June 22, 2023

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — Home sales across the Asheville region and MSA slipped in again, in May falling 16.1 percent year-over-year as 944 homes sold compared to 1,125 that sold during the same period last year.  However, sales were up 19.8 percent when compared to the previous month, a positive sign that buyers are still active within the region, as they navigate fluctuating mortgage rates. Housing statistics included in this report are completed transactions that include single-family and condo/townhomes only, according to data from Canopy MLS.

Pending contracts, which indicate buyer demand were only down 7.9 percent, as 1,017 homes went under contract during the month, compared to 1,104 homes under contract in May 2022. Contract activity compared to April was unchanged, a sign that buyer activity and demand remains steady.  According to the May Showings report, which tracks buyer foot traffic, buyer interest was concentrated in the MSA, with listings in the city of Asheville seeing 4.5 shows or buyers per listing. Haywood County was the only county in May with positive sales, which increased 14.8 percent year-over-year.  Contract activity continues to be positive in Haywood as well, increasing 21.6 percent year-over-year, as buyers drove 118 homes under contract during the month.

New listings across the 13-counties where Canopy MLS tracks data, were down year-over-year by 18.3 percent, as sellers brought 1,281 homes to market during the month.  New listings were up 16 percent compared to listing activity in April, which continues to help inventory.  At report time in May, the region’s inventory was up 5.2 percent with 1,845 homes for sale or 2.1 months of supply, a 31.3 percent increase over last May.

“Homes are still selling across the region, and the slower market has actually allowed inventory and supply to increase rather than stall as it has in a number of markets.” said Steve Barnes, a Canopy MLS Board of Director, and VP/Managing Broker with Allen Tate/Beverly-Hanks Realtors®-Asheville. “If rates and the economy hold steady, and our market continues to normalize, allowing inventory to increase and prices to moderate, the second half of the year could be beneficial to buyers.”

The region’s prices remained mostly unchanged compared to last May, with both the median sales price ($409,400) and the average sales price ($497,499) increasing a modest 1.1 percent and 1.6 percent year-over-year respectively. The average list price rose 10.2 percent year-over-year to $600,064, bringing the list price to sales price measure to 97.4 percent in May.

Time on market continues to increase in buyer’s favor. List to close averaged 84 days, compared to 76 days in May 2022, while days on market, the metric that accrues for “Active” and “Under-contract-show” statuses, showed the region’s homes were on market 38 days compared to 25 days in May 2022.

Asheville MSA 

Sales in metro-Asheville, were down 11.7 percent year-over-year as 640 homes sold compared to 725 that sold in May 2022. Contract activity, or buyer demand, though down year-over-year, has started to come back and was only down 3.5 percent as 695 homes went under contract during the month, compared to 720 in May 2022. New listings however, show sellers still timid about listing homes for sale.  Sellers listed 862 homes for sale in May compared to 1,013 during the same period, a decline of 14.9 percent year-over-year. Inventory, which rose 4.8 percent to 1,134 homes for sale or 1.9 months of supply, is still tight.

But the steady increases in supply have allowed prices to moderate.  Both the median sales price ($440,000) and the average sales price ($535,292) were mostly unchanged, with the median price rising 0.2 percent and the average price dipping 0.4 percent year-over-year. The average list price increased 8.3 percent to $631,481. This brought the original list price to sales price measure to 98.2 percent, which should be a strong signal to sellers that they still control the market. Homes are spending more time on market, as indicated by days on market which rose 58.3 percent year-over-year to 38 days versus 24 days on market in May 2022.

Barnes continued, “Overall a normalizing housing market is good for buyers, as a number of buyers would not have been able to purchase, had our market continued to experience record-breaking sales, which helped elevate prices across the MSA over the last few years. We are seeing days on market increase in buyers favor, allowing more time to search and for your Realtor® to negotiate price. As the market continues to change, pricing the home well remains critical for sellers.”

Buncombe County homes sale declined 18.3 percent year-over-year as 335 homes sold compared to 410 that sold in May 2022 Contract activity was also down 8.9 percent year-over-year as 367 homes went under contract during the month compared to 403 during the same period last year. New listings declined 19.4 percent year-over-year as sellers listed 458 homes for sale versus 568 the previous May. Inventory increased 4.2 percent and showed 590 homes for sale or 1.9 months of supply. Rising supply helps prices continue to moderate. The median sales price remains relatively unchanged in May, rising 0.3 percent year-over-year, while the average sales price dipped 2.7 percent year-over-year to $596,001. The average list price rose 7.8 percent to $671,130 which brough the original list price to sales price measure down to 98.6 percent.  Last May it was 102.5 percent which meant sellers received all of asking price and more for their homes. Homes are selling quickly, but spending more time on market than last year, as indicated by days on market until sale at 31 days compared to 25 days on market in May 2022.

