December 7, 2023

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — Home sales declined in October, falling 11.1 percent year-over-year, for the 13 counties surrounding Asheville where Canopy MLS tracks housing trends, as 881 homes sold during the month.  The region had only 110 more sales last October, than in October 2023.  Sales compared to the month of September were mostly unchanged, down 0.6 percent, buyers moved to take advantage of falling mortgage rates.  Notably, sales rose year-over-year in Transylvania (15.2%) and Yancey Counties (7.7%) in October. Sales represented in this report represent single family, condo and townhome sales.

Pending contracts rose for a second month across the region and MSA, amidst falling rates.  Buyers drove 993 homes into under contract status during the month, an increase of 5.9 percent compared to October 2022. Compared to the previous month, contract activity was down slightly, 2.7 percent. A look at showing statistics reveal buyer interest was highest in the city of Asheville, where listings last month averaged 4.4 showings (or potential buyers) per listing, followed by the city of Hendersonville, with 3.4 showings per listing.

Across the region new listings rose 4.6 percent year-over-year as slightly less than 1,200 homes were listed for sale compared to 1,114 listed in October 2022. Month-over-month new listings were up 1.4 percent. The increase in new listings, especially over time, help to positively impact inventory and supply, which also increased in October.

“This past month’s sales show the power that mortgage rates have on both buyers and sellers.” said Christine Mallette, a Canopy MLS Board of Director, and Realtor®/Broker Realtor®/Broker with Better Homes and Gardens Real Estate Heritage. “Just a small downward shift in rates, has yielded more buyer activity in the last two months as well as increased seller activity this past month. This type of seller activity is vital to the market and will help boost supply. This is evidence of the market moving towards normalization, which bodes well for the spring.”

There were 2,452 homes for sale or in inventory at report time on October 5, 2023, an increase of 2.9 percent when compared to last year, while months of supply rose 20.8 percent to 2.9 months of supply, throughout the 13 counties. A year ago, in October there was only 2.4 months of supply.  While inventory continues to grow, a balanced market, which is six months of supply, and favors neither buyers nor sellers is still a long way off.  Sellers remain in control of the market, which means prices will continue to be pressured by lower than usual inventory levels. The region’s median sales price ($415,000) and the average sales price ($513,087) rose 8.1 percent and 11.5 percent year-over-year respectively.  The average list price increased 16.5 percent to $597,789, bringing the original list price to sales price measure to 94.7 percent for the month of October. 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 ($400,000) and the year-to-date average sales price ($488,017) rising nominally, 5.1 percent and 4.9 percent year-over-year respectively.

Mallette continued, “Seller activity or new listings continued to rise this past month, rising in eight out of the 13 counties where Canopy tracks activity, and this is particularly positive especially since the mountains tends to be sensitive to seasonality. Should this continue, our market and supply could be closer to pre-pandemic levels by spring. Rising supply has the added impact of helping prices to moderate, which will help buyers long term.”

Time on market showed the List to Close metric dipped 1.1 percent to 86 days, compared to 87 days in October 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 October 2022.

Asheville MSA 

Sales across metro-Asheville in October were down 10.7 percent year-over-year as 566 homes sold compared to 634 that sold in October 2022.  Just 21 home sales marked the difference between sales in September and October 2023, with sales down 3.6 percent month-over-month. Contract activity showed buyer demand increased 4.7 percent across the four-county MSA as 618 homes went under contract compared to 590 that were under contract in October 2022. New listing activity, was relatively unchanged, falling less than a percent (-0.1%) as sellers listed 753 homes for sale compared to 754 that were listed for sale a year ago in October.  The relatively stable seller activity during the month, helped to boost supply, 22.7 percent to 2.7 months of supply, while helping inventory to remain largely unchanged compared last year, down less than a percent (-0.4%) to 1,483 homes for sale. October 2023 inventory is up 4.6 percent compared to September 2023. 

Prices across the MSA continued to increase in October, due to tight inventory amidst rising demand. Both the median sales price ($452,000) and the average sales price ($572,676) rose 7.4 percent and 15.1 percent year-over-year respectively, while the average list price increased 15.7 percent to $645,231. This brought the original list price to sales price metric for the MSA down a percent to 95.3 percent, while days on market showed homes averaged 38 days on market in October, compared to 36 days on market in October 2022.

Mallette also said, “The National Association of Realtors® has suggested as inflation continues to calm, the FED will have to consider cutting interest rates, predicting rates heading back to 7 percent by yearend and even into the 6 percent range by next spring. And while this is great news, both buyers and sellers should be proactive about contacting a Realtor® and strategizing now, to prepare for next year.”

