July 1, 2022

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. – Sales across the 13-county Asheville region declined for a fifth consecutive month in May, as buyers closed on 1,116 homes, representing a 5.1 year-over-year decrease.  Last May saw 60 more homes sold during the frenzied and highly competitive spring market. Month-over-month sales increased 11 percent compared to April, as buyers navigate higher prices, rates and tight inventory. 

Sales transactions included in this report are for single-family and condo/townhome only, according to data from Canopy MLS.

Pending sales or contracts, though down 2 percent year-over-year with 1,253 properties under contract, reflect buyer activity that’s somewhat on par with activity in May 2021, when 1,278 homes were under contract. Compared to April 2022 contract activity is up 5.2 percent month-over-month, a positive sign that sales though weaker, are still somewhat steady, as these transactions typically close within 45-60 days.

New listing activity, which signals seller confidence increased 5.1 percent year-over-year as 1,591 homes were listed for sale during the month, which is 77 more listings than May 2021. Listing activity compared to April 2022, shows a 17.4 percent month-over-month increase, for an additional 236 more new listings added to the pool of homes for sale.

Brian Cagle, a Canopy MLS Board of Directors member and VP/Managing Broker of Beverly Hanks & Associates said, “What we are seeing across our market are sales tracking back to pre-pandemic levels, which reflected a healthier market and less frenzied pace of sales. This slower sales pace also allows the market to transition to more of a balanced market, as increased new listing activity that we are now seeing, over time, helps to replenish inventory, which allows prices to moderate.”

Inventory at report time was still challenged, down 24.1 percent year-over-year leaving 1,590 homes for sale in early May or 1.4 months of supply.  However, here in the last week of June 2022, there were nearly 2,000 homes for sale or 1.7 months of supply, which is good news for buyers still looking to purchase homes in the region.

Prices, however continued to increase in May, as a result of inventory challenges and the price point of listings currently for sale. Both the median sales price ($400,500) and the average sales price ($489,287) rose 16.1 percent and 13.7 percent year-over-year respectively, while the average list price increased 20.7 percent to $561,331.  This brought the original list price to sales price measure to 101.2 percent in May, which means sellers received all of asking price and more during the month.

Homes continue to sell quickly as indicated by days on market decreasing 45.5 percent year-over-year to 24 days. In May 2021 days on market until sale averaged 44 days.

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

Asheville MSA Sales trends across the four-county Asheville MSA mirrored activity that the region experienced in May. Closed sales declined 10.4 percent year-over-year as 713 homes sold versus the nearly 800 homes that sold in May 2021; while pending contract activity showed 830 homes under contract, just 34 homes shy of the total under contract in May 2021. New listings increased 2.9 percent as sellers brought 1,033 homes to market, 31 more homes than in May 2021. Prices continued to increase by double-digits this past May.  Both the median sales price ($439,000) and the average sales price ($538,341) increased 20.3 percent and 17.2 percent year-over-year respectively, while the average list price increased 21.8 percent over last year to $489,625. This brought the original list price to sales price ratio to 102.1 percent, as metro-area sellers received all of asking price and more for their homes in May. Inventory is tight and showed 956 homes for sale or 1.3 months of supply, at report time. Here, during the last week of June 2022, MLS data showed 1,351 homes for sale in metro-Asheville or 1.6 months of supply. Homes sold quickly, averaging 23 days on market until sale versus 35 days on market this time last year.

Cagle notes, “Sellers sense the market is slowly shifting, so we expect to continue seeing more listing activity in the coming months, as sellers start to realize their ability to capitalize on this hot housing market could be declining. However, accurate pricing of the home, down to the neighborhood level, is key to selling quickly and for highest value.”

Buncombe County sales declined 10.3 percent year-over-year from 447 homes sold last year to 401 homes sold in May 2022, and pending sales fell 8.1 percent from 483 homes under contract last May to 444 under contract this year. However, new listings increased by 6.1 percent from 540 in May 2021 to 573 homes listed this past May 2022. The month's supply of inventory decreased by 20 percent, from 1.5 month of supply to 1.2 months of supply in May 2022, while inventory dropped by 25.7 percent at report time to 496 homes for sale. Low inventory continues to pressure prices, which rose in May.  The median sales price ($472,300) and the average sales price ($613,457) increased by 19.7 percent and 20.7 percent year-over-year, respectively. The percent of original list price received increased to 102.5 percent, a 2.2 percent bump from last May. On average homes spent 25 days on the market in May 2022 compared to 35 days on market in May 2021. 

