Nov. 2, 2021

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. – Sales across the mountain counties that make-up the Asheville region, continued to cool, declining 5.9 percent year-over-year, as 1,251 homes sold in September 2021 compared to 1,330 homes that sold across the region this time last year, according to data from Canopy MLS. Month-over-month, sales compared to the August 2021, were up 5.5 percent. Year-to-date figures show sales during the first nine months of 2021 were healthy and at a pace that yearend sales figures could eclipse 2020 home sales. These are completed transactions that include single family and condo/townhome data only.

Pending sales or pending contracts, show buyer demand rose 4.9 percent year-over-year as buyers drove 1,416 homes under contract compared to 1,350 under contract in September 2020. As these contracts convert to closings over the next 45 days, sales should continue to be steady. Contract activity compared to August 2021 is roughly unchanged, down 1 percent month-over-month.

New listing activity is nearly on par with seller activity this time last year, dipping 0.2 percent, as sellers listed 1,406 homes for sale during the month. Seller confidence rose over much of the summer and over time, can help restore balance to the market, making it neither a seller’s market (less than six months of supply) nor a buyer’s market (more than six months of supply).

Debbie Williams, a Canopy MLS Board of Directors member and Executive Vice President of Beverly Hanks & Associates said, “Historically, October has been a strong month of sales in the mountains, with luxury sales generally hitting their peak closer to year end so it remains to be seen what October’s home sales activity will bring. However, with a slight cooling of sales in September, buyers may be pulling back, perhaps due to the slight increase in mortgage rates. Buyer competition should improve and the slower pace of sales should help to relieve some of the frenzy we saw over most of 2021.”

Inventory across the region remains low, with 1,998 homes for sale at report time or 1.6 months of supply. This time last year the region had 3.1 months of supply.

Both the median sales price ($349,000) and the average sales price ($442,260) rose 10.8 percent and 11.7 percent year-over-year respectively, while the average list price rose 18.3 percent year-over-year to $494,877. This brought the original list price to sales price figure to 97.9 percent in September, showing sellers continuing to receive close to all of asking prices for their homes. Days on market until sale continue to show how quickly homes are moving, as homes averaged 29 days on market until sale in September 2021. A year ago, in September 2020 homes were averaging 73 days on market.

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 were nearly on par with September 2020 sales, dipping slightly 1.6 percent year-over-year as 839 homes sold across the four county MSA, just twelve less than last September. Buyer demand, however is still strong and rose 9.4 percent year-over-year as 957 homes went under contract during the month, compared to 875 in September 2020. Sellers however are still active in the market, listing 975 homes for sale, representing a 2.4 percent year-over-year increase, compared to 952 that were newly listed last September. Buyers however, will continue to face headwinds of decreasing affordability and critically low inventory, that declined by 34.5 percent year-over-year, leaving 1,280 homes for sale at report time or 1.6 months of supply. Both the median sales price ($375,000) and the average sales price ($467,860) rose 12.5 percent and 9.8 percent year-over-year respectively, while the average list price rose 18.9 percent year-over-year to $522,507. Sellers received 98.6 percent of asking prices, according to the original list price to sales price figure for September, while homes continued to sale at faster clip, averaging 23 days on market until sale.

Williams added, “The outlook for the market continues to be a healthy one, even headed into the slower selling season. If we continue to see improvement in new listings, over the next few months, coupled with less buyer competition, we should be able to improve the inventory situation. And although prices are predicted to continue increasing, with the rate of increase slowing next year and interest rates slowly rising, rates are still low and favorable and can help buyers offset prices.”

Buncombe County

Sales in Buncombe County increased 7.1 percent year-over-year as 454 homes were sold in September 2021, thirty more than sold in September 2020. Pending sales activity shows buyers drove 534 homes under contract, an increase of 8.3 percent year-over-year compared to the 493 homes under contract this time last year. New listings were somewhat unchanged, rising 0.2 percent year-over-year as sellers brought 553 homes to market during the month versus 552 homes that were listed last September. Inventory is still critically low, declining 40.8 percent year-over-year, leaving 647 homes for sale or 1.4 months of supply. This dynamic of low inventory continues to impact prices. Both the median sales price ($399,000) and the average sales price ($514,920) rose 11 percent and 5.8 percent year-over-year respectively, while the average list price rose 22.9 percent to $581,572. Sellers in Buncombe, received 99 percent of asking prices, as indicated by the original list price to sales price ratio, while their homes averaged 24 days on market until sale in September 2021.

