Dec. 2, 2022

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — Home sales in the Asheville MSA and surrounding counties, continued to fall in October. The region’s 13 counties, where Canopy MLS tracks housing data, showed a 20.4 percent year-over-year decline, with 985 homes sold during the month. Sales compared to the previous month (Sept. 2022) were down 11.6 percent. October marks ten months of home sales declines as falling demand continues to signal buyers’ disdain for rising rates and prices.

 
At the end of October, year-to-date figures showed more than 10,500 homes have been sold this year, and current pacing suggests the region is on track to end the year with close to 12,000 home sales, similar to yearend 2019.  Housing statistics included in this report are completed transactions that include single-family and condo/townhomes only, according to data from Canopy MLS.

Buyer demand as displayed by pending contracts, fell 27.3 percent year-over-year as buyers drove 993 homes under contract during the month. Contract activity compared to September 2022 was down 5.2 percent, which means future sales will be weaker. Showing reports, which monitors buyer interest and foot-traffic was also weaker than previous months, with listings in Buncombe County averaging 4.5 shows (potential buyers) per listing, with the majority of showing activity focused in the city of Asheville. Henderson County, another area of high demand, trailed Buncombe’s activity, with area listings seeing 3.8 showings per listing.

“At this point, the region’s home sales not only reflect the serious buyers and sellers that are still looking for homes, but also its important to remember the seasonality that’s typical at this time of year for our area, said Brian Cagle, a Canopy MLS Board of Director, and VP/Managing Broker Allen Tate/Beverly-Hanks Realtors®. “The sliver-lining to slower sales is that homebuyers no longer need to move at a frantic pace to find a home, inventory is increasing in several areas and prices are starting to soften a bit. Realtors® continue to be the consumer’s best resource for navigating the market and overcoming obstacles to purchase.”

New listing activity, which signals seller confidence, continued to fall in October, declining 19.3 percent year-over-year with 1,151 homes listed. Month-over-month new listings are also down 7 percent. The slowing market, allows more inventory and supply to accumulate overtime, which should allow for some price cooling over next year.

Inventory at report time decreased 4.6 percent year-over-year leaving 2,3030homes for sale or 2.2 months’ supply, which is up 10 percent when compared to last year and is up compared to last month, when there were 2.1 months of supply.

Still, supply and inventory continue to be constrained which has caused prices to continue rising. However, because of slow but steady increases in inventory, some price softening is occurring in isolated pockets across the region. For example, both the median and average sales prices declined by 5 percent year-over-year in Haywood County, which is a part of the Asheville MSA.  

Cagle continued, “Buyers need to understand that this is still a seller’s market and that we are long way from being a balanced market at six months of supply. And even though prices may be falling in some pockets of the region, we don’t expect to see prices falling too dramatically, as metro-Asheville continues to be the largest draw for buyers seeking homes in the region.” 

Overall, however the region’s prices are still slowly rising. Both the median sales price ($380,000) and the average sales price ($456,689) rose 10.1 percent and 4.1 percent year-over-year respectively, while the average list price rose 12.6 percent to $525,183 this past October. This brought the original list price to sales price measure for the region down 2.2 percent to 95.2 percent, as seller’s control of the market continues to shift.   

The region’s homes are still selling faster than last year, as the time from listing to close in October 2022 was 87 days, compared to 83 days in October 2021. Days on market until sale, the metric, which accrues for “Active” and “Under-contract-show” statuses, showed homes averaged 37 days on market until sale compared to 33 days in October 2021.

 Asheville MSA

October home sales mirrored the region, with closings down 23.1 percent year-over-year as 631 homes compared to 821 this time last year. Pending contracts were down 27.9 percent year-over-year as buyers droved 654 homes under contract compared to 907 in October 2021. New listing activity was down 20.2 percent year-over-year with 761 newly listed homes added to the market compared to 954 new listings during the same period last year. At report time there were 1,437 homes for sale, a 6.1 percent year-over-year decline however months of supply rose 10.5 percent year-over-year to 2.1 months of supply versus 1.9 months in October 2021. Both the median sales price ($415,000) and the average sales price ($492,819) rose 10.4 percent and 6 percent year-over-year respectively, while the average list price increased 12.8 percent to $571,802. The original list price to sales price received dipped 1.8 percent year-over-year to 96.1 percent, while days on market increased 16.1 percent, with homes averaging 36 days on market compared to 31 days on market in October 2022.

