, pointing to heightened activity in higher-value property segments. Homes took significantly longer to sell, which is typical for the time of year, with days on market increasing by 107.1 percent to 58 days, reflecting a shift toward a more deliberate pace in buyer activity amidst changing market conditions.
Jackson County housing market exhibited moderate growth last year compared to 2023. Yearend figures show new listings increased by 13.1 percent to 363, while pending sales rose by 7.8 percent to 248. Closed sales saw a similar trend, rising by 4.8 percent to 242. The median sales price climbed by 4.7 percent to $390,000, and the average sales price grew by 5.1 percent to $529,918, reflecting consistent demand and price appreciation. However, inventory decreased by 7.8 percent, and the months of supply dropped by 15.0 percent to 3.4 months, indicating a tightening market despite increased listings.
December 2024 data revealed distinct trends. New listings doubled compared to December 2023, growing by 100.0 percent, and pending sales increased by 45.5 percent. Closed sales rose slightly by 6.7 percent. The median sales price for December decreased by 9.5 percent to $298,500, and the average sales price dropped by 20.6 percent to $409,593, suggesting a shift in buyer preferences toward lower-priced homes. Homes took longer to sell, with days on market increasing by 60.4 percent to 85 days, signaling a slower pace of transactions as the market adjusted to changing dynamics.
McDowell County In 2024, McDowell County's housing market showed mixed performance compared to 2023. Yearend figures revealed new listings increased slightly by 1.5 percent to 553, while pending and closed sales declined by 7.3 percent and 2.9 percent, respectively, indicating reduced buyer activity. The median sales price rose modestly by 1.7 percent to $300,000, while the average sales price surged by 18.6 percent to $420,253, reflecting strong appreciation in higher-value property sales. Inventory levels grew, with months of supply increasing by 13.9 percent to 4.1 months, offering more options for prospective buyers.
December 2024 data revealed further shifts. New listings decreased by 8 percent, and closed sales dropped by 23.3 percent compared to December 2023, highlighting slower market activity during the month. The median sales price for December increased by 6.4 percent to $341,000, while the average sales price skyrocketed by 66.6 percent to $636,665, driven by high-value transactions. Homes took significantly longer to sell, with days on market rising by 145.5 percent to 54 days, suggesting a slower pace entering the slower winter selling season.
(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)
Mitchell County In 2024, Mitchell County experienced a contraction in housing market activity compared to 2023. Yearend figures show new listings declined by 6.5 percent to 188, while pending and closed sales fell significantly, by 23.0 percent and 27.5 percent, respectively. Despite reduced transaction volume, prices continued to rise, with the median sales price increasing by 1.6 percent to $270,000 and the average sales price growing by 14.2 percent to $353,473. Inventory expanded notably, with the months of supply of inventory increasing by 52.5 percent to 6.1 months, providing greater availability for potential buyers.
December 2024 data showed notable contrasts. New listings doubled compared to December 2023, rising by 100.0 percent while closed sales dropped by 37.5 percent, highlighting a slower conversion of listings into transactions. The median sales price for December increased sharply by 45.2 percent to $445,000, and the average sales price rose by 42.9 percent to $402,800, reflecting increased demand for higher-value homes. Homes took longer to sell, with days on market rising by 59.7 percent to 99 days, emphasizing a market that is shifting toward higher inventory levels and longer transaction timelines.
(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)
Polk County In 2024, Polk County experienced slight declines in market activity compared to 2023. At yearend, new listings fell by 5.7 percent to 381, while pending sales decreased by 7.5 percent to 273, and closed sales dropped by 3.5 percent to 276. Despite the reduced transaction volume, the median sales price rose by 12.3 percent to $455,000, reflecting continued growth in property values. Inventory increased modestly, with an 8.1 percent rise in homes for sale and a 17.5 percent expansion in months of supply to 4.7 months, indicating a move toward a more balanced market.
