July 2, 2021

Contact: Kim Walker, 704-940-3149

Asheville Region Home Sales Heat Up for Summer Selling Season

CHARLOTTE, N.C. – Home sales across the Asheville region continued on a positive pace in May 2021. Sales for the month — 1,151 homes — increased 63.7 percent over home sales in May 2020, according to Canopy MLS. Closed sales, which include only single family and condo/townhome data, were up 1.1 percent compared to April 2021. All figures are based on Canopy MLS listings in the Asheville region, made up of 13 counties in western North Carolina.

Pent-up demand and heavy buyer competition continued to drive contract activity higher, rising 23.7 percent year-over-year, with 1,397 properties going under contract during May 2021, ensuring steady sales headed into the summer months. Contract activity compared to the previous month was down slightly, 1.4 percent.

New listing activity continued to show sellers in the region were gaining more confidence, as new listings rose 15.2 percent year-over-year — which will help buyers with more choice during the summer. Year-to-date new listing activity is ahead of last year’s, rising 15.5 percent over activity during the first five months of 2020.

Debbie Williams, executive vice president with Beverly Hanks & Associates and a Canopy MLS Board of Directors member representing the region, said: “Sales appear to be building as we head into summer, which means that buyers will continue to see heavy competition for homes, especially in areas of high demand. However, the continued growth in new listing activity should be of some help, adding more choices, while low mortgage rates will help offset rising prices.”

Inventory continues to be challenged, falling 59.3 percent year-over-year in May 2021, leaving 1,640 homes for sale at report time for a 1.3 months of supply of homes. As a result of dwindling inventory, prices across the region increased, with both the median sales price ($348,148) and the average sales price ($430,925) rising 30.4 percent and 41.1 percent year-over-year respectively.

The year-over-year average list price rose 13.7 percent to $472,295 in May 2021, bringing the original list-price to sales-price ratio to 98.6 percent, showing sellers were getting nearly all of their asking price in May. Sales continue to move quickly as properties averaged 43 days on market until they sold in May 2021. Last May, just as the first pandemic-induced lockdowns were lifting, properties averaged 65 days on market.  

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

 Asheville MSA

 The Asheville MSA showed significant home sales activity during May 2021 as sales rose 72.6 percent over sales in May 2020, with 775 properties sold compared to 449 that sold during the early days of reopening last year.

Compared to activity in April 2021 however, sales were basically flat, rising by 0.3 percent. Pending sales show that buyer demand continued to be strong, rising 21.7 percent year-over-year as 936 homes went under contract during the month. But pending sales compared to pending sales activity in April 2021, are down slightly, 1.8 percent.

Still, buyers should be encouraged by the positive 11.2 percent year-over-year increase in new listings, as sellers brought 965 homes to market during the month versus 868 that were listed this time last year.

Inventory challenges persist, however. Inventory in May 2021 fell 58.1 percent compared to the previous May, leaving 996 homes for sale across the four-county MSA or 1.2 months of supply. Prices continued to rise as a result of low inventory. Both the median sales price ($367,500) and the average sales price ($461,021) went up 20.5 percent and 34.7 percent year-over-year, while the average list price of $495,988 rose 11.9 percent compared to last May. This brought the original list-price to sales-price ratio to 99.5 percent, showing a market highly favorable to sellers. Days on market averaged 35 days in May 2021 versus 60 days the previous May.

National housing expert Lawrence Yun recently confirmed what is likely being seen across much of the mountain region. “The appeal of vacation homes has certainly grown during the pandemic, especially among employees permitted to work from home," said NAR’s chief economist. "As businesses decide new guidelines for remote workers, even allowing permanent remote options in some cases, look for vacation homes to remain a popular option.”

 Buncombe County

 Buncombe County saw home sales rise 80.1 percent year-over-year with 434 homes sold in May 2021 compared to 241 homes sold in May 2020.

