Nov. 8, 2022

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — Housing market conditions continued to slow across the Asheville region in September. Closed sales in September declined 13.5 percent year-over-year as 1,114 homes sold, 174 units less than the total number of homes sold in September 2021. The FED’s focus on lowering inflation by increasing interest rates, has resulted in mortgage rates rising into 7 percent territory, which continues to sideline buyers. Month-over-month sales were also down slightly (-3.2%), when compared to August 2022.  Housing statistics included in this report are completed transactions that include single-family and condo/townhomes only, according to data from Canopy MLS.

Pending contract activity continues to show buyers pulling back from the market.  Contract activity declined again in September, falling 17.3 percent year-over-year with 1,048 homes in the pipeline of sales this September. Contract activity compared to the previous month (August 2022) decreased, 7.8 percent. This means that year-over-year sales over the next few months will continue to fall, in comparison to last year’s unprecedented activity. Canopy MLS September Showings report, showed the region’s listings are averaging 3.4 showings (potential buyers) per listing. Buyers at this point are still actively seeking homes closer to metro areas, as listings within the city of Asheville are averaging 5.8 showings per listing, while listings in the city of Hendersonville are averaging 4.6 showings per listing.

“Though contract activity has been down all year, sales are still occurring and our showing reports indicate buyers are still in the market for homes, but the sharp rise in rates has really, caused them to pull back.” said Dave Noyes a Canopy MLS Board of Director and Realtor®/broker with eXpRealty, LLC. “Currently mortgage rates have jumped into 7.5 percent territory, but today’s rate is just slightly higher than the rates we saw in the boom years of 2006 and 2007. We are seeing a number of lenders offering strategies and programs, like 2-1 Buydown, to help buyers with rates. Your local Realtor® is the best resource for buyers and sellers as we navigate this ever-changing market.”

New listing activity or seller confidence continued to fall in September, declining 13.6 percent year-over-year with 1,237 homes listed. Month-over-month new listings are also down (-7.1 percent). The slowing market, however should allow more inventory and supply overtime, which should allow for some price cooling over next year.

Inventory at report time decreased 10 percent year-over-year leaving 2,273 homes for sale or 2.1 months’ supply, which is unchanged compared to last year.  However, compared to August (2 months of supply), supply has already started to inch up a bit, as the market tries to move toward equilibrium.

Though prices continued to rise year-over-year in September, prices are starting to cool a bit, down (2.6 percent) when compared to the peak, earlier this year in May 2022, when the median sales price reached $400,500 across the region. September’s average sales price ($494,169) increased 12.1 percent, while the median sales price ($390,000) increased 11.7 percent year-over-year. The region’s average list price increased 19.8 percent to $581,912 versus last year at $485,822. The percent of original list price received by sellers dipped 1.7 percent to 96.2 percent compared to 97.9 percent in September 2021, as the control sellers had over the market continues to slip a bit.

Overall, homes are still are selling faster than last year, as the time from listing to close in September 2022 was 89 days, compared to 83 days in September 2021. Days on market until sale, the metric, which accrues for “Active” and “Under-contract-show” statuses, showed homes averaged 28 days on market until sale compared to 29 days in September 2021.

Asheville MSA 

August home sales across the MSA were down 14 percent year-over-year as 742 homes were sold versus 863 homes sold this time last year. Contract activity was also down year-over-year, as 657 homes went under contract. This time last year, there were 210 more homes under contract than in September 2022. New listing activity was also weaker than last year, down 16.9 percent year-over-year with 824 homes listed for sale, 167 less homes listed than this time last year.  Inventory at report time showed 1,408 homes for sale or 2 months of supply.  Last year, there was also exactly two months of supply.  Prices continued to increase, with both the median sales price ($429,550) and the average sales price ($539,240) rising 14.6 percent and 15.6 percent year-over-year respectively, while the average list price increased 23.2 percent to $632,350. This brought the original list price to sales price measure down 0.9 percent to 97.6 percent, as sellers still receive most of asking price.  A look at price reductions shows sellers still trying to gain their footing, as price reductions on active listings increased 35 percent compared to the number of reductions occurring across the MSA in September 2021. Still, sellers control the market, as indicated by the pace of days on market, which showed homes averaging 26 days on market until sale compared to 23 days this time last year.

Buncombe County closed sales declined 7.6 percent year-over-year from 463 homes sold last September to 428 sold in September 2022. Pending sales decreased 26.3 percent to 358 homes under contract in September 2022 from 486 homes under contract in September 2021. New listings also decreased, falling 21.3 percent year-over-year as sellers listed 443 homes for sale compared to 563 that were listed during the same period last year.  Inventory at report time showed 706 homes for sale or 1.8 months of supply compared to 1.9 months of supply in September 2021. Supply continues to pressure prices which rose. The average sales price ($614,198) and median sales price ($452,250) increased by 20.2 percent and 14.8 percent year-over-year, respectively. While the average list price rose 22.8 percent year-over-year to $701,844. This brought the percent of original list price received by sellers to 98.3 percent which is fairly unchanged (-0.7 percent) when compared to last year at 99 percent.  Homes spent 28 days on the market this September, a 16.7 percent increase year-over-year compared to 24 days this time last year.