Buncombe County home sales declined 9.3 percent year-over-year to 322 homes for sale. Thirty-three home sales mark the difference between this past October and October 2023. Contract activity was relatively unchanged compared to last October, declining 0.6 percent to 318 homes under contract, compared to 320 under contract a year ago in October. New listing activity declined 4.8 percent as sellers listed 399 homes for sale compared to 419 that were listed in October 2022. Inventory rose 5.5 percent to 807 homes for sale while supply increased 28.6 percent to 2.7 months of supply. With demand unchanged from last year, prices increased. Both the median sales price ($490,000) and the average sales price ($623,860) increased 10.3 percent and 14 percent year-over-year respectively, while the average list price increased 12.7 percent to $707,864. This brought the original list price to sales price measure to 95.3 percent as days on market showed homes averaged 37 days on market until sale compared to 36 days on market in October 2022.

Haywood County home sales declined 17.9 percent to 78 homes sold during the month of October, compared to 95 that were sold during the same period a year ago.  Pending contracts were nearly unchanged, rising 0.9 percent to 108 homes under contract compared to 107 that were under contract a year ago.  New listings increased 3.1 percent as sellers listed 131 homes for sale, which is four more than sellers listed in October 2022. Inventory declined 19.6 percent to 226 homes for sale while supply dropped 7.1 percent to 2.6 months of supply. The dramatic decline in both inventory and supply caused sharp increases in price, especially since contract activity was elevated as well.  The median sales price ($372,500) and the average sales price ($473,879) increased 16.4 percent and 28.4 percent year-over-year respectively, while the average list price increased 17.4 percent to $492,953.  This brought the original list price to sales price measure down 1.3 percent to 92.4 percent, while days on market showed homes were on market longer, averaging 51 days on market until sale, compared to 35 days on market in October 2022.

Henderson County home sales October declined 9 percent to 142 homes sold compared to 156 homes sold in October 2022. Pending contract activity showed buyer demand increased 18.4 percent to 161 homes under contract versus 136 homes under contract a year ago in October. New listings also rose, as sellers brought 190 homes to market, an increase of 9.8 percent over last year’s new listings which only totaled 173. As a result, inventory and supply received a boost. Inventory increased 2.5 percent year-over-year to 364 homes for sale at report time or 2.4 months of supply. Last October there was 2.1 months of supply. Both the median sales price ($425,000) and the average sales price ($529,407) increased by 4.3 percent and 13.3 percent year-over-year respectively, largely because of the dramatic rise in contract activity this past month. The average list price increased 28.3 percent to $626,583 which brought the original list price to sales price measure to 96.8 percent, down slightly 0.3 percent from last year’s 97.1 percent. Days on market showed homes still sold quickly during the month with homes averaging 31 days on market until sale compared to 37 days on market in October 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 homes sold in October totaled 24, just four less than sold in October 2022. Pending contracts however increased 14.8 percent to 31 homes under contract compared to 27 that were under contract a year ago.  New listings dipped 5.7 percent as sellers listed 33 homes for sale compared to 35 that were listed a year ago in October. Inventory declined 2.3 percent to 86 homes for sale at report time and 3.3 months of supply.  Months of supply is down 5.7 percent from 88 a year ago. The median sales price increased 26.5 percent to $477,450, while the average sales price remained largely unchanged, dipping 0.8 percent to $465,183. This brought the original list price to sales price measure to 95.1 percent while days on market increased 55.9 percent to 53 days on market until sale.  

Other counties around the region

Burke County experienced increases in most metrics except closed sales and percent of list price received. Home sales in October were down 21.3 percent year-over-year as 59 homes sold compared to 75 that sold in October 2022. The median sales price increased 22.2 percent year-over-year to $275,000, the average sales price rose 5.7 percent to $287,918, while the average list price increased 8.2 percent year-over-year to $332,292. The original list price to sales price measure decreased slightly 0.3 percent to 94.7 percent in October compared to 95 percent in October 2022. Pending contract activity increased 41.5 percent to 75 homes under contract during the month compared to 53 during the same period last year. New listings rose by 13.8 percent as sellers brought 91 homes to market compared to 80 in October 2022. At report time, inventory was flat with 127 homes for sale or 1.9 months of supply. In October 2022 months of supply was at 1.7 months. Days on market rose 28 percent to 32 days in October compared to 25 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 13.6 percent to 19 homes sold in October, while pending contract activity declined 12.5 percent to 21 homes under contract.  New listings showed sellers activity down 18.8 percent to 26 homes listed for sale in October compared to 32 during the same period last year. Inventory fell 4.7 percent to 81 homes for sale or 4.2 months of supply. Both the median sales price ($440,000) and the average sales price ($432,789) increased 39.5 percent and 6.3 percent year-over-year respectively. Sellers received 87.7 percent of asking prices while days on market increased substantially, and showed homes on market 80 days in October compared to 24 days on market a year ago in October.   

