March 2, 2022

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. – At the start of the new year home sales across the 13-county Asheville region continued to buck trends, as 906 homes sold, representing an increase of 2.5 percent over sales in January 2021. However, month-over-month sales compared to December’s frenzy of buyers scrambling to close ahead of rising rates, showed a decline of 28.5 percent. These are completed transactions, according to Canopy MLS that include single family and condo/townhome data only. 

Pending contract activity, also declined 13 percent year-over-year, as buyers reacting to rising rates, as well as a spate of winter weather, pulled back on contract activity, adding only 950 contracts to the sales pipeline in January. Contract activity is typically seen as a predictor of future sales and the decline may mean slower sales activity and less closings in the coming months. Month-over-month pending contract activity compared to December 2021, increased 1.3 percent. New listings, which represent seller activity, also declined in January, falling 17.4 percent year-over-year as sellers listed 752 homes for sale compared to 910 homes listed throughout the region at the start of 2021.  However, new listings increased month-over-month by 7.1 percent, an indication that seller confidence could be building just ahead of the spring selling season. 

Darrin Graves, a Canopy MLS Board of Directors member and Realtor®/broker with Keller Williams Great Smokies said, “The region’s housing market is still healthy and poised to continue on a trajectory of growth. The sales and contract activity in January, is actually more typical of past housing market activity, which prior to the pandemic, was sensitive to seasonality. Buyers have without a doubt, pulled back a bit from home searches due to rising rates, price increases and economic concerns surrounding inflation. However, we are still a month or so away from the spring selling season and for buyers still in the market, activity this spring should be a little less frenzied in comparison to last year.” 

At the start of the year, inventory across the 13-county region is severely challenged and showed 1,185 homes for sale and a 44.8 percent year-over-year decline, with just one month of supply. This time last year the region had more than 2,100 homes for sale and two months of supply. 

Prices have been rising over most of 2021 and continue to press higher due in large part to critically low inventory amidst high demand.  However, as buyer demand decreases in response to increased rates, buyers should encounter a more measured sales pace and less competition. Both the median sales price ($340,000) and the average sales price ($418,392) increased 7.9 percent and 12.8 percent year-over-year respectively, while the average list price increased 14 percent year-over-year to $447,253. Sellers continue to have the advantage, as indicated by the original list price to sales price measure registering 96.8 percent in January.  Days on market continue to signal a fast-moving market, leaving buyers little time to negotiate, with homes on market an average of 36 days until sale compared to 56 days on market until sale this time last year. 

The Asheville region includes Burke, Buncombe, Haywood, Henderson, Jackson, Madison, McDowell, Mitchell, Polk, Rutherford, Swain, Transylvania and Yancey counties. 

Asheville MSA

The Asheville MSA’s sales largely mirrored the region’s sales with 608 homes sold versus 570 homes sold in January 2021, representing a 6.7 percent year-over-year increase.  Month-over-month sales are down 26.3 percent. Pending sales showed 622 homes under contract during the month, a decline of 14.2 percent year-over-year compared to 725 contracts written during the same period last year. New listing activity also declined by 20.6 percent year-over-year as sellers listed 481 homes for sales compared to 606 listed in January 2021. Sales across the MSA are showing a return to pre-pandemic seasonality that is typical for the western portion of the state.  Prices rose in relation to critically low inventory, which showed 679 homes for sale compared to the more than 1300 homes for sale at the start of 2021.  The MSA currently has 0.9 months of supply or 27 days of supply, which will place quite a bit of pressure on prices in the high-demand MSA. Both the median sales price ($367,450) and the average sales price ($451,489) rose 11.6 percent and 13.3 percent year-over-year respectively, while the average list price of $457,086 rose 5.2 percent over last year’s average list price.  This brought the original list price to sales price ratio to 97.6 percent showing buyers with little room for negotiating price. Homes are selling at a faster clip than the region, averaging 32 days on market until sale compared to 50 days on market this time last year.

Graves added, “Though rising rates may contribute to fewer, more measured buyers this spring, the Asheville MSA will continue to remain a highly competitive market, as demand shows the typical buyer is interested in living close to job centers and amenities associated with city life. Buyers willing to trade on commute, will tend to see less competition in areas further away from the city’s core. Affordability will continue to be challenging for first-time homebuyers and workforce buyers who will likely be competing with all cash buyers, an influx of remote workers and buyers interested in the second-home market.” 

Buncombe County home sales declined 5.2 percent year-over-year as 325 homes sold versus 343 this time last year. Pending sales also declined by 11 percent year-over-year as buyers drove 349 homes under contract during the month.  New listing activity declined as well as seller listed 271 homes for sale versus 306 in January 2021. Activity during the monthly largely reflects buyers pulling back due to rising rates and seasonality of the winter months. Prices continue to rise, largely due to inventory which fell 46.9 percent year-over-year leaving 374 homes for sale or 0.9 months of supply (approximately 27 days of supply). Both the median sales price ($389,000) and the average sales price ($493,874) rose 12.8 percent and 17.4 percent year-over-year while the average list price declined 1.7 percent to $509,687. Sellers in Buncombe County received 96.9 percent of asking price, according to the original list price to sales price ratio for the month, while homes are selling quickly and averaging 33 days on market until sale. 