Haywood County homes sales increased 14.8 percent year-over-year as 101 homes sold compared to 88 homes sold in May 2022. Contract activity showed buyer demand increased 21.6 percent as buyers drove 118 homes under contract during the month compared to 97 this time last year. New listings however were down 7.4 percent as sellers listed 138 homes for sale compared to 149 listed in May 2022. Inventory declined 5.2 percent at report time and showed 200 homes for sale compared to 211 that were in inventory last May.  Supply increased 5 percent year-over-year to 2.1 months of supply.  Low inventory amidst rising demand pushed prices up. Both the median sales price ($355,000) and the average sales price ($424,519) increased 7.9 percent and 26.4 percent year-over-year respectively, while the average list price rose 12.2 percent to $553,636. This brought the original list price to sales price measure down to 95.8 percent. Last May it was 97.5 percent, while days on market showed homes spent more time on market, averaging 39 days on market until sale compared to 28 days on market in May 2022.

Henderson County homes sales in May were down 3.1 percent year-over-year as 185 homes sold compared to 191 that sold in May 2022. Pending contracts showed buyer demand down 5.8 percent year-over-year as 179 homes went under contract during the month compared to 190 in May a year ago. New listings were also down 9.8 percent year-over-year as 221 homes were listed versus 245 in May 2022. Inventory, which rose 26.2 percent to 272 homes for sale, was still tight compared to last year, with 1.8 months of supply. Prices are moderating as a result.  The median sales price ($429,000) dipped 2.3 percent year-over-year while the average sales price ($494,150) increased 1.8 percent.  The average list price was up 6.9 percent to $597,213. This brought the original list price to sales price measure to 99.1 percent as sellers still receive most of asking prices for their homes.  While days on market increased substantially, 172.2 percent year-over-year, showing homes on market in May 49 days compared to 18 days on market 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)
Madison County home sales declined 47.2 percent year-over-year in May, as 19 homes sold compared to 36 this time last May. Pending contracts showed buyers driving 31 homes under contract, an increased 3.3 percent compared to last May, while new listings were down 11.8 percent year-over-year as 45 homes were listed during the month, compared to 51 a year ago in May. Inventory increased 1.4 percent to 72 homes for sale or 3 months of supply.  Both price indices increased in May. The median sales price of $390,000 and the average sales price of $454,345 increased 3.2 percent and 0.1 percent year-over-year respectively, while the average list price increased 22.1 percent to $636,713. This brought the original list price to sales price measure to 93.8 percent while days on market until sale showed homes averaged 69 days on market compared to 29 days in May 2022.

Other counties around the region

Burke County home sales in May declined 9.9 percent year-over-year as 82 homes sold compared to 91 that sold in May 2022. Pending contracts continued to fall, dropping 22.9 percent year-over-year as 64 homes went under contract compared to 83 under contract a year ago in May. New listings fell 21.3 percent year-over-year as 74 homes went on market compared to 94 homes listed in May 2022. Inventory and supply are increasing. Inventory rose 7.2 percent to 82 homes for sale or 1.3 months of supply.  Last May, there was only one month of supply. Prices increased.  Both the median sales price ($275,000) and the average sales price ($340,725) increased 10.9 percent and 6.7 percent year-over-year respectively, while the average list price increased 7.2 percent to $343,972. This brought the original list price to sales price measure to 97.4 percent in May compared to 100.1 percent that sellers received last May. Time homes spent on market continued to increase as well, rising 78.9 percent to 34 days on market until sale compared to 19 days on market in May 2022.

(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 in May in Jackson County were unchanged compared to last year at 24 homes closed during the month, while pending contracts increased 26.1 percent year-over-year to 29 homes under contract compared to 23 under contract a year ago. New listings also increased in Jackson County, rising 24.2 percent as sellers brought 41 homes to market compared to 33 that were added to the market in May 2022. Inventory and supply are rising.  Inventory rose 24.6 percent to 71 homes for sale at report time or 3.4 months of supply. Last May supply was at 2.3 months.  Prices rose during the month.  Both the median sales price ($432,000) and the average sales price ($595,589) increased 27.4 percent and 16.9 percent year-over-year respectively, while the average list price declined 20.3 percent to $574,423. This brought the original list price to sales price measure to 93 percent compared to 98.5 percent that sellers received in May 2022.  Homes are spending more time on market.  Days on market until sale averaged 51 days in May 2023 compared to 34 days in May 2022.  