(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 36 homes sold in October compared to 47 that were sold a year ago. Forty-eight homes were under contract, an increase of 71.4 percent, compared to 28 homes that were under contract a year ago.  New listings also increased 50 percent to 66 new listings.  This boosted both inventory and supply. Inventory rose 45.2 percent to 122 homes for sale while supply rose 76.2 percent to 3.7 months of supply.  Due to the sharp increase in contract activity, both the median sales price ($342,000) and the average sales price ($439,454) rose 24.4 percent year-over-year respectively, while the average list price dropped 12.7 percent to $355,266. This brought the original list price to sales price measure to 9436 percent while days on market showed homes averaged 25 days on market until sale compared to 29 days on market in October 2022.

(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 15 homes sales in October compared to 22 during the same period a year ago. There were 10 pending contracts and 17 newly listed homes for sale in October as well.  Inventory was unchanged at 58 homes for sale or 4.6 months of supply, which is up from 3.4 months during the same period last year. The median sales price of $305,000 was up 8.9 percent compared to last year, while the average sales price dropped 14.6 percent to $303,795.  The average list price increased 857 percent to $588,918, which brought the original list price to sales price measure to 95 percent. Days on market until sale dropped from 68 days a year ago, to 48 days in October 2023.

(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 23 homes sold in October, five more than sold in October 2022. Pending contracts increased 29.4 percent to 22 homes under contract compared to 17 under contract a year ago in October. New listings increased 13.9 percent as 41 homes were listed compared to 36 listed in October 2022. Inventory at report time dropped 6 percent and showed 94 homes for sale or four months of supply. Both the median sales price ($360,000) and the average sales price ($427,300) declined 6.2 percent and 5.6 percent year-over-year respectively, while the average list price increased 91.1 percent to $855,834. This brought the original list price to sales price ratio to 96.8 percent while days on market until sale showed homes sold quickly and averaged 21 days on market until sale compared to 30 days in October 2022. 

Rutherford County home sales declined 15.1 percent year-over-year as 73 homes sold compared to 86 that sold in October 2022. Pending contracts increased 10.4 percent year-over-year to 74 homes under contract compared to 67 that were in under contract status a year ago. New listings jumped 24.7 percent to 106 homes added to inventory, which is up from 85 homes listed in October 2022. As a result, inventory and supply increased. Inventory rose 6.7 percent to 208 homes for sale or 3.4 months of supply compared to 2.5 months of supply last October. Both the median sales price ($250,000) and the average sales price ($329,992) declined 5.5 percent and 7.1 percent year-over-year respectively, while the average list price increased 14.8 percent to $391,146. This brought the original list price to sales price measure to 92.2 percent while days on market in October trended at 42 days compared to 43 days on market in October 2022.

Transylvania County home sales increased 15.2 percent year-over-year as 53 homes sold compared to 46 that sold in October 2022. Contract activity dropped by 33.3 percent to 38 homes under contract compared to 57 under contract during the same period last year. New listings were unchanged at 69 new listings during the month.  Inventory increased 35.8 percent to 163 homes for sale at report time or 4.1 months of supply.  Supply is up from a year ago, when the county had 2.3 months of supply.  Prices were mixed. The median sales price is mostly unchanged, rising 1.1 percent to $460,000 while the average sales price dropped 1.6 percent to $579,114. This brought the original list price to sales price measure to 94.9 percent while days on market until sale rose 8.6 percent and showed homes averaging 38 days compared to 35 days on market in October 2022.

(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 October rose 7.7 percent as 28 homes sold compared to 26 that sold during the same period last year. Contracts declined 27.3 percent to 16 homes under contract compared to 22 that were under contract in October 2022. New listings also declined 13.6 percent year-over-year as sellers listed 19 homes for sale compared to 22 listed for sale during the previous October. Inventory declined 8.4 percent to 87 homes for sale or 4.7 months of supply.  Supply is up 27 percent from last year’s 3.7 months. The median sales price increased 1.1 percent to $323,500 while the average sales price dropped 35.9 percent to $364,574. The average list price in October rose 54.8 percent to $825,253. This brought the original list price to sales price measure to 92.2 percent while days on market showed homes averaged 48 days on market until sale compared to 63 days on market in October 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: 12/7/2023