Buncombe County closed sales in October fell 22.6 percent to 350 homes sold compared to 452 sold this time last year. Pending contract activity declined 28.9 percent year-over-year as 352 homes went under contract compared to 495 in October 2021. New listings also declined 21.7 percent year-over-year with 422 homes brought to market during the month. Still inventory was down at report time 9.5 percent year-over-year leaving 731 homes for sale. But months of supply increased 11.1 percent from 1.8 months of supply last October, to 2 months of supply. Still prices increased. Both the median sales price ($444,083) and the average sales price ($546,250) increased 11 percent and 4.3 percent year-over-year respectively, while the average list price increased 14.3 percent to $645,023. This brought the original list price to sales price measure to 96.9 percent while days on market showed homes on market longer (33.3% increase) to 36 days in October 2022.

Haywood County closed sales in October slipped 23.6 percent year-over-year as 97 homes sold versus 127 that sold in October 2021. Contract activity declined 3.8 percent year-over-year as 125 homes went under contract during the month. New listing activity was down by 11.6 percent, as 130 homes were added to the market in October.  At report time inventory increased 9.5 percent to 277 homes for sale compared to 253 homes that were for sale in October 2021. Months of supply also increased, rising 28.6 percent to 2.7 months of supply this past month compared to 2.1 months a year ago. Surprisingly prices soften. Both the median sales price ($305,500) and the average sales price ($356,924) declined 5.4 percent and 5.1 percent year-over-year respectively, while the average list price increased 2.9 percent to $434,141. This brought the original list price to sales price measure down to 93.4 percent in October, while days on market until sale declined 7.1 percent to 39 days in October versus 42 days on market this time last year.

Henderson County home sales declined 27.2 percent year-over-year as 155 homes sold compared to 213 that sold in October 2021. Contract activity declined sharply, falling 41.3 percent year-over-year with 145 homes going under contract during the month, while new listing activity decereased 22.7 percent year-over-year as 174 homes listed during the month compared to 225 that were listed this time last year. Inventory was down 10.3 percent year-over-year, showing 347 homes for sale or 2 months of supply.  Last October there was only 1.8 months of supply.  Both the median sales price ($401,200) and the average sales price ($465,451) increased 13.5 percent and 15.8 percent year-over-year respectively, while the average list price increased 11.9 percent to $498,495. This brought the original list price to sales price measure to 97 percent, while homes were on market longer (+44%) and averaged 36 days on market, compared to 25 days in October 2021.  

Madison County home sales were unchanged compared to last year with 29 homes sold during the month of October.  Pending contracts were down 8.6 percent year-over-year as 32 homes went under contract compared to 35 this time last year. New listing activity was also down 18.6 percent as sellers brought 35 homes to the market versus 43 homes added to the market in October 2021. Inventory dipped 1.2 percent leaving 82 homes for sale or 3.1 months of supply.  Prices were mixed. The median sales price declined 9.6 percent year-over-year to $375,000 while the average sales price increased 10.8 percent to $448,779. The average list price rose 41 percent compared to last year to $568,897. This brought the original list price to sales price ratio to 91.1 percent while days on market showed homes were on market 35 days in October versus 72 days this time last year. 

Other counties around the region

Burke County home sales decreased 6.3 percent year-over-year as 74 homes sold versus 79 homes sold this time last year.  Pending contract activity dipped 39.4 percent year-over-year as 63 homes went under contract versus 104 this time last year. New listings decreased 25 percent to 78 homes in October 2022, from 104 last year. Inventory at report time declined 11.9 percent year-over-year leaving 118 homes for sale or 1.6 months of supply.  This time last year supply in Burke County hovered at 1.6 months of supply. The median sales price ($222,500) increased 4.5 percent and average sales price ($260,899) decreased by 13.9 percent. The average list price also rose (+13.7 percent) to $294,214. This brought the original list price to sales price measure to 95.1 percent, a 1.9 percent decrease in October 2022. This time last year the metric was 96.9 percent.  Homes are still selling quickly, days on market decreased 3.7 percent in October 2022, showing homes averaging 26 days on market until sale compared to 27 days on market this time last year.

Jackson County closed sales dropped 20.7 percent year-over-year as 23 homes sold compared to 29 in October 2021. Contract activity was unchanged at 30 homes under contract during the month, however new listings increased 22.2 percent to 33 homes added to the market during the month.  Inventory rose 10.3 percent year-over-year to 83 homes for sale, while months of supply jumped 44 percent to 3.6 months of supply.  Prices were mixed.  The median sales price increased 22.6 percent year-over-year to $330,000, while the average sales price dropped 24.6 percent to $403,898. The average list price increased 32.4 percent year-over-year to $424,679. This brought the original list price to sales price metric to 95 percent. Homes were not on the market long in October, as days on market until sale averaged 23 days versus 47 days in October 2021.

