May 2, 2022

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. – Year-over-year home sales continued on a downward trend in March, falling 10.2 percent year-over-year as 1,078 homes closed across the Asheville region, nearly 200 less sales than this time last year. Sales are up however, 43.9 percent when compared to the previous month (February 2022) according to data from Canopy MLS. These are completed transactions that include single family and condo/townhome data only. 

Pending contract activity was nearly on par with buyer activity around the region last year, rising 1.8 percent year-over-year as buyers closed on 1,258 homes for sale. Contract activity compared to February 2022 is up 25.4 percent month-over-month, a positive sign signaling steady sales ahead. 

New listing activity was also down in March, falling 3.9 percent year-over-year as sellers listed 1,303 homes for sale. New listing activity has continued to ramp-up month-over-month, rising 46.7 percent, a promising sign for buyers poised to purchase in the spring market.  

Brian Cagle, a Canopy MLS Board of Directors member and VP Managing Broker of Beverly Hanks & Associates Waynesville said, “Given our region’s sensitivity to seasonality, the local spring market doesn’t truly start until mid-to-late April. Still, buyers are in for a pretty competitive market given tight inventory, especially in areas closer to metro-Asheville. And even though we’re in a strong seller’s market, sellers should not expect the same frenzy we saw last year, as multiple offers may be fleeting since demand has started to trend lower due to rising rates and prices.” 

Inventory continues to be critically challenged, with 1,101 homes for sale at report time or 0.9 months of supply (27 days of supply at the current sales pace).  This time last year the region had almost double the number of homes for sale and about 1.6 months of supply. 

Tight inventory continues to pressure prices, which continued to rise. Both the median sales price ($375,000) and the average sales price ($449,120) rose by 17.3 percent and 14 percent year-over-year, while the average list price rose 3.3 percent year-over-year to $476,967. The original list price to sales price measure increasing year-over-year to 99.4 percent in March, shows just how strong of a seller’s market the region still is, while homes continued to sell at a fairly quick pace, averaging 37 days on market until sale compared to 59 days on market 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

Metro-Asheville sales like the region, trended down 8 percent year-over-year in March, as 703 homes, approximately 60 sales less than last March. Pending contract activity also declined 7.5 percent year-over-year, which means sales over the next few months will continue to be slower, while new listing activity showed sellers still not ready to list, as only 832 homes were added to the market in March compared to the nearly 1,000 that were newly listed in March 2021. Prices pushed higher due to tight supply.  Inventory declined 44.2 percent year-over-year leaving about 650 homes for sale at report time or 0.8 months of supply (approximately 24 days of supply). Both the median sales price ($407,910) and the average sales price ($487,797) continued their gains, rising 18.2 percent and 9.7 percent year-over-year respectively, while the average list price rose 5.6 percent year-over-year to $5222,518.  This brought the original list price to sales price measure to 100.3 percent in March as seller received all of asking price in the MSA, while homes sold quickly averaging 34 days on market until sale compared to 52 days on market last March.

Cagle added, “Even as buyer demand shows less contract activity, our showing statistics tell us that buyer activity and interest is still strong, especially for the metro areas of Asheville and Hendersonville. During the month of March for example, in the city of Asheville, homes on market averaged 10.7 showings per listing, which means that buyers are still very interested in purchasing but rising rates have likely started to impact contract activity and thus sellers will really need to make sure their homes are priced for the market.” 

Buncombe County home sales declined in March falling 7.1 percent year-over-year as 390 homes sold versus 420 last March. Pending contract activity was also down year-over-year as 422 homes went under contract, about 51 homes less than this time last year, a decline of 10.4 percent, while new listing activity also showed less listing than last March, down 13 percent year-over-year as 448 homes were brought to market during the month. Inventory is tight and showed 330 homes for sale at report time or 01.8 months of supply (24 days of supply). The lack of supply continues to pressure prices which rose. Both the median sales price ($447,500) and the average sales price ($545,688) rose 21.3 percent and 8.3 percent year-over-year respectively, while the average list price rose 5.1 percent year-over-year to $588,082. This brought the original list price to sales price measure to 101 percent as sellers received over asking prices in March 2022, while homes were on market an average of 34 days until sale compared to 50 days last March.    

