April 30, 2025

Contact: Kim Walker, 704-940-3149

Buyers in Spring Market Have More Selection and Negotiating Power

ASHEVILLE, N.C. — Housing market activity in March across the Asheville region and MSA remained relatively stable year-over-year, despite ongoing economic uncertainty, higher mortgage rates, and the rising cost of living. According to Canopy MLS data, 729 homes closed during the month across the 13-county region—a 3.4 percent dip compared to March 2024. However, month-over-month, closings increased a significant 25 percent, suggesting an early start to what could shape up to be an active spring market. This report includes single-family, condo, and townhome transactions only.

Pending sales reflected steady buyer interest, as 922 homes went under contract in March—an increase of 9.2 percent, compared to last year and a notable 26 percent rise over February. These trends point to continued strength in buyer demand and signal a healthy pipeline of potential closings heading into April and May, assuming contracts follow the typical 45- to 60-day closing cycle.

Buyer foot traffic, measured by showing activity, was down 14.1 percent year-over-year—typical for the region this time of year due to seasonal fluctuations in the mountain market. Still, buyer engagement was up sharply from February, rising 19.8 percent, underscoring renewed spring interest. Showings per listing were highest in the city of Asheville (3.3), indicating buyers desire for homes closer to amenities and job centers, followed by Hendersonville in Henderson County (2.9), and Burke County (2.7), showing continued strong buyer focus in these submarkets.

New listings surged in March, with 1,408 properties added—a 12.3 percent increase year-over-year and a 47.1 percent jump compared to February. This boost in seller activity is critical, especially given that overall inventory rose 34.7 percent to 3,200 homes for sale, while months’ supply grew to 4.1 months, up from 2.9—a 41.4 percent increase. These metrics signal improved choices for buyers and easing of the inventory crunch that has defined recent years.

“The Asheville region’s housing market is showing signs of continued recovery and renewed energy this spring, even as many communities are still rebuilding in the aftermath of last year’s devastating hurricane.” said Dave Noyes, Canopy MLS Board of Director and Designated Managing Broker with eXp Realty. “Buyers are clearly re-engaging, and sellers are responding, which is helping to ease inventory constraints across our mountain communities. The steady uptick in contract activity and new listings is a promising indicator of a more balanced, active market heading into the warmer months.”

Gains in inventory and supply continued in March, offering buyers more choices and greater negotiating power this spring. The number of homes for sale rose 34.7 percent year-over-year to 3,203, while months of supply climbed to 4.1—an increase of 41.4 percent. These gains indicate a healthier, more balanced market that is beginning to favor neither buyers nor sellers exclusively.

Despite the shift toward more inventory, prices remained stable. The median sales price held at $408,495, unchanged from last year, while the average sales price ticked up slightly by 0.1 percent to $499,599. Month-over-month, both measures showed modest gains—2.1 percent for the median price and 1.1 percent for average price. The average list price increased 6.5 percent to $629,324. However, buyers saw slightly more negotiating room, as the percentage of original list price received dipped by 0.4 percentage points to 94.5 percent.

Homes also took longer to sell. The list-to-close timeline rose 9.3 percent to 118 days, reflecting the full length of the sales process from listing to closing. Meanwhile, days on market (DOM)—a key measure of how long homes remain active before going under contract—climbed to 70 days, up from 58 days in March 2024, a 20.7 percent increase.

“We’re seeing a real shift in the market this spring, with more inventory giving buyers greater choice and negotiating power,” said Noyes “Even with more homes on the market, prices are holding steady, which is a good sign of overall market stability. And while homes are taking a bit longer to sell, that’s typical in a transitioning market—and it gives buyers the breathing room they’ve needed for a while. Buyers should ask their agent about Down Payment Resource (DPR), available on more than 83 percent of residential listings in Canopy MLS, helping make homeownership more attainable for many buyers.”

MSA Sees High Demand from Buyers in March

Home sales across the Asheville Metropolitan Statistical Area (MSA) mirrored trends seen throughout the broader region, holding steady year-over-year with 499 homes sold in March. Compared to February, sales jumped 28.3 percent, signaling a potential early start to the spring market. Contract activity—a key indicator of future closings—also remained strong, rising 8.7 percent year-over-year as 602 homes went under contract. Month-over-month, contract activity surged 28.9 percent, reflecting sustained buyer interest in homes close to Asheville’s amenities and job centers and hinting at a potentially competitive market as the season progresses.