(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 37 home sold in May compared to 50  sold in May 2022. Pending contracts dipped 8.7 percent as 42 homes went under contract compared to 46 in May 2022. New listings were relatively unchanged, falling 1.9 percent year-over-year as 53 homes went under contract compared to 54 in May a year ago. Inventory and supply rose. Inventory rose 35.2 percent to 73 homes for sale or 2.2 months of supply. Last May there was only 1.3 months of supply.  Prices decreased.  Both the median sales price ($255,000) and the average sales price ($307,659) declined 7.8 percent and 5.7 percent year-over-year respectively, while the average list price increased 58.2 percent to l$564,334. This brought the original list price to sales price measure to 96.2 percent, while days on market dropped 36.8 percent year-over-year, as homes sold faster than in May 2022, averaging 24 days on market until sale compared to 38 days on market  in May 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 13 homes sold in May compared to14 sold in May 2022, a year-over-year decline of 7.1 percent, while pending contracts 10.5 percent as 17 homes went under contract compared to19 in May 2022. New listing activity declined 53.5 percent year-over-year as 20 homes were added to the market compared to 43 added in May 2022. Inventory dropped 21.5 percent to 51 homes for sale at report time or 3.2 months of supply. Prices were mixed.  The median sales price increased 12 percent year-over-year to $233,500, while the average sales price dropped 13.3 percent to $268,167. The average list price however, increased 14 percent year-over-year to $429,415. This brought the original list price to sales price measure to 92.6 percent compared to 96.5 percent in May 2022. Days on market increased 79.4 percent and showed homes on market 61 days compared to 34 days in May 2022.

(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)
Polk County home sales declined 13.8 percent year-over-year as 25 homes sold compared to 29 that sold in May 2022. Pending contracts declined 25.7 percent as 26 homes went under contract during the month compared to 35 in May a year ago. New listings declined 34.5 percent year-over-year as 36 homes were added to the market compared to 55 homes added in May 2022. Inventory was relatively unchanged, dipping 1.4 percent and showing 73 homes for sale compared to 74 a year ago, while months of supply increased 31.8 percent to 2.9 months of supply. Prices increased. Both the median sales price ($495,000) and the average sales price ($574,820) increased 33.1 percent and 6.9 percent year-over-year respectively, while the average list price increased 23.1 percent to $704,033. This brought the original list price to sales price measure to 95.1 percent while days on market dropped 22.9 percent and showed homes averaging 27 days on market compared to 35 days in May 2022.

Rutherford County home sales declined 33.7 percent year-over-year as 65 homes sold compared to 98 homes that sold in May 2022. Pending contracts also  declined by 9.9 percent year-over-year as buyers drove 82 homes under contract compared to 81 a year ago. New listings declined 30.6 percent year-over-year as 86 homes were listed during the month compared to 124 listed in May 2022. Inventory increased by 4.8 percent at report time and showed 132 homes for sale compared to 126 a year ago. Months of supply also increased 33.3 percent year-over-year to 2 months of supply. Prices softened.  Both the median sales price ($275,000) and the average sales price ($326,497) dipped 1.8 percent and 3.5 percent year-over-year respectively, while the average list price increased 23.3 percent to $463,281. This brought the original list price to sales price measure to 95.7 percent while days on market showed increased 258.3 percent to 43 days compared to 12 days in May 2022.

Transylvania County home sales in May declined 37.7 percent year-over-year as 38 homes sold compared to 61 that sold in May 2022. Pending contract activity declined 10.7 percent year-over-year to 50 homes under contract compared to 58 that were under contract a year ago in May.  New listings were down 35.7 percent as sellers listed 54 homes for sale compared to 84 listed in May 2022. Inventory rose 4 percent year-over-year to 105 homes for sale compared to 101 a year ago, while supply increased 33.3 percent to 2.4 months of supply. Last May there was 1.8 months of supply. Prices increased. Both the median sales price ($539,150) and the average sales price ($697,752) increased 8.9 percent and 12.1 percent year-over-year respectively, while the average list price increased 6.7 percent to $681,402. This brought the original list price to sales price measure to 95.6 percent while days on market decreased and showed homes on market 25 days compared to 30 days in May 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 had 18 homes sold during the month of May, a year-over-year decline of 21.7 percent while pending contracts declined 52.2 percent as 11 homes went under contract during the month.  New listings were also down 28.6 percent as 40 homes were added to the market compared to 56 that were listed in May 2022. Inventory increased and showed 88 homes for sale while supply trended at 4.5 months of supply. Both the median sales price ($322,500) and the average sales price ($381,667) decreased 18.4 percent and 6.8 percent year-over-year respectively, while the average list price increased 15.6 percent to $716,156. This brought the original list price to sales price measure to 92.1 percent while days on market until sale showed homes on market in May 69 days compared to 45 days in May 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 Realtor® Association owns and operates Canopy MLS, the region’s primary source for accurate and timely property data in a multicounty service area including the Charlotte MSA, Asheville MSA and Catawba Valley region spanning across North Carolina and South Carolina to outside the Carolinas. Canopy MLS provides the latest technology, tools and analytics that Realtors® utilize to support consumers with their residential real estate transactions.

Original Publish Date: 6/22/2023