March 24, 2025

Contact: Kim Walker, 704-940-3149

ASHEVILLE, N.C. —  Home sales across the Asheville region experienced a seasonal slowdown in February, with closed sales dipping 14.1 percent year-over-year, totaling 583 homes sold. Month-over-month, sales declined 9.8 percent, as buyers took a more measured approach to home purchases. The sales data, provided by Canopy MLS, includes transactions for single-family homes, condos, and townhomes.

Contract Activity Remains Steady Amid Seasonal Trends

Despite the decline in closings, contract activity remained relatively stable, slipping just 1.5 percent year-over-year, with 732 homes going under contract. Compared to January, contract activity was down slightly by 1.9 percent.  Buyer interest, measured by showing activity, reflected typical seasonal patterns, declining 20.4 percent across the region. The highest level of buyer engagement was seen in Asheville, where listings averaged 3.2 showings per home, followed by Hendersonville, where listings averaged 2.5 showings per home.

New listings continued to strengthen inventory levels, rising 1.4 percent year-over-year, as 957 homes were added to the market. Month-over-month, new listings saw a 5.6 percent increase, signaling seller confidence ahead of the spring selling season.

The steady flow of new listings pushed inventory levels higher in February, with the number of homes for sale increasing 31.9 percent, surpassing 2,800 homes across the 13-county region tracked by Canopy MLS. This equates to a 3.6-month supply, representing a 38.5 percent increase from last year and bringing the market closer to a balanced state.

"Despite broader economic uncertainty and the challenges posed by higher mortgage rates, the Asheville housing market continues to show signs of resilience and recovery. The steady increase in new listings and growing inventory signal renewed confidence among sellers, while buyer activity—though tempered—remains steady”, said Dave Noyes, a Canopy MLS Board of Director and Designated Managing Broker with eXp Realty.  “As the region continues to rebuild, we’re seeing encouraging momentum that points toward a more balanced and sustainable market in the months ahead."

Home Prices Hold Steady Amid Market Shifts

Despite ongoing market fluctuations, home prices remained stable. The median sales price edged up 1.8 percent year-over-year to $400,000, while the average sales price rose 5.1 percent, reaching $494,080. The original list price to sales price ratio dipped slightly by 0.3 percentage points to 93 percent, reflecting increased buyer leverage in the current market.

As expected during the slower winter selling season, homes took longer to sell. The list-to-close timeline, which tracks the full selling process from listing to closing, extended 17.5 percent year-over-year, averaging 121 days, up from 103 days in February 2024. Additionally, the Days on Market (DOM) metric—which measures how long a home remains listed before going under contract—climbed 30.4 percent, with homes averaging 73 days on market, compared to 56 days last year.

"As the spring selling season approaches, we expect home prices to remain relatively stable, with gradual growth as market conditions normalize. With inventory levels rising and sellers showing renewed confidence, buyers have more opportunities and negotiating power than in previous years. For those considering a purchase, now is a great time to explore the market, as increased inventory and moderating price trends create favorable conditions for buyers," said Noyes.

Asheville MSA Housing Market Sees Decline in Sales, Rising Prices Amid Recovery

Home sales across the Asheville Metropolitan Statistical Area (MSA) followed regional trends in February, with closed sales down 12 percent year-over-year, as 389 homes were sold. Compared to January, sales declined 6.3 percent, reflecting the slower winter market.

Contract activity, a key indicator of future sales, remained relatively steady, rising 0.6 percent year-over-year, with 467 homes going under contract. However, month-over-month, contract activity fell 6.2 percent, suggesting that sales in the coming months may remain sluggish. New listings increased slightly by 1.6 percent, with 586 homes hitting the market, offering buyers a wider selection as the prime selling season approaches. The MSA continues to move towards balance with inventory and supply rising 35 percent and 47.8 percent year-over-year respectively, boosting inventory to slightly more than 1,700 and 3.4 months of supply.

Despite market fluctuations, home prices continued to rise. The median sales price climbed 6.7 percent year-over-year to $440,000, while the average sales price increased 9.1 percent, reaching $534,214. The average list price surged 17.1 percent to $650,200, signaling strong seller expectations. Meanwhile, the original list price to sales price ratio dipped slightly by 0.4 percentage points to 93.8 percent, still providing sellers with a strong incentive to list their homes.