Haywood County

Haywood County home sales declined 16.2 percent year-over-year as 129 homes sold versus 154 that sold in September 2020. Pending sales, an indication of buyer demand was somewhat on par with buyer activity this time last year, falling 0.7 percent year-over-year as 140 properties went under contract during the month, while new listing activity declined 3.5 percent compared to last year with 138 homes listed. Inventory fell by 33.7 percent year-over-year leaving 203 homes for sale at report time or 1.7 months of supply. Both the median sales price ($325,000) and the average sales price ($383,742) rose 16.4 percent and 14.3 percent year-over-year respectively, while the average list price rose 4.8 percent compared to last year, to $362,036. Sellers received 97.7 percent of asking prices in September 2021, according to the original list price to sales price measure and homes were on market an average of 23 days during the month.

Henderson County

Home sales in Henderson County slipped 8.2 percent year-over-year as 225 homes sold versus 245 that sold in September 2020. Pending contract activity shows buyer demand for homes is strong in Henderson. The metric rose 17.4 percent year-over-year as 250 homes went under contract compared to 213 that were under contract this time last year. New listings show sellers are still active, as they listed 254 homes for sale in September compared to 237 that were listed last September. Still, with inventory challenged and falling 22.2 percent to 364 homes for sale or 1.7 months of supply, prices increased, albeit somewhat moderately. Both the median sales price ($359,000) and the average sales price ($423,267) rose 5.2 percent and 8 percent year-over-year respectively. However, sellers pushed the average list price higher, 17.4 percent year-over-year to $468,177. This brought the original list price to sales price ratio to 98.8 percent as sellers received close to asking prices in September, while enjoying faster days on market that showed homes averaging 20 days on market until sale.

Madison County

(Due to small sample size of homes for sale, percentages of change can look extreme.) Sales in Madison County increased 3.3 percent year-over-year in September, as 31 homes sold compared to 30 that sold in September 2020. Pending sales increased 17.9 percent year-over-year as buyers, still seeking homes close metro-Asheville drove 33 homes under contract during the month, five more than last year. New listing activity also rose by 50 percent year-over-year as 30 homes were added to inventory versus 20 that were listed in September 2020. However, inventory is low and declined 23.3 percent in September, leaving 66 homes for sale or 2.5 months of supply. Prices are rising. Both the median sales price ($330,000) and the average sales price ($453,868) rose 21.3 percent 45.4 percent year-over-year respectively, while the average list price declined by 0.3 percent year-over-year to $482,207. Sellers received 94.5 percent of asking prices in September 2021, as indicated by the original list price to sales price ratio. Days on market showed homes averaging 34 days until sale versus 86 days in September 2020.

Other counties around the region

Burke County closed sales rose 67.2 percent year-over-year as buyers closed on 102 homes in September 2021 compared to 61 closings this time last year. Buyer activity remained strong during the month, rising 19.4 percent as 86 homes went into pending status, which means sales should be steady over the next month or so. New listing activity was also positive and rose 2.4 percent year-over-year as sellers listed 86 homes for sale, two more than last September. Inventory fell by 21.6 percent year-over-year leaving 109 homes for sale or 1.3 months of supply, which will continue to pressure prices. Prices, though affordable rose in September. Both the median sales price ($231,000) and the average sales price ($319,937) rose 15.5 percent and 38.4 percent year-over-year respectively, while the average list price rose 34.8 percent compared to last year to $313,171. The original list price to sales price measure showed sellers receiving 97.8 percent of asking prices in September while homes sold quickly, and averaged 24 days on market until sale.

(Due to small sample size of homes for sale, percentages of change can look extreme.) Jackson County, sales declined 48.8 percent year-over-year as 21 homes sold versus 41 in September 2020. Pending contract activity declined as well, falling 19.5 percent year-over-year as 33 homes went under contract compared to 41 this time last year. New listing activity also declined 17.6 percent as 28 homes were listed versus 34 this time last year. Prices were mixed, with the median sales price ($309,000) falling 4.9 percent year-over-year, while the average sale price rose 5.7 percent year-over-year to $392,443. The average list price declined 29.3 percent year-over-year to $451,921, which brought the original list price to sales price ratio to 92.5 percent during the month. Inventory is down 55.9 percent year-over-year leaving 63 homes for sale at report time or two months of supply. Homes averaged 46 days on market until sale in September 2021, versus 120 days this time last year.

McDowell County home sales decreased in September, falling 13 percent year-over-year as 40 homes sold versus 46 in September 2020. Pending contract activity showed buyer demand increased 6.3 percent year-over-year as 51 homes went under contract. New listing activity also increased 4.1 percent year-over-year as sellers listed 51 homes for sale in September versus 49 this time last year. Inventory is tight and fell 31.5 percent year-over-year, leaving 85 homes for sale or two months of supply. Buyers enjoyed a nice decrease in prices in McDowell County during the month of September. Both the median sales price ($266,750) and the average sales price ($347,265) declined 12.9 percent and 6.2 percent year-over-year respectively, while the average list price rose 24.6 percent year-over-year to $410,596 in September. The original list price to sales price ratio showed sellers received 98.5 percent of asking prices during the month, while homes sold quickly, averaging 30 days on market until sale.