Seller activity kept pace, with new listings rising 12.3 percent year-over-year as nearly 900 homes were brought to market. Month-over-month, new listings saw a significant boost, increasing 52.4 percent and further replenishing the MSA’s inventory. As a result, total inventory climbed 38.8 percent to 1,959 homes for sale, while months of supply improved to 3.8—up 46.2 percent from last year—bringing the market closer to a more balanced state.

Despite these inventory gains, pricing remained relatively stable. The median sales price dipped just 2.2 percent year-over-year to $435,000, while the average sales price decreased 3.6 percent to $527,028. The average list price rose 4.6 percent to $665,511, bringing the percent of original list price received  down slightly to 95.1 percent.

Homes also took longer to sell. The average list-to-close timeline increased 6.5 percent to 115 days, while days on market (DOM) rose 17.9 percent to 66 days, up from 56 days last March—consistent with a more normalized pace of market activity.

Noyes continued, “The spring market is gaining momentum across the MSA, with strong buyer activity and more homes for sale. While inventory is improving, demand remains high—especially for well-priced homes that are move-in ready. It’s still very much a seller’s market, but pricing strategically and making a strong first impression are key for sellers who want to attract serious buyers and secure a faster sale.”

County Summaries See data for March 2025   (still working on the county summaries below)

Buncombe County — Buncombe County’s housing market in March reflected shifting conditions as sales activity slowed and inventory levels rose. Closed sales declined 10 percent year-over-year, with 251 homes sold compared to 279 in March 2024. Despite the dip in closings, pending sales ticked up 4 percent, suggesting modest buyer interest and the potential for a rebound in the coming months. New listings saw a healthy 15.3 percent increase as sellers introduced 483 properties to the market, a move that helped boost inventory and supports growing demand.

Buyers in Buncombe County are benefiting from increased choice, as inventory jumped 40.7 percent year-over-year and months of supply rose to 3.7—up from 2.4 a year ago, a 54.2 percent gain. While the median sales price dipped 3.2 percent to $455,000, the average sales price held steady at $589,798. Homes remained on the market longer, with average days on market rising to 63 days, up 23.5 percent from last March. These trends point to a market in transition—still active, but offering buyers a bit more time and leverage as conditions gradually normalize.

Haywood County — Haywood County’s housing market showed notable signs of growth in March, with closed sales increasing 31.1 percent year-over-year as 80 homes sold, up from 61 in March 2024. Pending sales also rose 16 percent, indicating solid buyer demand, while new listings edged up 6.6 percent, bringing 145 homes to market. These gains reflect a healthy pace of activity, particularly as the county moves into the spring season. Month-over-month momentum and a steady increase in contract activity suggest that buyer interest remains strong.

Inventory and supply continued to rise, offering buyers more options and contributing to a more balanced environment. Homes for sale increased 32.5 percent compared to last year, while months of supply reached 4.2—up from 3.0—a 40 percent gain. Despite this, prices remained relatively stable. The median sales price dipped slightly by 2.5 percent to $390,000, while the average sales price inched up 0.5 percent to $427,554. Buyers saw slightly less competition, as days on market rose to 90 days—a 42.9 percent increase year-over-year—while sellers, on average, received 93.2 percent of their original asking price, up from 92.5% last year.

Henderson County — Henderson County experienced steady growth in March, with closed sales rising 8 percent year-over-year to 149 homes sold. Pending sales—a strong indicator of future activity—jumped 23.1 percent, pointing to continued buyer demand and momentum heading into the spring season. New listings increased 11.1 percent as sellers brought 231 homes to market, helping expand choices for buyers and ease some of the competitive pressure.

Inventory gains were significant, with the number of homes for sale up 43.3 percent year-over-year and months of supply rising to 3.7 months, up from 2.5. Despite this, pricing remained relatively firm. The median sales price increased 2.4 percent to $435,000, even as the average sales price dipped slightly by 6.1 percent to $482,784. The average list price rose 8.8 percent to $625,218. While homes are taking slightly longer to close, with days on market holding steady at 57 days.