Like the broader region, homes across the Asheville MSA took longer to sell. The list-to-close timeline, which measures the full selling process, increased 16.5 percent year-over-year to 120 days, up from 103 days last February. Additionally, days on market (DOM)—which tracks how long homes remain listed before going under contract—rose 27.3 percent, averaging 70 days, compared to 55 days a year ago.

Noyes continued, "While the Asheville MSA continues to recover from Hurricane Helene, we’re seeing steady new listing activity and a slightly stronger seller’s market than other areas in the region. Buyers who have been waiting for the right moment should take advantage of growing inventory and more negotiating power. As affordability challenges persist, working with a knowledgeable agent, with access to Canopy’s Down Payment Resource (DPR) tools can help buyers find more affordable opportunities, in this evolving market."

County Summaries See data for February 2025 

Buncombe County — The Buncombe County housing market saw notable shifts in February 2025, with new listings increasing 9.6 percent year-over-year, as 321 homes entered the market. Despite this increase in supply, closed sales declined sharply by 18.0 percent, with only 201 transactions completed, reflecting a more cautious buyer pool. Pending sales also fell 11.3 percent, indicating that market activity may remain slow in the near term.

Home prices, however, continued to climb despite declining sales. The median sales price surged 16.3 percent year-over-year to $500,000, while the average sales price rose 11.3 percent to $589,738. The average list price saw a significant jump of 22.4 percent, reaching $733,039, suggesting that sellers are setting higher expectations, as buyers seek homes closer to job centers and amenities. However, the percentage of original list price received dipped slightly to 92.9 percent, down 0.9 percentage points, indicating that buyers mya have increased  negotiating power.

As expected during a slower market, homes took longer to sell. The list-to-close time increased 14.2 percent to 121 days, while the Days on Market (DOM) metric rose 26.3 percent, with homes averaging 72 days before securing a buyer. Inventory levels continued to expand, with 841 homes for sale, up 31.6 percent from the previous year, while months of supply grew to 3.2 months, a 45.5 percent increase, signaling a shift toward a more balanced market.

Haywood County — The Haywood County housing market saw a modest increase in new listings, with 90 homes entering the market, a 1.1 percent rise year-over-year. Pending sales showed strong momentum, increasing 20.9 percent compared to last year, as 81 homes went under contract. However, closed sales declined 9.8 percent, with 55 homes sold.

Unlike other counties in the MSA, Haywood County saw a slight dip in median sales price, which fell 2.7 percent year-over-year to $320,000. Some cooling of prices is expected as inventory and supply grows. However, the average sales price remained steady, increasing 1.5 percent to $381,664. The average list price surged 18.9 percent, reaching $525,584. Meanwhile, the percentage of original list price received improved to 92.7 percent, suggesting some stabilization in pricing negotiations.

Homes took longer to sell, with the list-to-close timeline increasing 10.2 percent to 119 days, while the days on market (DOM) rose 20.7 percent to 70 days. Inventory levels expanded significantly, with 292 homes for sale, up 36.4 percent year-over-year. The months' supply of inventory jumped 48.0 percent to 3.7 months, bringing the market closer to balance and offering buyers more options.

Henderson County — The Henderson County housing market remained active and competitive in February 2025, with closed sales increasing 5.3 percent year-over-year, as 120 homes were sold. Pending sales surged 17.5 percent, indicating continued buyer interest, while new listings declined 8.2 percent, with only 157 homes added to the market. This tightening supply could contribute to upward pressure on home prices in the coming months.

Home prices continued to rise, with the median sales price climbing 8.9 percent year-over-year to $448,750, and the average sales price increasing 11.1 percent to $519,552. However, the percentage of original list price received declined slightly to 95.4 percent, reflecting some softening in seller leverage as inventory levels rise. The months' supply of inventory expanded by 47.8 percent, reaching 3.4 months, as the number of homes for sale grew 46.4 percent to 508 properties, offering buyers more options than in previous months.