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

Mitchell County had 18 homes sold in the month of September 2021, which is down 47.1 percent year-over-year. Pending contract activity increased 17.4 percent year-over-year as 27 homes went under contract compared to 23 that were under contract this time last year. New listings declined by 29.6 percent year-over-year as sellers listed only 19 homes for sale compared to 27 listed in September 2020. Inventory dropped 50.5 percent year-over-year leaving 46 homes for sale or 2.5 months of supply. Prices increased. The median sales price of $278,500 rose 32.6 percent compared to last year while the average sales price of $279,578 increased 10.7 percent year-over-year. The average list price of $362,600 rose 26.4 percent year-over-year, which brought the original list price to sales price ratio to 92.5 percent, while days on market until sale averaged 58 days in September 2021.

Polk County sales increased 16.3 percent year-over-year as 50 homes sold versus 43 in September 2020. Pending sales fell 4.2 percent year-over-year as buyers drove 46 homes under contract versus 48 this time last year. New listings also declined, 6.7 percent as 42 homes were newly listed during the month. Inventory fell 24.1 percent year-over-rear, leaving 82 homes for sale or 2.1 months of supply. Both the median sales price ($380,500) and the average sales price ($423,710) rose 24.8 percent and 21.5 percent year-over-year respectively, while the average list price of $530,350 rose 5.2 percent over last year’s list price. This resulted in the original list price to sales price ratio registering 97.3 percent, as sellers get closer to all of asking price. Days on market averaged 32 days in September 2021 versus 70 days on market this time last year.

Rutherford County home sales declined by 8.4 percent year-over-year as 87 homes sold during the month versus 95 that sold in September 2020. Pending contracts signaled less buyer activity than last September, declining 15.2 percent year-over-year as 89 homes went under contract compared to 105 that were under contract in September 2020. New listings however, increased 9.5 percent year-over-year as sellers brought 92 homes to market compared with 84 newly listed homes this time last year. With less buyers and more new listings added, over time inventory which fell 23.5 percent year-over-year in September, should begin to improve. At report time there were 130 homes for sale representing 1.5 months of supply. Prices rose moderately. The median sales price of $255,000 rose 7.1 percent year-over-year, while the average sales price increased 2 percent year-over-year to $294,969. The average list price increased 32.3 percent in September to $385,303 as is typical of strong seller’s markets. Sellers received 97 percent of asking prices according to the original list price to sales price measure, while homes sold fairly quickly with days on market until sale averaging 25 days.

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

Swain County had very little activity during the month of September 2021, with just five sales reported compared to eleven sales in September 2020. Pending sales activity increased 200 percent as nine properties went under contract during the month, compared to three under contract in this time last year. New listing activity decreased by 37.5 percent year-over-year, as sellers brought five properties to market versus eight in September 2020. With so little inventory on market, prices rose significantly. Inventory fell to 14 homes for sale at report time or 2 months of supply at the current sales pace. The median sales price ($540,000) and the average sales price ($695,600) increased 54.3 percent and 81.6 percent year-over-year respectively. The average list price rose 9 percent compared to last September, to $499,799. This brought the original list price to sales price ratio to 97.2 percent in September. Homes averaged 66 days on market in September 2021verus 102 days on market in September 2020.

Transylvania County sales decreased by 43.4 percent year-over-year as 56 homes sold versus 99 that sold this time last year. Pending contracts also declined, indicating buyer demand continues to fall, as 77 homes went under contract during the month a decrease of 15.4 percent year-over-year. New listing activity, which represents seller confidence declined 23.9 percent year-over-year as sellers listed 67 homes for sale versus 88 listed this time last year. Inventory is pressuring prices. Both the median sales price ($417,000) and the average sales price ($657,967) rose 20.9 percent and 43.2 percent year-over-year respectively, while the average list price rose 23 percent year-over-year to $597,650. This brought the original list price to sales price ratio to 94.9 percent during the month. Days on market until sale showed homes averaged 58 days on market versus 80 days in September 2020.

Yancey County sales in September 2021 declined 29.8 percent year-over-year as 33 homes sold versus 47 that sold in September 2020. Pending sales were also down, 6.8 percent year-over-year as buyers drove 41 homes under contract versus 44 in September 2020. New listing activity rose 7.9 percent year-over-year as sellers brought 41 homes to the market. Inventory continues to fall and totaled 85 homes for sale at report time or 2.7 months of supply at the current sales pace. Prices are rising. Both the median sales price ($332,000) and the average sales price ($414,112) rose 15.5 percent and 19.6 percent year-over-year respectively, while the average list price rose 38.4 percent year-over-year to $459,080. The original list price to sales price ratio registered 95.6 percent in September, showing sellers moving toward full asking prices, while days on market until sale averaged 117 days in September 2021, down from 193 days on market in September 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: 11/2/2021