Haywood County closed sales decreased by 25.4 percent to 88 homes sold in May 2022 compared to 118 last May. The number of homes under contract this May declined 6.6 percent from 136 in May 2021 to 127 homes under contract in May 2022. New listings experienced a slight 4.7 percent bump to 157 homes listed compared to 150 listed in May 2021. The month's supply of inventory fell 5.6 percent to 1.7 months of supply as inventory also decreased leaving 191 homes for sale in May 2022. The median sales price ($329,000) increased by 16 percent from $285,556 last May. However, the average sales price ($335,920) declined by 10.9 percent year-over-year, due to tight inventory. Sellers received 97.6 percent of their original asking price in May 2022, a .6 percent increase compared to last May. Homes spent 28 days on the market in May 2022, a 17.6 percent decline compared to the previous year. 

Henderson County closed sales declined 12.1 percent from 215 in May 2021 to 189 homes for sale in May 2022. Pending sales experienced a slight increase of 1.8 percent year-over-year to 222 homes under contract versus 218 last year. New listing activity, however, decreased 11.3 percent year-over-year from 282 in May 2021 to 250 homes listed this past May. The monthly supply of inventory also declined in May 2022 leaving 208 homes for sale at report time, a 33.3 percent drop to a 1-month supply compared to 1.5 months of supply last year. The median sales price ($439,000) and the average sales price ($488,314) increased 28 percent and 19.6 percent year-over-year, respectively. The percent of original list price sellers received in the county increased by 4.5 percent to 103.7 percent as sellers received all of asking prices and more. On average, homes spent 19 days on the market this May, a decline of 45.7 percent compared to last May. 

Madison County  (Due to small sample size of homes for sale, percentages of change can look extreme.)
Closed sales increased by 118.8 percent from 16 sales last May to 35 this year, and pending contracts went up 37 percent from 27 to 37 homes under contract. New listings increased to 53 from 32 last year, a 65.6 percent bump. The month's supply of inventory went down 19.2 percent to 2.1 from 2.6 last year. The inventory of homes for sale decreased 10.3 percent from 68 houses to 61 this year. The median sales price ($383,000) and the average sales price ($456,821) increased by 6.4 percent and 20.6 percent year-over-year, respectively. The percent of original list price received by sellers was down 1.4 percent this May to 100.3. On average, homes spent 22 days on the market this May, a 64.5 percent decline compared to last year

Other counties around the region

Burke County home sales increased 23.7 percent year-over-year, with 94 homes sold in May 2022 compared to 76 sold in the same period last year. Pending sales experienced a slight bump up of 3.5 percent year-over-year as 88 homes went under contract in May 2022 versus 85 this time last year. However, new listings declined 5.1 percent from 98 new listings in May 2021, to 93 this past May. The month’s supply of inventory decreased by 40 percent to 0.9 month’s supply or 27 days, compared to 1.5 months of supply this time last year. Additionally, the inventory of homes fell 33.6 percent year-over-year, leaving 73 homes for sale at report time versus 110 in May 2021. The median sales price ($249,000) and average sales price ($318,079) increased by 28.7 percent and 41.3 percent year-over-year, respectively. The percent of original list price received increased slightly, 1.7 percent to 100.3 percent. The amount of days homes spent on the market decreased 32.1 percent from 28 days on market to 19 days on market in May 2022. 

(Due to small sample size of homes for sale, percentages of change can look extreme.) Jackson County sales decreased 25 percent year-over-year from 32 homes sold last May to 24 in May 2021. Pending contracts also declined 44.7 percent from 38 to 21 year-over-year. New listings also went down by 33.3 percent to 32 homes listed versus 48 in May 2021. Months of supply of inventory decreased as well; this May, there was 2.3 months of supply compared to 2.6 last year, an 11.5 percent decline. The inventory of homes fell by 35.2 percent from 88 in May 2021 to 57 homes for sale in May 2022. The median sales price ($339,000) increased by 10.2 percent, while the average sales price decreased by 2 percent to $509,297. The percent of original list price received by sellers increased by 3.1 percent to 98.5 percent. Homes sold quickly this May spending 34 days on the market compared to 86 last year, a 60.5 percent decline. 

McDowell County home sales increased 40.5 percent from 37 last May to 52. Pending sales increased by 25 percent year-over-year to 50 homes under contract from 40 last May. New listings increased as well; this May, 57 homes were listed compared to 52 last year, a 9.6 percent increase year-over-year. The month's supply of inventory dropped to 1.2 from 1.9 last May, a 36.8 percent decrease. The inventory of homes for sale decreased by 36.1 percent from 83 to 53 at report time. The median sales price ($290,000) increased 13.7 percent from $255,000 last year. The average sales price ($326,686), however, decreased by 3.6 percent from $338,998. The percent of original list price sellers received was 101.4 percent this May, a 2.9 percent increase. Homes spent 38 days on the market in May 2022, a 15.2 percent increase compared to 33 last May 2021.    