As expected at this time of year, homes are taking longer to sell. The list-to-close timeline increased 30.7 percent to 115 days, while days on market (DOM) rose 31.3 percent, averaging 63 days before securing a buyer.

Noyes continued, “Both Henderson and Haywood Counties continue to show strong demand, even as inventory grows. With more choices for buyers, those looking to purchase may want to act now before competition intensifies in the spring market.”

Madison County — The Madison County housing market experienced a significant slowdown in February, with closed sales plummeting 40.9 percent year-over-year, as only 13 homes were sold. Pending sales also declined by 15.0 percent, reflecting weaker buyer activity. Meanwhile, new listings dropped 25.0 percent, with just 18 homes added to the market, suggesting that some sellers may be hesitant to list in the current environment.

Despite the decline in sales, home prices remained resilient. The median sales price increased 9.4 percent year-over-year to $462,500, while the average sales price dipped slightly by 3.9 percent, landing at $456,462. The average list price surged 22.8 percent to $677,495, indicating that sellers still have high expectations despite evolving market conditions. However, homes took significantly longer to sell, with the days on market (DOM) jumping 65.1 percent to 104 days. The months' supply of inventory expanded 51.6 percent to 4.7 months, providing more choices for buyers and pushing the market closer to a balance.

Other counties around the region

Burke County — The Burke County housing market saw a slight decline in sales activity in February, with closed sales falling 8.0 percent year-over-year to 46 transactions. New listings also decreased by 7.2 percent, with 90 homes entering the market, potentially limiting options for buyers. However, pending sales increased by 9.7 percent, suggesting that buyer demand remains steady and could translate into stronger sales activity in the coming months.

Despite fewer transactions, home prices rose significantly. The median sales price jumped 20.4 percent year-over-year to $247,500, while the average sales price rose by the same margin to $323,946. Sellers also saw a higher percentage of their original list price received, rising 1.9 percent to 92.9 percent. However, homes took longer to sell, which is expected during the winter selling season, with days on market (DOM) increasing 43.1 percent to 73 days, and the list-to-close timeframe extending 26.1 percent to 111 days. Inventory levels expanded by 31.3 percent, with 210 homes available, pushing the months' supply of inventory up 24.0 percent to 3.1 months, signaling a shift toward a more balanced market.

Jackson County — The Jackson County housing market showed mixed signals in February, with closed sales increasing 15.4 percent year-over-year to 15 homes sold. However, pending sales dropped 15.4 percent, with only 11 homes under contract, suggesting that buyer activity may be slowing in the coming months. New listings declined by 7.4 percent, with 25 homes entering the market, further limiting inventory.

Home prices saw significant fluctuations, with the median sales price falling 18.2 percent year-over-year to $323,000, while the average sales price declined 4.2 percent to $521,818.

Despite these decreases, sellers received a higher percentage of their original list price, rising 5.6 percentage points to 96.7 percent, indicating stronger pricing power for well-positioned homes. The months’ supply of inventory slightly decreased to 3.8 months, suggesting that despite slowing sales, inventory remains relatively balanced. However, homes are taking longer to sell, with days on market (DOM) increasing 26.3 percent to 72 days.

McDowell County — The McDowell County housing market remained stable in February, with closed sales holding steady at 36 transactions, unchanged from last year. However, pending sales declined by 12.9 percent, suggesting that future sales activity may slow in the coming months. New listings surged 22.2 percent, with 55 homes entering the market, providing buyers with more options as inventory continues to grow.

Home prices saw modest gains, with the median sales price increasing 1.3 percent year-over-year to $312,500, while the average sales price jumped 17.3 percent to $376,354. The average list price rose significantly, up 23.2 percent to $523,467, reflecting higher seller expectations. However, homes took longer to sell, with days on market (DOM) increasing 31.1 percent to 80 days, and the months’ supply of inventory expanding 45.2 percent to 4.5 months, indicating a shift toward a more balanced market where buyers have more negotiating power.

