December 19, 2023

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — Housing data from Canopy MLS, showed home sales declined in November, falling 9.8 percent year-over-year as 785 homes were sold throughout the 13-counties surrounding Asheville.  Sales compared to October were down 10.9 percent. Remarkably sales increased year-over-year in Burke County (+20%), McDowell County (+16%), and Polk County (+100%). Sales represented in this report represent single family, condo and townhome sales.

Buyer demand as displayed through pending contracts, rose for a third consecutive month by 9.4 percent year-over-year as 760 homes went under contract compared to 695 that were under contract the previous November. Month-over-month, contract activity was down 23.5 percent. Showing statistics for the month indicate buyer interest was highest in the cities of Asheville and Hendersonville.

New listing activity rose for a second consecutive month, a positive sign of rising seller confidence.  Sellers listed 935 homes for sale in November, a 12.7 percent increase over last year, which should help supply levels next spring.  Month-over-month new listings were down 21.9 percent.

“Buyers and sellers alike continue to be motivated by mortgage rates, which declined over much of November.” said Dave Noyes, a Canopy MLS Board of Director, and Realtor®/Broker with eXp Realty. “While buyers have had their share of challenges, home sellers have done well, as prices continue rising. In fact, research from the National Association of Realtors® suggests that the typical homeowner has accumulated more than $100,000 in housing equity over the past three years. And even though seller activity has been down most of the year, consistent listing activity this winter, along with falling mortgage rates, certainly sets up a promising outlook for buyers next spring.”

Inventory in November rose by 7.4 percent to 2,446 homes for sale, while supply rose 26.1 percent to 2.9 months of supply. Notably, eight of the 13 counties where Canopy tracks data, are showing three months or more of supply.  While inventory continues to grow, a balanced market, which is six months of supply, and favors neither buyers nor sellers is a long way off.

The region’s median sales price ($422,000) and the average sales price ($550,210) rose 12.5 percent and 11.5 percent year-over-year respectively, as a result of increased demand or contract activity in the last few months.  The average list price increased 11.6 percent to $552,961, bringing the original list price to sales price measure to 95.2 percent for the month of November. Price increases have been consistent this year, but when looking at prices year-to-date, the overall increases are on par with past years, with both the year-to-date median sales price ($402,000) and the year-to-date average sales price ($493,142) rising nominally, 5.8 percent and 6.2 percent year-over-year respectively.

Noyes continued, “Prices are impacted by both inventory and supply levels as well as rising demand. In areas where inventory is rising, there will be some price softening, however buyers shouldn’t expect to see prices fall dramatically, due to rising demand. Conversely, in areas where supply is tight and demand is higher, like Asheville and Hendersonville, buyers can expect larger price fluctuations monthly.”

Time on market showed the List to Close metric dipped 1.1 percent to 88 days, compared to 89 days in November 2022, while days on market, the metric that accrues for “Active” and “Under-contract-show” statuses increased 5.6 percent, as homes averaged 38 days on market compared to 36 days in November 2022.

Asheville MSA 

Sales across metro-Asheville in November declined 9.6 percent compared to last year as 519 homes sold compared to 574 that sold in November 2022. Compared to the month of October, sales were down 8.3 percent.  Contract activity increased again in the MSA, rising 3.5 percent as 479 homes went under contract. New listing activity also increased in November, as sellers listed 581 homes for sale, a 9.4 percent increase over last November, which will help to boost inventory levels.  Inventory increased 5.1 percent to 1,467 homes for sale at report time, while supply rose 18.2 percent to 2.6 months of supply. Still, with supply tight and demand rising, prices increased. Both the median sales price ($460,000) and the average sales price ($622,724) rose 13.3 percent and 28.4 percent year-over-year respectively, while the average list price increased 10.5 percent to $579,999. This brought the original list price to sales price measure to 96.3 percent, as sellers still receive most of asking prices for their homes. Though time on market is increasing, homes are still selling quickly and averaged 36 days on market until sale compared to 34 days on market in November 2022.

Noyes also said, “It will be interesting to see how the housing market will perform next year, as predictions suggest more inventory, mortgage rates averaging 6.3 percent by midyear, and metro markets in the southern states set to outperform others due to growth in the job market. Without a doubt the Asheville region is resilient and set on a trajectory of growth. Prospective buyers can stay informed of the dynamics of the market by talking with a Buyer’s Agent now about how to prepare for next year.”