Haywood County homes sale declined again in March, falling 12.2 percent year-over-year as 101 homes sold just 14 less than sold this time last year.  Pending contract activity was roughly on par with last year’s activity rising 1.8 percent year-over-year as 116 homes went under contract during the month, just two more than last March. New listing activity was down 10.1 percent year-over-year as sellers bought 125 homes to market versus 139 that were added in March 2021. Inventory is tight and showed 133 homes for sale at report time or 1.1 month of supply.  Low supply will continue to pressure prices which rose but not as strongly as in previous months. Both the median sales price ($320,000) and the average sales price ($379,339) rose 1.6 percent and 6.7 percent year-over-year respectively, while the average list price declined 9.9 percent to $379,394.  This brought the original list price to sales price measure down to 96.1 percent as sellers still have a hold on the market, while their homes continued to sell quickly, averaging 43 days on market until sale in March 2022. 

Henderson County homes sales declined in March 2022, falling 9.8 percent year-over-year as 185 homes sold versus 205 that sold in March 2021. Pending contract activity also declined by 7 percent year-over-year as buyers drove 227 homes under contract.  New listing activity was also down 10.6 percent during the month, as only 219 homes were listed during the month. Inventory showed 145 homes for sale at report time or 0.7 months of supply (approximately 21 days of supply) which will continue to pressure prices.  Both the median sales price ($379,000) and the average sales price ($435,567) rose 13.2 percent and 15.4 percent year-over-year respectively while the average list price rose 16.4 percent year-over-year to $482,560. This brought the original list price to sales price measure to 101 percent as sellers continue to receive more than asking prices for their homes. Homes sold quickly in March, averaging 28 days on market until sale versus 53 days on market this time last year. 

Madison County 

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

Home sales in Madison County rose 12.5 percent year-over-year as 27 homes sold versus 24 that sold in March 2021, while pending contract activity is unchanged compared to last market at 28 homes under contract. New listing activity jumped by 60 percent year-over-year as sellers listed 40 homes for sale about 25 more than listed in March 2021. Inventory was down to 40 homes for sale at report time or 1.5 months of supply.  Prices were mixed. The median sales price ($355,000) declined 0.5 percent year-over-year while the average sales price rose slightly 0.8 percent year-over-year.  The average list price rose 13.1 percent to $456,512. This brought the original list price to sales price measure to 100.9 percent as sellers in Madison received more than asking prices for their homes last month. Days on market until sale showed homes on market 54 days compared to 79 days this time last year. 

Other counties around the region

Burke County sales in March fell 14 percent year-over-year as 80 homes sold versus 93 that sold in March 2021. Pending contract activity however remains strong rising 23.8 percent year-over-year as buyers continue to find deals in the foothills. Seller confidence is also strong in Burke, rising 42.1 percent year-over-year as 108 homes were listed during the month versus 76 in March 2021. Inventory is tight and showed 64 homes for sale or 0.8 months of supply (24 days of supply). Tight supply continued to pressure prices in March which rose.  Both the median sales price ($236,500) and the average sales price ($253,607) rose 24.5 percent and 16.8 percent year-over-year respectively, while the average list price rose 22.8 percent year-over-year to $315,580.  This brought the original list price to sales price measure to 98.9 percent as sellers continue to hold the market, while their homes sold fairly quickly, averaging 41 days on market until sale versus 44 days this time last year. 

(Due to small sample size of homes for sale, percentages of change can look extreme.) Jackson County had 25 homes sold during the month of March, a decline of 24.2 percent year-over-year while 28 homes went under contract, which is also a decline compared to last year, when 31 homes were in pending contract status.  New listing activity is down 17.1 percent year-over-year as sellers listed 29 homes for sale compared to 35 listed in March 2021. There were just 39 homes for sale or 1.4 months of supply. Supply continues to impact prices which rose. Both the median sales price ($375,000) and the average sales price ($420,444) rose 39.9 percent and 26.3 percent year-over-year respectively, while the average list price declined 1.3 percent year-over-year to $446,207. This brought the original list price to sales price ratio to 97.9 percent while days on market showed homes averaged 29 days on market until sale in March 2022. 

McDowell County had 42 homes to sale in March 2022, a decline of 6.7 percent compared last year while pending contract activity rose 23.5 percent as 63 homes went under contract.  New listing activity declined 3.3 percent year-over-year as 59 homes were listed versus 61 that were listed in Mach 2021. Inventory is low and showed 42 homes for sale or roughly one month of supply, which continues to pressure prices. Both the median sales price ($332,500) and the average sales price ($400,645) rose by 86.8 and 88.3 percent year-over-year respectively, while the average list price increased 16.3 percent to $344,047. This brought the original list price to sales price measure to 95.8 percent as sellers get closer to asking prices while their home averaged 58 days on market until sale in March 2022.