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

Mitchell County — The Mitchell County housing market remained sluggish in February, with closed sales holding steady at just six transactions, unchanged from the previous year. New listings dropped sharply by 40.0 percent, with only nine homes entering the market, potentially limiting buyer options. Pending sales also declined slightly by 10.0 percent, though year-to-date figures showed a 21.4 percent increase, indicating some improvement in buyer activity over the first two months of the year.

Home prices fluctuated, with the median sales price falling 9.9 percent year-over-year to $205,000, while the average sales price increased 19.0 percent to $240,833. Sellers received a lower percentage of their original list price, dropping 6.2 percentage points to 83.0 percent, suggesting greater room for negotiation. Days on market (DOM) rose 90.0 percent to 152 days, while the months’ supply of inventory expanded by 26.8 percent to 5.2 months, indicating a shift toward a more buyer-friendly market.

(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)
Polk County — The Polk County housing market saw a notable increase in new listings, with 31 homes added to the market, a 29.2 percent year-over-year jump. Pending sales remained steady, rising 5.3 percent, indicating continued buyer interest. However, closed sales declined by 26.3 percent, with only 14 transactions completed, suggesting that some deals may be taking longer to close or buyers are exercising more caution.

Home prices experienced a sharp decline, with the median sales price dropping 29.0 percent to $418,950, and the average sales price falling 28.6 percent to $430,057. Sellers also faced increased negotiation pressure, as the percent of original list price received fell 7.8 percentage points to 86.2 percent.  As expected at this time of year, homes took significantly longer to sell, with the days on market (DOM) more than doubling to 90 days, while the months’ supply of inventory rose 28.2 percent to 5.0 months, shifting the market toward more favorable conditions for buyers.

Rutherford County — The Rutherford County housing market experienced a slowdown in February, typical at this time of year, with closed sales dropping 33.3 percent year-over-year to 34 transactions. Pending sales also declined by 4.8 percent, indicating a softer demand in the near term. However, new listings remained stable, rising slightly by 1.3 percent, as 76 homes entered the market, ensuring buyers have more options to choose from once the spring selling season gets underway.

Home prices saw a sharp decline, with the median sales price falling 21.0 percent to $209,400, and the average sales price dropping 33.0 percent to $246,035. Despite this, sellers still received 90.7 percent of their original list price, a slight 0.3 percentage point increase from last year. Homes took longer to sell, with days on market (DOM) rising 23.4 percent to 58 days, while the months’ supply of inventory expanded by 41.9 percent to 4.4 months, as the market moves closer to a more buyer-friendly market.

Transylvania County — The Transylvania County housing market saw a decline in sales activity in February, with closed sales dropping 32.5 percent year-over-year to 27 transactions. Pending sales also fell 18.8 percent, indicating a potential slowdown in future closings. However, new listings increased by 5.4 percent, with 59 homes entering the market, giving buyers more options in an environment where inventory is expanding.

Even though sales were weaker typical for this time of year, home prices remained strong, with the median sales price rising slightly by 0.6 percent to $495,000, while the average sales price surged 16.7 percent to $816,046. Sellers, however, saw a decrease in negotiating power, as the percent of original list price received fell 5.2 percentage points to 89.5 percent. Homes took significantly longer to sell, with days on market (DOM) increasing 74.6 percent to 103 days, while the months' supply of inventory expanded by 56.0 percent to 3.9 months, signaling a shift toward a more balanced market.

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

Yancey County — The Yancey County housing market saw a slowdown in sales activity in February, with closed sales declining 35.3 percent year-over-year to 11 transactions. Pending sales also dropped 10.5 percent, suggesting a softer demand heading into the spring market. However, new listings increased 25.0 percent, with 20 homes entering the market, providing more options for prospective buyers.

Home prices saw significant declines, with the median sales price dropping 22.6 percent year-over-year to $329,000, while the average sales price fell 32.1 percent to $329,955.

Despite these price adjustments, sellers received a higher percentage of their original list price, rising 8.0 percentage points to 95.7 percent, indicating stronger buyer-seller negotiations. Homes sold more quickly, with the days on market (DOM) decreasing 45.3 percent to 52 days, while the months' supply of inventory expanded 18.4 percent to 4.5 months, signaling a shift toward a more balanced market.

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: 3/24/2025