Buncombe County home sales declined 10.2 percent year-over-year as 274 homes were sold compared to 305 that were sold last November. Contract activity slipped by 3.4 percent year-over-year as 252 homes went under contract compared to 261 during the same period a year ago. New listing activity was relatively unchanged, down 0.3 percent year-over-year as sellers listed 290 homes for sale, which has helped to boost both inventory and supply in November. Inventory rosed 9.2 percent to 772 homes for sale or 2.6 months of supply.  A year ago, Buncombe had only two months of supply.   With demand nearly unchanged from last year and still tight inventory in the county, prices rose.  Both the median sales price ($489,500) and the average sales price ($735,003) rose by 15.2 percent and 39.5 percent year-over-year respectively, while the average list price increased 12.7 percent to $632,164. This brought the original list price to sales price measure to 96.3 percent, a strong incentive for sellers to list, while days on market showed homes sold quickly in November, averaging 33 days on market until sold compared to 34 days last November. 

Haywood County saw increases in most metrics except closed sales, which declined by 4 percent year-over-year as 95 homes sold compared to 99 sold a year ago in November. Demand rose strongly, 25 percent year-over-year as 80 homes went under contract compared to 64 under contract last November. New listings also increased, rising 5.7 percent year-over-year as sellers listed 92 homes for sale.  Inventory and supply declined. Inventory fell 16.4 percent and showed 224 homes for sale and 2.6 months of supply. Supply is down 7.1 percent compared to last year.  Tight supply amidst rising demand caused prices to increase.  Both the median sales price ($370.,000) and the average sales price ($446,926) increased 22.1 percent and 18.8 percent year-over-year respectively, while the average list price increased 21 percent to $485,908. This brought the original list price to sales price measure to 96 percent while days on market showed homes averaged 45 days on market until sale, which is an increase of 10 days compared to last year.  

Henderson County home sales in November declined 13.8 percent as 125 homes were sold during the month compared to 145 that sold in November 2022. Contracts or buyer demand rose 10.1 percent as buyers drove 131 homes under contract during the month compared to 119 that were under contract a year ago in November.  New listings rose sharply, 34.8 percent, a sign of strong seller confidence as 178 homes were listed during the month, an added boost to inventory and supply, which also increased.  Inventory was up 13.4 percent year-over-year to 382 homes for sale and 2.6 months of supply.  Supply rose 23.8 percent from last November’s 2.1 months of supply.  Still, tight inventory amidst rising demand caused prices to rise.  Both the median sales price ($444,000) and the average sales price ($519,633) increased 8.5 percent and 13.5 percent year-over-year respectively, while the average list price increased 4.4 percent ot $558,556. This brought the original list price to 96.9 percent, which is relatively unchanged compared to last year (-0.3%), while days on market showed homes sold quickly and averaged 29 days on market until sale compared to 32 days on market in November 2022.

(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)

Madison County home sales were unchanged from last year with 25 homes sold in November, while pending contract activity dropped 15.8 percent to 16 homes under contract compared to 19 last year.  New listing activity was also unchanged as sellers listed 21 homes for sale. Inventory rose 6 percent year-over-year to 89 homes for sale and 3.5 months of supply.  Supply is up a percentage point from last November. Prices were mixed.  The median sales price ($460,000) softened by 4.4 percent while the average sales price ($575,626) increased by 2.1 percent year-over-year. The average list price was also down 6 percent compared to last year, which brought the original list price to sales price measure to 93.6 percent, while days on market increased 26.1 percent, showing homes averaged 58 days on market until sale compared to 46 days on market in November 2022.

Other counties around the region

Burke County experienced increases in most metrics except pending sales and days on market. Home sales in November were up 20 percent year-over-year as 54 homes sold compared to 45 that sold in November 2022. The median sales price increased 10 percent year-over-year to $247,500, the average sales price rose 7.8 percent to $273,556, while the average list price increased 5.6 percent year-over-year to $322,518. The original list price to sales price measure increased slightly 0.5 percent to 96.8 percent in November compared to 96.3 percent in November 2022.

Pending contract activity decreased 5.3 percent to 54 homes under contract during the month compared to 57 during the same period last year. New listings rose by 19.7 percent as sellers brought 79 homes to market compared to 66 in November 2022. Inventory increased to 143 homes for sale or 2.2 months of supply. In November 2022 months of supply was at 1.8 months. Days on market decreased 37.1 percent to 22 days in November compared to 35 days this time last year. 

(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)

Jackson County home sales declined 21.7 percent year-over-year as 18 homes sold, while contract activity rose by 54.5 percent to 17 homes under contract.  New listings also increased by 35.3 percent to 23 homes added to inventory in November.  Inventory dropped by 4.8 percent to 79 homes for sale and there is now four months of supply.  Price rose amidst rising demand.  Both the median sales price ($444,475) and the average sales price ($572,503) increased by 50.4 percent and 25.4 percent year-over-year respectively, while the average list price increased 46.6 percent to $617,991. This brought the original list price to sales price ration up (7.6 percent) to 99.7 percent in November while days on market showed homes averaged 80 days on market compared to 28 days a year ago.