Madison County’s housing market saw a slower pace of activity in March, with closed sales dipping 9.5 percent year-over-year to 19 homes sold, and pending sales falling sharply by 45.8 percent. New listings were up slightly by 6.3 percent, offering a modest boost to available inventory. Despite fewer transactions, the median sales price edged up 1.7 percent to $430,000, reflecting sustained buyer interest in well-priced homes. The average sales price, however, declined 15.2 percent to $466,916, likely influenced by a shift in the mix of homes sold during the month.

Inventory gains were notable, with the number of homes for sale rising 21.7%, and months of supply increasing dramatically by 73.5% to 5.9—signaling a market tilting toward balance, or even buyer-favorable conditions. While sellers received slightly less of their original asking price (90.8%, down from 92.1%), homes sold more quickly, with the average days on market falling to 64 days—a 34% improvement from last March. These mixed signals suggest that while demand may have softened temporarily, opportunities remain for both buyers and sellers in this evolving mountain market.

Other counties around the region

Burke County — Burke County’s housing market activity in March saw a slight slowdown in closed sales, which declined 9.2 percent year-over-year to 59 homes sold. However, buyer interest remained steady, as pending sales rose 8.7 percent, signaling potential sales growth in the coming months. New listings increased modestly by 3.7 percent, helping to replenish inventory. Despite the dip in sales activity, home prices increased. The median sales price jumped 13.7 percent to $307,000, and the average sales price rose 16.7 percent to $324,465—both strong indicators of rising property values and demand for higher-priced homes.

Inventory gains continued to improve buyer options, with the number of homes for sale up 27.6 percent year-over-year and months of supply rising to 3.3, up from 2.7. However, homes are taking longer to sell. The average days on market nearly doubled to 75 days, and the cumulative days on market rose to 82—a 100 percent increase from a year ago. Sellers received 93.6 percent of their original asking price, down slightly from last year, suggesting that while demand is still present, pricing accurately remains critical.

Jackson County — Jackson County's housing market saw modest sales activity in March, with closed sales rising slightly by 11.1 percent to 10 homes sold. New listings increased just 2.4 percent, while pending sales remained unchanged year-over-year at 29 homes under contract. Inventory held steady, with months of supply unchanged at 4.3, indicating a market that remains well-supplied but not overly saturated. Both the median and average sales prices surged, up 28.9% and 22.7% respectively. The median price reached $580,000.

Despite the strong pricing growth, homes are taking longer to sell. The average days on market stayed high at 90 days, suggesting that while buyers are active, they may be more selective. Still, sellers benefited from stronger offers, receiving 95.2 percent of their original asking price, up 2.5 percent from last year. These trends point to an active, upper-tier market where pricing power is holding—especially for well-positioned homes.

McDowell County — McDowell County’s housing market experienced slower sales activity in March, as closed sales dropped 16.1 percent year-over-year, with just 26 homes sold. Pending sales were relatively stable, dipping slightly by 3.1 percent, while new listings increased by 4.3 percent, providing buyers with more options. The market is seeing a significant shift in favor of buyers, with inventory rising 37.3 percent year-over-year and months of supply climbing to 5.0—up from 3.3—marking a 51.5 percent increase. These gains in supply signal a more balanced and potentially buyer-friendly environment heading into the spring market.

Despite softer sales, pricing remained stable. The median sales price was nearly unchanged at $314,500, while the average sales price dropped considerably—down 32.2 percent to $382,881—suggesting a change in the mix of homes sold rather than broader price depreciation. Homes are taking longer to sell, with days on market increasing 31.3 percent to 88 days, giving buyers more breathing room. Sellers, on average, received 92.9 percent of their original asking price, down slightly from last year.

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

Mitchell County — Mitchell County’s housing market remained modest but active in March, with 8 homes sold and 12 going under contract during the month. New listing activity was relatively strong, with 27 properties added to the market, helping to increase inventory to 62 homes for sale. With a months’ supply of 6.4, the county now offers a more buyer-friendly balanced market.