Haywood County closed sales declined 15.7 percent year-over-year as 113 homes sold during the month compared to 134 in September 2021. Pending sales declined 13.2 percent as 112 homes went under contract versus 129 this time last year.  New listings declined slightly (-0.7 percent) to 141 compared to 142 in September 2021.  Inventory at report time showed 284 homes for sale, a 12.3 percent year-over-year increase, which brought months of supply to 2.7 months. Prices continued to tick upwards.  Both the average sales price ($349,000) and median sales price ($401,183) increased by 8.8 percent and 3.4 percent year-over-year, respectively, while the average list price increased 26.1 percent year-over-year to $447,986. This brought the original list price to sales price ratio to 95.5 percent, which is down slightly (-2.0 percent) compared to last year. On average, homes spent 27 days on the market in September, a 17.4 percent increase in time on market, compared to 23 days in September 2021.

Henderson County home sales fell 23.4 percent year-over-year as 180 homes sold versus 235 in September 2021. Pending contract activity was also down 28.9 percent as buyers drove 160 homes under contract during the month, compared to 225 this time last year.  New listing activity also contracted 21.1 percent year-over-year as sellers only 202 homes for sale compared to 256 listed for sale in September 2021.  Inventory at report time showed 333 homes for sale versus 439, a 24.1 percent year-over-year decline, which brought months of supply to 1.8 months in September. Low supply continues to pressure prices which rose. The average sales price ($461,877) and median sales price ($418,450) increased by 8.6 percent and 16.2 percent year-over-year, respectively. Sellers received 97.5 percent of their original asking price this September compared to last, a 1.1 percent decrease. Days on the market increased 5 percent to 21 days compared to 20 last September.

Madison County home sales decreased 32.3 percent as 21 homes sold in September 2022, versus 31 at this time last year. Pending contract activity remained completely stable with 27 homes under contract this September.  New listing activity increased 26.7 percent year-over-year as sellers listed 38 homes for sale compared to 30 that were listed in September 2021.  Inventory at report time showed 85 homes for sale, an increase of 2.4 percent compared to last September when there were 83 homes for sale. Months of supply showed 3.2 months of supply, which was equal to September 2021’s months of supply. The median sales price ($425,000) rose 28.8 percent and the average sales price ($417,505) declined 8.0 percent. The average list price increased 20.1 percent year-over-year to $558,676. This brought the original list price to sales price ratio to 96.7 percent, which is up from 94.5 percent in September 2021. Days on market declined 5.9 percent showing homes on market for 32 days in September 2022 versus 34 days on market this time last year.

Other counties around the region

Burke County home sales decreased 23.1 percent year-over-year as 80 homes sold versus 104 homes sold this time last year.  Pending contract activity dipped 1.3 percent year-over-year as 74 homes went under contract versus 75 this time last year. New listings decreased 20.7 percent to 69 homes in September 2022, from 87 last year. Inventory at report time declined 24.1 percent year-over-year leaving 107 homes for sale or 1.3 months of supply.  This time last year supply in Burke County hovered at 1.8 months of supply. The median sales price ($240,000) increased 3 percent and average sales price ($278,637) decreased by 12.8 percent. The average list price also rose (+29.1 percent) to $395,491. This brought the original list price to sales price measure to 95.7 percent, a 2 percent decrease in September 2022. This time last year the metric was 97.7 percent.  Homes are still selling quickly, days on market decreased 20 percent in September 2022, showing homes averaging 20 days on market until sale compared to 25 days on market this time last year.

Jackson County closed sales declined 26.1 percent year-over-year, as 17 homes sold versus 23 this time last year. Pending sales in the county decreased 10.7 percent year-over-year from 28 homes under contract last year to 25 in September 2022. New listings increased 3.4 percent year-over-year as 30 homes were listed for sale versus 29 in September 2021. Inventory at report time showed 81 homes for sale versus 82 last year, while months of supply increased to 3.5 months in September 2022 compared to 2.7 months this time last year. The average sales price decreased 16.8 percent to $325,363, while the median sales price, however, increased 7.6 percent compared to last year to $332,612. The average list price also increased (+11.2 percent) to $473,183.  This brought the percent of original list price received by sellers to 93.3 percent compared to 93.2 percent in September 2021.  On average, homes spent 41 days on the market this September, an 8.9 percent decrease in time on market compared to 45 days this time last year. 