Pending sales showed pent-up demand, increasing 23.1 percent as 512 properties went under contract during the month. New listing activity rose 12.2 percent year-over-year as sellers listed 514 homes for sale versus 458 listed in May 2020. Both the median sales price ($400,000) and the average sales price ($510,505) went up 20.5 percent and 32 percent year-over-year respectively.

Inventory will continue to pressure prices for the foreseeable future, falling 59.1 percent compared to last year, to 1.1 months of supply at report time. Sellers received more than asking prices on average, as the original list-price to sales-price ratio topped 100.3 percent. Homes sold quickly with days on market until sale averaging 34 days compared to 53 days last year. 

 Haywood County

Sales in Haywood County continued to climb, increasing 72.7 percent as 114 homes sold compared to 66 that sold just as reopening started in May 2020. The county is flush with buyers, as indicated by pending sales, which soared 58.9 percent year-over-year as 151 homes went under contract.

Sellers continue to respond to the market, with new listing activity rising 14.1 percent over new listing activity last May. The low-inventory situation will continue to impact prices, which are rising. Inventory fell 54.2 percent year-over-year, leaving 185 homes for sale at report time, or 1.4 months of supply.

As a result, the median sales price ($293,556) and the average sales price ($381,055) climbed 38.1 percent and 56.2 percent year-over-year respectively, while the average list price rose 6.4 percent compared to last year, to $436,983. Sellers received 97 percent of asking price, according to the original list-price to sales-price ratio. Properties are selling quickly as indicated by days on market falling to 34 days compared to 81 days this time last May.

 Henderson County

Henderson County’s sales rose 59.8 percent in May 2021 compared to May 2020 and were based on 211 closed sales.

Pending contract activity remained positive, increasing 4.4 percent year-over-year as buyers brought 238 homes under contract during the month. Seller activity continued to increase as noted by new listings that went up 9.6 percent year-over-year, as sellers listed 275 homes for sale.

However, the increase will do little to help with inventory, which fell 56.6 percent year-over-year leaving 252 homes for sale, or 1.1 months of supply. Prices continue to be pressured by inventory, as both the median sales price ($345,000) and the average sales price ($409,123) rose 17.4 percent and 32.4 percent year-over-year respectively. The average list price ($411,540) increased 10 percent as well while the original list-price to sale-price ratio registered 99.2 percent, showing sellers getting nearly all of asking price in May. Sales were brisk with days on market averaging 35 days versus 59 days a year ago, when the first series of lockdowns were lifted in May.

 Madison County

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

Sales in Madison County rose 60 percent in May 2021 as 16 homes sold compared to 10 that sold the same time last year. Pending sales were positive and rose 16.7 percent year-over-year as 35 homes went under contract during the month. New listing activity was on par with last year, dipping 3.2 percent as sellers brought 30 homes to market versus 31 listed in May 2020.

New listing activity during the first five months of the year shows listing counts ahead of May 2020 by 10.7 percent. Inventory continues to fall and showed 47 homes for sale at report time, or 1.7 months of supply at the current pace. Prices rose, but not as sharply as in other counties. Both the median sales price ($360,000) and the average sales price ($378,766) rose 13.4 percent and 7.1 percent year-over-year respectively, while the average list price ($459,418) increased 55.1 percent compared to list prices last May.

On average, sellers received more than their asking price in May 2021 as the original list-price to sales-price ratio topped 101.7 percent. Sellers in Madison also enjoyed faster days on market, averaging 62 days until sale in May 2021 versus 102 days the same month last year.

Other Counties in the Region

 Burke County’s closed sales rose 11.9 percent as 75 homes sold in May 2021 compared to 67 in May 2020. Pending sales increased by 12.3 percent year-over-year, with 91 homes going under contract during the month compared to 81 that went under contract last year. New listing activity increased significantly, rising 62.7 percent year-over-year with 96 homes newly listed versus 59 listed in May 2020. The welcome jump in new listing activity, however, will not help the current inventory situation, which declined 46.2 percent in May 2021, leaving 84 homes for sale, or 1.1 months of supply. Prices rose moderately, as the median sales price ($193,250) and the average sales price ($225,106) climbed 11.4 percent and 1.2 percent year-over-year respectively. Sellers are getting nearly all of asking price as indicated by the original list-price to sales-price ratio registering 98.6 percent. Buyers will see homes sold almost as quickly as they’re listed as indicated by days on market, which averaged 29 days in May 2021 versus 46 days in May 2020.