Haywood County home sales increased 8.5 percent year-over-year as 89 homes sold versus 82 in January 2021, while pending sales showed buyer demand fell 4.7 percent compared to last year as 102 homes went under contract. New listing activity also decreased, falling 14.1 percent year-over-year as sellers brought 73 homes to market versus 85 in January 2021.  Buyers will find that inventory is tight in Haywood, falling 41.3 percent year-over-year leaving 122 homes for sale or one month of supply. This dynamic will continue to pressure prices which are rising. Both the median sales price ($330,000) and the average sales price ($382,304) rose 23.4 percent and 8 percent year-over-year respectively, while the average list price rose 11 percent compared to last year to $349,510. This brought the original list price to sales price ratio to 98 percent as sellers get close to asking prices while homes sold fairly quickly averaging 39 days on market until sale in January versus 43 days on market this time last year. 

Henderson County home sales increased 36.4 percent year-over-year as 165 homes sold compared to 121 in January 2021. Pending sales however declined 31 percent as buyers drove 140 homes under contract compared to 203 under contract this time last year.  New listing activity also contracted, falling 36.6 percent as sellers listed 123 homes for sale compared to almost 200 listed for sale in January 2021. Inventory is challenged and showed 168 homes for sale and a year-over-year decline of 48.5 percent compared to 326 homes on market this time last year. Months of supply has dropped to 0.8 percent or approximately 24 days of supply. Buyers will see price increases due to inventory this spring as Henderson County typically is an area of high demand. Both the median sales price ($355,000) and the average sales price ($404,697) rose 9.2 percent and 5.9 percent year-over-year respectively, while the average list price increased 13.9 percent year-over-year to $411,558. Sellers in Henderson County received 99.3 percent of asking price in January as indicated by the original list price to sales price ratio while homes sold in less than a month time, averaging 22 days on market until sale compared to 52 days on market in January 2021. 

Madison County 

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

Home sales in Madison increased 20.1 percent year-over-year as 29 homes sold versus 24 homes sold in January 2021. Pending sales rose 34.8 percent as buyer drove 31 homes under contract during the month.  New listing activity however, declined 33.3 percent year-over-year as sellers listed just 14 homes for sale. Inventory is tight and down by 50 percent with just 333 homes for sale or 1.2 months of supply. Both the median sales price ($360,0000 and the average sales price ($455,034) rose as a result of tight inventory, 20.1 percent and 45.8 percent year-over-year respectively, while the average list price rose 7.1 percent year-over-year to $399,814.  This brought the original list price to sales price ratio to 95.3 percent while buyers had a little more time to negotiate, as days on market showed homes averaged 57 days on market until sale in January 2022. 

Other counties around the region

Burke County sales in January 2022 rose 31 percent year-over-year as 76 homes sold versus 58 that sold last January, while pending contracts showed buyer demand has risen 15.5 percent year-over-year with 82 homes under contract last month. New listings however, declined 9.9 percent year-over-year as 64 homes were listed for sale. Inventory, like other areas in the region is tight and fell 41.3 percent year-over-year leaving 71 homes for sale or 0.8 months of supply (approximately 24 days of supply). Shrinking inventory continues to pressure prices which are moved higher.  Both the median sales price ($271,990) and the average sales price ($240,525) rose 21.1 percent and 17.6 percent year-over-year respectively, while the average list price rose 30.8 percent year-over-year to $313,548.  This brought the original list price to sale price measure to 95.4 percent in January, which is down slightly compared to the January 2021 original list price to sales price ratio of 97.8 percent. Though time on market has risen a bit, homes continue to sell quickly, as days on market until sale averaged 37 days in January 2022 compared to 30 days in January 2021. 

(Due to small sample size of homes for sale, percentages of change can look extreme.) Jackson County had 16 home sales compared to 33 sales in January 2021; 18 pending contracts in the pipeline versus 27 that were under contract last year, while new listings totaled 18 compared to 19 new listings at the start of 2021.  Inventory is half of what it was this time last year, showing 45 homes for sale at report time or 1.6 months of supply.  Buyers will see some relief in pricing which declined in January 2022.  Both the median sales price ($278,875) and the average sales price ($275,835) declined 12.9 percent and 34 percent year-over-year respectively, while the average list price rose 53.5 per cent year-over-year to $542,828.  This brought the original list price to sales price ratio to 94.1 percent in January while homes averaged 85 days on market until sale.   