December 2024 data revealed sharper contrasts. New listings decreased by 31.6 percent, and pending sales dropped by 33.3 percent, highlighting a slowdown in seller and buyer activity. However, the median sales price for December surged by 46.9 percent to $595,000, reflecting demand for higher-value properties, while the average sales price decreased by 23.4 percent, indicating fewer high-end transactions compared to the previous year. Days on market until sale improved slightly, dropping by 10.7 percent to 67 days, suggesting quicker sales for the available inventory during the month.
Rutherford County In 2024, Rutherford County saw a moderate increase in housing activity compared to the previous year. At yearend new listings grew by 13.1 percent to 1,122, signaling stronger seller participation. However, pending sales decreased by 3.9 percent, and closed sales dropped slightly by 2.5 percent to 711, reflecting subdued buyer activity. The median sales price increased by 3.7 percent to $269,000, and the average sales price rose by 9.0 percent to $356,942, indicating consistent growth in property values. Inventory expanded, with homes for sale increasing by 16.2 percent, and the months of supply rose by 18.9 percent to 4.4 months, suggesting a more balanced market.
December 2024 data highlighted contrasting trends. New listings decreased by 10.9 percent, and closed sales fell by 10.5 percent compared to December 2023. The median sales price for December edged down by 1.9 percent to $259,900, while the average sales price declined by 10.0 percent to $313,609, indicating fewer high-value transactions during the month. Homes took longer to sell, with days on market rising by 22.2 percent to 55 days. These shifts reflect a market adjusting to increased inventory and evolving buyer dynamics as it moves toward a more balanced state.
Transylvania County In 2024, Transylvania County's housing market showed moderate growth compared to 2023. Yearend figures revealed new listings increased by 8.2 percent to 713, while pending sales rose slightly by 1.6 percent to 497. Closed sales remained stable, increasing marginally by 0.6 percent to 500. The median sales price grew by 9.9 percent to $510,000, indicating strong price appreciation. Meanwhile, the average sales price rose significantly by 15.2 percent to $687,715, reflecting robust activity in higher-value property transactions. Inventory expanded by 13.5 percent, with the months of supply increasing by 9.1 percent to 3.6 months, providing more options for buyers.
December 2024 data displayed mixed trends. New listings remained unchanged compared to December 2023, but pending sales increased by 34.6 percent. Closed sales, however, declined by 22.0 percent, signaling a slower transaction pace, which is typical during the winter selling season. The median sales price for December rose slightly by 0.4 percent to $527,000, while the average sales price dropped by 16.4 percent to $580,624, suggesting fewer high-end sales during the month. Homes took longer to sell, with days on market increasing by 40.4 percent to 66 days, reflecting a market adjusting to expanded inventory and evolving buyer dynamics.
(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)
Yancey County In 2024, Yancey County experienced mixed results in its housing market compared to 2023. Yearned figures show new listings increased by 9.5 percent to 323, indicating a rise in seller activity. However, both pending and closed sales declined, with pending sales down by 11.5 percent to 192 and closed sales decreasing by 11.1 percent to 193. Despite reduced sales activity, the median sales price rose by 9.4 percent to $373,000, while the average sales price grew by 5.6 percent to $466,938, reflecting steady appreciation in property values. Inventory tightened slightly, with an 8.3 percent reduction in homes for sale, though the months of supply increased by 4.3 percent to 4.8 months, signaling a shift toward a balanced market.
December 2024 data revealed strong performance in specific areas. Closed sales increased by 40.0 percent compared to December 2023, despite a 14.3 percent decline in new listings. The median sales price for December surged by 30.1 percent to $439,750, and the average sales price soared by 59.9 percent to $568,607, driven by higher-value transactions. Homes sold faster, with days on market dropping by 48.2 percent to 72 days, highlighting a more dynamic market for the month. These trends suggest a competitive environment for buyers amid limited inventory and rising prices.
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: 1/20/2025