Prices moved sharply upward in March, likely due to the mix of homes sold. The median sales price came in at $405,900, and the average sales price reached nearly $400,000. Though the sample size was small, sellers fared well—receiving, on average, 94.7 percent of their original asking price. Homes spent an average of 91 days on the market before selling in March.

(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)
Polk County — Polk County’s housing market experienced slower sales in March, with just 11 homes closing during the month—a sharp drop from 20 sales in March 2024. While contract activity held steady at 22 pending sales, the influx of new listings—up 33.3 percent year-over-year to 44—helped boost inventory and expand choices for buyers. The number of homes for sale rose to 132, a 38.9 percent increase from last year, pushing months of supply to 5.9 and a more balanced market.

Despite the decline in closings, prices surged. The median sales price increased 23.7 percent to $399,000, while the average sales price jumped nearly 44 percent to $536,773—likely influenced by a higher-end mix of properties sold. Homes sold more quickly compared to last year, with average days on market decreasing to 79 days from 90, although year-to-date figures show homes are generally taking longer to sell. Sellers received 95.3 percent of their original list price, up from 92.7 percent, indicating that well-priced homes are still drawing serious buyer interest even as the market softens in terms of volume.

Rutherford County — Rutherford County’s housing market showed signs of stability in March, with closed sales down just 3.1 y percent year-over-year, as 63 homes sold compared to 65 last year. Buyer interest remained steady, with pending sales increasing 7.0 percent to 61 homes under contract. New listings rose 9.6 percent year-over-year, with 103 homes added to the market. As a result, inventory climbed 33.8 percent to 281 active listings, and months of supply increased 41.2 percent, from 3.4 to 4.8 months—bringing the market closer to balance and providing buyers with more options.

Pricing trends reflected this shift. The median sales price declined 5.2 percent year-over-year to $275,000, while the average sales price dropped 7.5 percent to $365,109. Year-to-date figures show even more pronounced softening, with the average price down 19.1 percent. Homes are taking longer to sell, with the average days on market rising 37.5 percent to 77 days. Sellers received 92.5 percent of their original list price on average, down 1.3 percent from last March..

Transylvania County — Transylvania County’s housing market remained relatively steady in March, with closed sales dipping just 2.6 percent year-over-year to 37 homes sold. Pending sales rose modestly by 4.5 percent, signaling consistent buyer interest despite slightly fewer new listings, which were down 1.3 percent compared to last year. Inventory, however, saw a strong year-over-year increase of 39.8 percent, with 179 homes for sale, pushing months of supply up 53.3 percent to 4.6. These gains point to a more balanced market where buyers are regaining negotiating power and have a wider array of options.

Prices continued to climb, reflecting demand for higher-end properties. The median sales price rose 11.9 percent to $554,000, while the average sales price rose significantly, 33.4 percent to $735,022—driven in part by luxury home activity. Year-to-date, the average price is up nearly 20 percent. Homes took slightly longer to sell, with days on market increasing 3.9 percent to 79 days. Sellers received an average of 94.2 percent of their original asking price, up 1.0 percent from last year.

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

Yancey County — Yancey County's housing market saw notable shifts in March, with  closed sales, dropping from 16 last year  to just 9 transactions this past March. However, contract activity gained momentum, as pending sales rose 50.0 percent to 21 homes under contract, suggesting a potential rebound in future closings. New listings nearly doubled, climbing 78.3 to 41 homes on the market, which helped drive a 25.4 percent increase in inventory. The months of supply rose from 3.9 to 5.7, a 46.2 percent jump, indicating a clear move toward a more buyer-friendly market environment.

Despite lower sales volume, home prices continued to rise. The median sales price increased 14.4 percent to $350,000, while the average sales price saw a modest 1.9 percent gain to $409,278. Year-to-date, the average price is down 5.1 percent, reflecting possible shifts in buyer preferences or a changing mix of homes sold. Homes sold slightly faster, with days on market decreasing 9.1 percent to 80 days. Sellers continued to receive strong offers, with the average percent of original list price received holding steady at 92.6 percent.

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: 4/30/2025