(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)
McDowell County had most metrics rise, with the exception of the average sales price, which was relatively unchanged, but down 1.5 percent year-over-year to $315,367 and the percentage that sellers received. There were 29 closed sales, an increase of 16 percent year-over-year, while pending contracts rose by nearly 30 percent compared to last year, as 35 homes went under contract.  New listings also increased 15.4 percent compared to last November as 45 homes were listed during the month. Inventory increased by 40.9 percent to 131 homes for sale or 3.9 months of supply. Supply increased 62.5 percent from last November, when there was 2.4 months of supply. The median sales price rose 28.1 percent to $310,000, while the average list price increased three percent to $444,207. This brought the original list price to sales price measure to 88.2 percent, while days on market increased from 34 days last November to 69 days in November 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 eleven closed sales compared to 19 last November, while eight homes went under contract during the month. Sellers listed seven homes for sale compared to 12 that were listed in November 2022. Inventory dropped by 10 percent to 54 homes for sale or 4.2 months of supply, which is up 10.5 percent compared to last year.  Prices declined.  The median sales price dropped by 47.9 percent $160,000, while the average sales price declined 28.1 percent to $197,364. This brought the original list price to sales price measure 84.1 percent while days on market were relatively unchanged and showed homes on market for 62 days in November.

(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)
Polk County had 30 homes sold in November, an increase of 100 percent from last year, while contract activity also rose 10 percent, as 33 homes went under contract compared to 30 during the same period last year. New listings increased 160 percent to 52 homes listed, which helped boost supply and inventory. Inventory increased 23.5 percent to 105 homes for sale while months of supply rose 46.7 percent to 4.4 months of supply.  Last November there was three months of supply.  Prices rose amidst rising demand.  Both the median sales price ($585,000) and the average sales price ($653,046) increased by 45.8 percent and 33.3 percent year-over-year respectively, while the average list price increased 51.9 percent to $841,139. This brought the original list price to sales price measure to 93 percent while days on market showed home sold faster than last year, averaging 35 days in November, compared to 47 days in November 2022.

Rutherford County home sales declined 27.8 percent year-over-year to 52 homes sold, which is 20 less than sold in November 2022. Pending contracts rose 55.6 percent as buyers drove 70 homes under contract during the month, 35 more than last November.  New listing activity also increased, rising 39.3 percent as sellers listed 78 homes for sale compared to 56 listed in November 2022. Inventory rose 7.3 percent to 205 homes for sale or 3.3 months of supply.  Last November there were 2.5 months of supply. Prices increased in relation to demand.  The median sales price ($245,500) and the average sales price ($338,737) rosed 14.4 percent and 4 percent respectively, while the average list price increased 23.6 percent to $411,738. This brought the original list price to sales price measure to 91.8 percent while days on market showed homes sold in 42 days in November compared to 48 days in November 2022.

Transylvania County homes sales declined 37.5 percent as 40 homes sold compared to  64 that sold a year ago in November. Pending contracts rose 25.7 percent as buyers drove 44 homes under contract during the month.  New listings declined 27.8 percent to 39 homes listed during the month.  Inventory rose however, 12.7 percent to 142 homes for sale or 3.5 months of supply, which is up 40 percent over last year’s supply.  Prices fell.  Both the median sales price ($437,500) and the average sales price ($506,592) declined by 8.4 percent and 8.2 percent year-over-year respectively, while the average list price increased 3.1 percent to $615,328. This brought the original list price to sales price measure down (-0.4%) to 94.4 percent while days on market inched up a from 36 days last year to 37 days on market until sale in November 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 sales in in November declined 31 percent as 20 homes sold compared to 29 last November. Eighteen contracts were offered on homes by buyers, an increase of 5.9 percent over the 17 homes that were under contract last November. New listings declined 17.9 percent as sellers listed 23 homes for sale.  Inventory was mostly unchanged, with 88 homes for sale or 4.8 months of supply.  Supply is up 26.3 percent over last November. Prices were mixed.  The median sales price increased 21.5 percent to $334,250, while the average sales price declined 21.2percent to $412,563.  The average list price declined 2.9 percent to $637,665, bringing the original list price to sales price metric down slightly, to 90.2 percent.  Days on market increased 18.4 percent to 58 days on market until sale compared to 49 days on market in November 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: 12/19/2023