(Due to small sample size of homes for sale, percentages of change can look extreme.)
Mitchell County had 14 homes sold in May 2022 compared to 16 in May 2021, while pending sales counts showed 25 homes under contract compared to 21 this time last year.  New listings totaled 48 in May, which is 34 more new listings than last in May 2021. Inventory increased from 60 homes last May to 65 homes in May 2022, bring months of supply to 3.5 months. Buyers will find the price drops in Mitchell County, helpful again rising rates as both the median sales price ($208,491) and the average sales price ($309,427) declined 40.5 percent and 8.8 percent year-over-year respectively, while the average list price rose 23.9 percent year-over-year to $402,911.  This brought the original list price down a notch (-1.5 percent) to 96.5 percent, which is just shy of all asking price. Homes are on market a bit longer than surrounding counties, with homes averaging 34 days on market until sale.

Polk County had 30 homes sold in May 2022 compared to 40 that sold in May 2021, while pending contracts totaled 40, compared to 43 homes under contract in May 2021. New listings were unchanged and totaled 55 listings. At report time there were 67 homes for sale or 1.9 months of supply.  Prices were mixed.  The median sales price ($371,000) declined 6.4 percent year-over-year while the average sales price ($527,518) increased 1 percent year-over-year, as well as the average list price increased 5.6 percent to $627,911. This brought the original list price to sales price ratio to 98.8 percent as sellers receive most of asking price. Homes sold fairly quickly averaging 34 days on market until sale compared to 62 days this time last year.

Rutherford County homes sales in May increased 20.3 percent year-over-year as 95 homes sold versus 79 in May 2021. Pending sales also increased 20.2 percent year-over-year as 101 homes went under contract compared to 84 in May 2021. New listing activity was on par with last year, dipping slightly by 0.8 percent year-over-year as 124 homes were listed, which is one less than was listed during the previous May. Prices are increasing due to low inventory which showed 107 homes for sales or 1.2 months of supply at report time in May 2022. As a result, prices are increasing.  Both the median sales price ($289,900) and the average sales price ($346,101) rose 38 percent and 29.7 percent year-over-year, while the average list price rose 3.5 percent to $387,574 during the month.  This brought the original list price to sales price measure to 100.5 percent as sellers in Rutherford received all of asking prices in May.  Homes sold at a very fast pace, as days on market showed homes averaging 14 days on market until sale versus 57 days in May 2021.

(Due to small sample size of homes for sale, percentages of change can look extreme.)
Swain County had only nine homes sold during the month of May 2022, while nine homes went under contract during the month. Sellers only listed 10 homes for sale compared to 10 last year. Inventory, surprisingly increased 71.4 percent to 24 homes for sale or 3.8 months of supply.  Prices declined. The median sales price ($237,000) declined 13.8 percent year-over-year while the average sales price ($287,722) decreased by 11.2 percent. The average list price increased 1007 percent year-over-year to $719,880. This brought the original list price to sales price ratio to 92.6 percent while homes were on market 32 days compared to 33 days in May 2021.

Transylvania County had 62 homes sold during the month of May 2022, an increased of 10.7 percent year-over-year when compared to last May when 56 homes sold. Pending sales however were down 17.1 percent year-over-year as 63 homes went under contract during the month compared to 76 in May 2021.  New listings however increased 12 percent year-over-year as sellers listed 84 homes for sale versus 75 last May. Inventory showed 107 homes for sale at report time or 1.9 months of supply. Prices increased as a result of tight inventory. Bothe the median sales price ($495,000) and the average sales price ($613,769) rose 12.9 percent and 5.9 percent year-over-year respectively, while the average list price increased 24.4 percent to $675,161.  This brought the original list price to sales price ratio to 99.6 percent as sellers receive nearly all of asking prices in May 2022. Days in market showed homes averaged 30 days on market until sale in May compared to 54 days on market in May 2021.   

Yancey County had 23 homes sold in May, a decline of 30.3 percent year-over-year compared to 33 this time last year. Pending sales however increased 30 percent as buyers had 26 homes go under contract during the month compared to 20 in May 2021.  New listings increased 83.3 percent year-over-year as sellers brought 55 homes to market compared to 30 in May 2021.  Inventory at report time showed 81 homes for sale or 2.7 months of supply.  Prices are increasing.  Both the median sales price ($395,000) and the average sales price ($409,391) rose 33.9 percent and 24.2 percent year-over-year respectively, while the average list price increased 12.8 percent to $640,404. This brought the original list price to sales price measure to 97.6 percent as sellers in the county inch closer to asking prices.  Days on market showed homes averaged 45 days on market until sale compared to 174 days on market in May 2021.

 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, 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: 7/1/2022