 (Due to small sample size of homes for sale, percentages of change can look extreme.) Jackson County had positive sales in May 2021, rising 158.3 percent year-over-year as 31 homes sold compared to 12 that sold in May 2020. Pending contract activity is relatively strong, rising 60 percent year-over-year as 40 homes went under contract during the month. New listing activity also rose by 30 percent compared to last May as sellers brought 43 homes to market. However, inventory is challenged and fell 63.7 percent in May, leaving 70 homes for sale, or two months of supply. Prices rose significantly, due to the small pool of homes for sale and the price point. The average list price during the month topped $539,707 — an 84.9 percent increase over last year’s list price -- while both the median sales price ($305,000) and the average sales price ($497,791) went up 60.3 percent and 124.2 percent year-over-year respectively. Sellers in Jackson County are getting closer to asking prices as indicated by the original list-price to sales-price ratio registering 95.5 percent in May 2021. Days on market until sale averaged 87 days in May 2021 versus 103 days in May 2020.

 McDowell County saw home sales increase 12.1 percent with 37 homes sold in May 2021 compared to 33 homes sold in May 2020. Pending sales or contracts, a signal of buyer demand, was up 34.3 percent with 47 homes going under contract versus 35 that went under contract during the same month last year. New listing activity increased 44.4 percent year-over-year with sellers listing 52 homes for sale during the month of May 2021. However, this does little to help the inventory situation, which fell 61.4 percent year-over-year leaving 59 homes for sale or 1.3 months of supply. Low inventory is pressuring prices, which continue rising. Both the median sales price ($256,500) and the average sales price ($344,673) rose 22.7 percent and 27.4 percent year-over-year respectively, while the average list price dipped slightly, 0.5 percent compared to last year, to $351,721. Sellers in McDowell are inching closer to asking prices as indicated by the original list-price to sales-price ratio registering 98.9 percent in May 2021. Homes are selling much faster than this time last year as indicated by days on market averaging 33 days until sale versus 78 days in May 2020.

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

Mitchell County posted 16 sales in May 2021 versus 12 sales in May 2020, while pending contracts showed buyers drove 27 homes under contract this past month, an increase of 145.5 percent year-over-year. New listings were down 11.1 percent year-over-year, with 16 properties listed for sale, which will continue to exacerbate inventory, that declined 60.7 percent compared to last year, leaving just 44 homes for sale at report time, or 2.2 months of supply. Prices rose sharply, likely pressured by falling inventory. Both the median sales price ($350,500) and the average sales price ($339,407) rose 64.9 percent and 41.7 percent year-over-year respectively, while the average list price rose by 6.9 percent to $325,663 in May 2021. Sellers received 98 percent of asking prices, as indicated by the original list-price to sales-price ratio. Days on market until sale averaged 57 during May 2021 versus 44 days in May 2020.

Polk County sales increased 122.2 percent year-over-year, as 40 properties closed during May 2021, compared to 18 that closed in May 2020. Pending sales showed buyer demand rose 27.5 percent year-over-year as 51 properties went under contract. Seller confidence is also up as sellers brought 55 homes to market, an increase of 27.9 percent year-over-year. Inventory however, continues to fall and was down 50 percent at report time, leaving 72 homes for sale, or 1.8 months of supply. Low inventory is impacting prices, which rose in May. Both the median sales price ($396,550) and the average sales price ($522,221) increased 33.5 percent and 44.3 percent year-over-year respectively, while the average list price rose 55.2 percent in May to $611,194. Sellers are inching closer to asking prices and received 96.9 percent of asking price, according to the original list-price to sale-price ratio. Days on market until sale trended at 62 days in May 2021 versus 109 day in May 2020.