McDowell County sales in January 2022 were unchanged compared to last year while pending contract activity slipped by 10.9 percent as 41 homes went under contract during the month. New listing activity showed the usual seasonality, falling 30.3 percent as 23 homes were listed for sale versus 33 this time last year.  There were 45 homes for sale at report time which is down 47.1 percent year-over-year leaving 1.1 month of supply.  Supply constraints are pressuring prices which rose in January.  Both the median sales price ($263,000) and the average sales price ($365,558) rose 34.9 percent and 29.6 percent year-over-year respectively, while the average list price increased 75.6 percent to $371,709. This brought the original list price to sales price ratio to 94.8 percent down from January 2021, when it registered 96 percent while homes averaged 51 days on market until sale in January 2022.

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

Mitchell County had 13 homes to sale in January 2022 compared to 15 last year, while there were 14 pending sales compared to 12 that happened a year ago.  New listings also increased as sellers listed 11 homes for sale versus eight a year ago.  With inventory showing 28 homes for sale or 1.5 months of supply, prices are rising.  Both the median sales price ($300,000) and the average sales price ($344,154) rose 50 percent and 31.1 percent year-over-year respectively, while the average list price rose 24.8 percent to $370,755.  This brought the original list price to sales price ratio to 92.5 percent while homes were on market an average of 60 days in January 2022. 

Polk County had 21 homes to sell in January 2022 versus 23 that sold this time last year, while pending contracts slipped 4 percent as 24 homes went under contract during the month.  New listings showed sellers listed 24 homes for sale versus 26 listed in January 2021, which does little to help the inventory which registered 52 homes for sale at report time or 1.4 months of supply. Both the median sales price ($399,000) and the average sales price ($483,620) rose 25.1 percent and 16.5 percent year-over-year respectively, while the average list price rose 64.9 percent year-over-year to $838,716. This brought the original list price to sales price ratio to 93.4 percent while homes averaged 43 days on market until sale in January versus 80 days on market in January 2021.

Rutherford County home sales in January 2022 showed 73 homes had sold versus 64 this time last year, which is a 14.1 percent year-over-year increase.  Pending contract activity showed buyers still active, rising 5.1 percent year-over-year as 82 homes went under contract during the month versus 78 in January 2021. New listings were also positive and rose 2.8 percent year-over-year as 73 homes were listed for sale. This will do little to help inventory which fell 27.9 percent year-over-year leaving 98 homes for sale or 1.1 months of supply. Prices, which are still affordable rose slightly.  Both the median sales price ($236,500) and the average sales price ($285,706) rose 4.6 percent and 0.1 percent year-over-year respectively, while the average list price rose 14.9 percent year-over-year to $307,816.  This brought the original list price to sales price ratio to 95.4 percent while home averaged 27 days on market until sale in January versus 36 days on market in January 2021.

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

Swain County had very little sales activity during the month of January 2022. There were no home sales compared to seven in January 2021; only seven homes in pending contract status versus 10 this time last year, while new listings totaled eight compared to five that were listed in January 2021. Inventory showed 18 homes for sale in January 2022 or 3.1 months of supply.  With no homes sold during the month the median sales price of $165,000 and average sales price of $213,571, of January 2021, represent the most recent year-over-year prices. The average list price in January 2022 was $552,350.

Transylvania County home sales declined 39.3 percent year-over-year with 37 homes sold versus 61 that sold in January 2021. Pending contract activity was down also falling 46.5 percent year-over-year as 38 homes went under contract during the month. New listing activity also declined by 38.9 percent year-over-year as 33 homes were listed for sale versus 54 that were listed in January 2022.  Inventory declined 40.6 percent year-over-year leaving 79 homes for sale or 1.3 months of supply compared to nearly two months of supply this time last year. Low supply continues to pressure prices. Both the median sales price ($425,000) and the average sales price ($597,992) rose 13.3 percent and 43.7 percent year-over-year respectively, while the average list price rose 59 percent to $609,463. This brought the original list price to sales price measure to 92.6 percent in January 2022 while homes sold faster than last year, averaging 49 days on market until sale compared to 73 in January 2021.
Yancey County had 29 homes to sell in January compared to 20 that sold in January 2021, while only 22 homes went under contract versus 27 that were under contract this time last year.  New listings were unchanged and showed sellers brought 17 homes to market during the month, which will do little to improve inventory which fell 58.1 percent leaving 52 homes for sale or 1.6 months of supply. Low inventory is causing prices to rise.  Both the median sales price ($335,000) and the average sales price ($420,307) rose 8.9 percent year-over-year and 14.1 percent year-over-year respectively, while the average list price rose 15.3 percent year-over-year to $427,694. This brought the original list price to sales price ratio to 98 percent as sellers received nearly all of asking prices during the first month of the year, while homes sold at a moderate pace, averaging 53 days on market until sale in January 2022. 

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: 3/2/2022