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

Mitchell County had 15 homes sale in March 2022 versus 18 that sold in March 2021. Pending contract activity was up 10.5 percent year-over-year as 21 homes went under contract compared to 19 in March 2021. New listing activity was down however, 12.5 percent as sellers brought 21 homes to market versus 24 that were listed during the same period last year. Inventory at report time showed 24 homes for sale or 1.3 months of supply. Prices were mixed. The median sales price declined 14.8 percent year-over-year to $189,500 while the average sales price rose 35.7 percent to $309,155. The average list price rose 25.5 percent to $358,971. Sellers received 92.8 percent of asking prices according to the original list price to sales price measure while their homes averaged 33 days on market until sale compared to 119 days on market this time last year. 

Polk County had 36 homes sold in March, an increase of 12.5 percent year-over-year while pending contracts declined 8.9 percent as 41 homes went under contract.  New listings also declined 18.8 percent year-over-year as 39 homes listed versus 48 that were listed during the month of March last year. Inventory declined 45.9 percent leaving 46 homes for sale which is 1.3 months of supply.  Low supply continues to impact prices which are rising. Both the median sales price ($407,500) and the average sales price ($529,525) rose 18.3 percent and 34.4 percent year-over-year respectively, while the average list price rose 10 percent year-over-year to $518,365. This brought the original list price to sales price measure to 97.1 percent, showing sellers in Polk getting close to asking prices for their homes, which sold quickly in March, averaging 44 days on market until sale.

Rutherford County home sales totaled 87 in March 2022, a decline of 5.4 percent year-over-year while pending contract activity rose 10.8 percent as buyers drove 1033 homes under contract.  Buyers in Rutherford County will enjoy the 27 percent year-over-year increase in new listings in March. A total of 108 new listings were brought to market versus 85 this time last year.  Inventory is still tight and showed 86 homes for sale or one month of supply.  Prices were mixed. The median sales price of $226,000 declined 2.4 percent year-over-year while the average sales price rose 13.6 percent year-over-year to $299,653.  The average list price rose 2.2 percent to $341,994.  This brought the original list price to sales price measure to 98.4 percent as sellers in Rutherford get closer to asking prices for their homes. Properties sold quickly in March, averaging 37 days on market until sale versus 57 days in March 2021.

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

Swain County had only eight homes sold during the month of March 2022, while four homes went under contract during the month. Sellers only listed six homes for sale compared to nine last year. Inventory, surprisingly increased 33.3 percent to twenty homes for sale or 3.7 months of supply.  Both the median sales price ($455,000) and the average sales price ($480,625) increased by 102.2 percent and 102.6 percent year-over-year respectively, while the average list price declined 34.3 percent year-over-year to $298,967. This brought the original list price to sales price ratio to 92.6 while homes were on market 38 days compared to 124 days in March 2021.

Transylvania County had 52 homes sold in March 2022, a decrease of 35.8 percent year-over-year while pending contracts activity rose 22.8 percent as 70 homes went under contract during the month. New listing activity was also positive and rose 1.5 percent year-over-year as sellers listed 67 properties for sale.  Inventory at report time showed 84 homes for sale or 1.4 months of supply. Low supply will continue to pressure prices which rose during the month.  Both the median sales price ($475,000) and the average sales price ($521,835) rose 18.8 percent and 12.8 percent year-over-year respectively, while the average list price declined 6.3 percent to $571,385. This brought the original list price to sales price ratio to 99.5 percent as sellers get nearly all of asking prices during the month, while their homes averaged 50 days on market until sale.  

Yancey County had 30 homes to sale during the month of March 2022, a decline of 14.3 percent year-over-year, while pending contract activity showed buyer demand nearly on par with demand last year, as 31 homes went under contract versus 32 in March 2021. New listing activity increased by 21.4 percent year-over-year as 34 new listings were added to the market.  Inventory at report time showed 48 homes for sale or 1.5 months of supply. Price rose during the month.  Both the median sales price ($362,500) and the average sales price ($430,856) rose 36.8 percent and 23.7 percent year-over-year respectively, while the average list price declined 16.5 percent compared to last year to $430,391. This brought the original list price to sales price ratio to 97.4 percent while home averaged 55 days on market until sale versus 154 this time last year. 

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: 5/2/2022