 Rutherford County sales increased 41.1 percent with 79 homes sold in May 2021 compared to 56 homes sold in May 2020. Pending sales also increased, rising 21 percent year-over-year, with 98 homes going under contract during the month versus 81 under contract during the same period last year. New listings saw a gain of 45.9 percent year-over-year as sellers brought 124 homes to market compared to 85 listed for sale this time last year. With inventory down nearly 60.3 percent to 105 homes for sale or 1.2 months of supply, prices rose sharply. Both the median sales price ($210,000) and the average sales price ($266,825) climbed 52.7 percent and 32.1 percent year-over-year respectively. The average list price increased 20.8 percent to $377,918. The original list-price to sale-price ratio shows sellers received 95.5 percent of asking prices in May 2021. Properties in Rutherford County averaged 57 days on market until sale in May 2021 versus 59 days until sale the same month last year.

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

Swain County had little activity during May 2021, with just 10 sales reported and compared to two sales in May 2020. Contract activity is down, dropping 33.3 percent year-over-year as only eight properties went under contract during the month. Prices rose sharply in relation to low supply, which totaled 12 homes on market at report time, or 1.6 months of supply. The dynamic of low supply has caused sales prices to rise by more than 100 percent. The average sales price during May 2021 was $308,400, while the median sales price, the best measure of price over time, registered $257,500. May 2021’s average list price rose 48.1 percent to $369,490. Sellers are receiving about 94 percent of asking prices, according to May’s original list-price to sales-price ratio, while days on market until sale averaged 30 day in May 2021.

Transylvania County had positive home sales in May 2021, rising 89.7 percent year-over-year as 55 homes sold versus 29 that sold this time last year, just as the first pandemic lockdowns started to lift. Pending contract activity shows buyer demand is heavy, rising 33.3 percent year-over-year as buyers drove 76 homes under contract during the month. New listing activity was down in May 2021, falling 14.3 percent year-over-year as sellers listed only 66 homes versus 77 listed in May 2020. Year-to-date figures, however, show new listing activity ahead of the first five months of 2020 by 8.9 percent. Inventory continues to fall, declining 67.6 percent year-over-year, leaving 104 homes for sale, or 1.3 months of supply. Low inventory is pressuring prices, which rose sharply. Both the median sales price ($438,500) and the average sales price ($583,602) jumped 98.3 percent and 122.2 percent year-over-year respectively, while the average list price rose 13.9 percent year-over-year to $561,949. The original list-price to sales-price ratio shows sellers getting 96.2 percent of asking prices in May 2021. Homes sold fairly quickly as evidenced by days on market, which averaged 52 days in May 2021 compared to 62 days in May 2020.

 Yancey County’s sales increased 32 percent year-over-year as 33 homes sold in May 2021 versus 25 that sold in May 2020. Buyer demand was fairly strong, rising 27.8 percent with 23 homes going under contract versus 18 that were under contract in May 2020. New listing activity fell slightly, 3.6 percent year-over-year with sellers bring 27 homes to market. Inventory, as in all the other counties in the region, is challenged, declining 61.8 percent in May 2021, leaving 94 homes for sale, or 2.8 months of supply.  All price indices rose in May. Both the median sales price ($295,000) and the average sales price ($329,706) rose 32.3 percent and 35.3 percent year-over-year respectively, while the average list price rose 75 percent to $589,444. The original list-price to sales-price ratio showed sellers getting 93.7 percent of asking prices during May 2021. Days on market until sale averaged 174 days in May 2021.

 For more residential market statistics, visit www.CarolinaHome.com and click on “Market Data.” For an interview with an Asheville-area Realtor^®/broker, please contact Kim Walker (see contact info at top of release).

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 20,600 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: 7/2/2021