McDowell County had 44 homes sold in September 2022 compared to 43 sold this time last year, while pending contract activity decreased 10.6 percent to 42, compared to 47 homes under contract in September 2021. New listings decreased 7.7 percent year-over-year as 48 homes were added to the market in September 2022 compared to 52 homes listed this time last year. Inventory at report time showed 79 homes for sale or 1.9 months of supply compared to 112 homes for sale and 2.6 months of supply this time last year. Both the median sales price ($235,750) and the average sales price ($327,744) decreased 12.2 percent and 4.7 percent year-over-year respectively, while the average list price remained relatively stable (-0.6 percent) at $400,006. This brought the original list price to sales price ratio to 91.9 percent as sellers lose ground from 98.7 percent in September 2021. Days on market until sale showed homes average 43 days on market in September compared to 29 days on market in September 2021.

Mitchell County had 25 homes sold in September 2022 versus 18 this time last year.  Pending contracts showed 17 homes under contract versus 20 under contract in September 2021.  New listings decreased 31.6 percent as sellers listed 13 homes for sale versus 19 this time last year.  Inventory increased 11.9 percent at report time showing 66 homes for sale or 3.6 months of supply. The median sales price ($275,000) decreased 1.3 percent and the average sales price ($298,738) increased by 6.9 percent year-over-year, while the average list price decreased 18.6 percent to $292,323. This brought the original list price to sales price ratio to 93.9 percent while days on market until sale fell to 36 days compared to 58 days in September 2021.

Polk County closed sales decreased 43.1 percent year-over-year as 29 homes sold versus 51 in September 2021.  Pending contracts declined 30 percent as 28 homes went under contract versus 40 this time last year.  New listings also declined 21.4 percent year-over-year as sellers brought 33 homes to market during the month compared to 42 listed in September 2021.  Inventory at report time was down 16.2 percent leaving 83 homes for sale or 2.6 months of supply, which is equal to months’ supply at this time last year. Both the median sales price ($595,000) and the average sales price ($811,586) increased 56.2 percent and 88.1 percent year-over-year respectively, while the average list price increased 36.1 percent to $710,539. This brought the original list price to sales price ratio to 92.7 percent in September 2022, while days on market until sale dipped to 27 days on average compared to 33 days this time last year.

Rutherford County home sales showed 90 homes were sold in September 2022 compared to 89 homes sold this time last year, a 1.1 percent year-over-year increase.  Pending contract activity was up 29.1 percent year-over-year as 102 homes went under contract compared to 79 that were under contract in September 2021. New listings increased 6.5 percent year-over-year as 98 homes were listed during the month compared to 92 listed this time last year. Inventory increased 6.4 percent at report time and showed 182 homes for sale or 2.1 of supply, which is a 5 percent increase compared to last year. The median sales price ($249,500) decreased 2.2 percent and the average sales price ($315,481) increased 7.5 percent year-over-year, while the average list price increased 6.8 percent to $406,839. This brought the original list price to sales price ratio to 92.9 percent, which is down 4.2 percent compared to last year, while days on market showed homes averaging 27 days on market until sale compared to 24 days in September 2021.

Transylvania County home sales decreased by 12.3 percent to 50 this September. Pending contract activity declined 17.4 percent as 57 homes went under contract compared to 69 this time last year.  New listings declined 1.4 percent year-over-year as sellers listed 72 homes for sale compared to 73 listed in September 2021. Inventory at report time showed a 3.8 percent increase, as 137 homes were for sale representing 2.5 months of supply.  This time last year Transylvania County had 2.0 months of supply.  All price indices continue to rise. Both the median sales price ($507,500) and the average sales price ($728,520) rose 21.1 percent and 11 percent year-over-year respectively, while the average list price rose 9.5 percent to $636,659. This brought the original list price to sales price ratio to 94 percent which is down 1.1 percent from 95 percent in September 2021. Days on market declined 33.3 percent, showing homes averaging 38 days on market until sale compared to 57 days this time last year.

Yancey County home sales totaled 25 homes sold in September 2022 compared to 35 this time last year, for a decrease of 28.6 percent.  Pending contracts increased 14.7 percent year-over-year as 39 homes went under contract compared to 34 in September 2021. New listing activity contracted, falling 7.3 percent year-over-year as sellers listed 38 homes for sale compared to 41 listed last September. Inventory at report time showed 97 homes for sale or 3.5 months of supply, which is an increase from last year, when there was 3.4 months of supply. The median sales price ($328,000) and the average sales price ($351,180) decreased 1.2 and percent and 14 percent year-over-year, respectively. The average list price increased 12.4 percent to $515,221. This brought the original list price to sales price measure to 91.7 percent while days on market showed homes averaged 36 days on market until sale 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: 11/8/2022