McDowell County home sales increased 28.9 percent year-over-year as 49 homes sold compared to 38 homes that sold in October 2021. Contract activity declined 24.4 percent year-over-year as 31 homes went under contract during the month compared to 41 this time last year. New listings declined 4.1 percent year-over-year as sellers brought 47 homes to market compared to 49 in October 2021. Inventory and supply are down. Inventory declined 25 percent year-over-year leaving 84 homes for sale or two months of supply compared to 2.7 months of supply this time last year. Prices were mixed. The median sales price dipped 1.3 percent year-over-year to $266,000 while the average sales price increased 34.1 percent to $354,409. The average list price increased 16.2 percent to $430,891. This brought the original list price to sales price measure to 94.3 percent, while homes sold quickly and averaged 28 days on market until sale compared to 33 days on market in October 2021.

Mitchell County had 22 homes sold in October 2022 versus 20 this time last year.  Pending contract activity was unchanged compared to last year at 24 homes under contract during the month. New listings decreased 28 percent year-over-year as sellers listed 18 homes for sale versus 25 this time last year.  Inventory increased dipped 6.8 percent at report time showing 55 homes for sale or 3.1 months of supply. The median sales price ($280,000) decreased 1.6 percent and the average sales price ($355,533) increased by 11.6 percent year-over-year, while the average list price decreased 3.7 percent to $328,455. This brought the original list price to sales price ratio to 87.4 percent while days on market until sale fell to 68 days compared to 117 days in October 2021.

Polk County closed sales declined 43.5 percent year-over-year as 26 homes sold during the month compared to 46 this time last year.  Pending contracts declined 44.4 percent as 25 homes went under contract compared to 45 in October 2021. New listings however increased 5.9 percent year-over-year as 36 homes entered the market in October, which is two more than this time last year. Inventory increased 11.5 percent to 97 homes for sale at report time or 3.3 months of supply. This time last October there was only 2.3 months of supply. Still price increased. Both the median sales price ($410,500) and the average sales price ($467,673) rose 19.8 percent and 11.8 percent year-over-year respectively, while the average list price dropped 9.2 percent to $455,428. This brought the original list price to sales price ratio to 96.6 percent which is unchanged compared to last October.  Days on market showed homes on market longer, averaging 31 days until sale compared to 26 days on market this time last year.

Rutherford County home sales were unchanged in October as 84 homes sold, while pending contracts declined 26.7 percent year-over-year as 77 homes went under contract compared to 105 this time last year. New listings also declined by 15 percent year-over-year as sellers added 85 homes to the market.  Inventory increased by 17.8 percent year-over-year leaving 185 homes for sale at report time or 2.3 months of supply.  Supply is up 27.8 percent from last year’s low of 1.8 months. Prices were mixed. The median sales price of $264,500 increased 5.1 percent year-over-year while the average sales price declined 0.5 percent to $357,898.  The average list price of $348,488 rose 10.1 percent compared to last October. This brought the original list price to sales price ratio down 3.6 percent to 92.3 percent this past month, while days on market showed homes on market longer, increasing 72 percent year-over-year to 43 days on market. Last October homes sold quicker, averaging 25 days on market until sale.

Transylvania County home sales declined 39.5 percent year-over-year in October as 46 homes sold, compared to 76 that sold this time last year. Pending contracts were also down 12.1 percent year-over-year as 58 homes went under contract compared to 66 that were under contract during the same period last year. New listing activity fell 17.3 percent compared to last year as sellers listed 67 homes for sale during the month, versus 81 in October 2021. Inventory decreased 9.9 percent at report time leaving 127 homes for sale or 2.4 months of supply compared to 2.2 this time last October. Both the median sales price ($455,000) and the average sales price ($586,849) rose 34.3 percent and 17.2 percent year-over-year respectively, while the average list price increased 25.3 percent to $689,781. This brought the original list price to sales price measure down to 94.4 percent compared to last year when it was 96.6 percent. Homes are still selling quickly as indicated by days on market in October showing homes on market 35 days compared to 47 days in October 2021.

Yancey County home sales declined 35 percent year-over-year as 26 homes sold compared to 40 that sold in October 2021. Pending contract activity was also down 26.3 percent year-over-year as 28 homes went under contract during the month compared to 38 that were under contract this time last year. New listings were down 51.1 percent to 22 homes listed during the month versus 45 listed in October 2021. Inventory at report time showed 87 homes for sale or 3.3 months of supply. Last October there was 3.2 months of supply. Prices were mixed. The median sales price ($320,000) dropped 6.7 percent year-over-year while the average sales price ($540,577) increased 39.9 percent. The average list price also rose 11.5 percent to $558,203. This brought the original list price to sales price measure to 90.1 percent in October 2022 versus 94.8 percent during the same period last year. Days on market until sale increased 16.7 percent and showed homes on market 63 days compared to 54 days this time last year.

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: 12/2/2022