July 26, 2024

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — Sales across the 13 county Asheville region, where Canopy MLS trends data, slipped in June falling 12.9 percent compared to last year as 861 homes sold.  A closer look at the data showed only 128 home sales separated June 2023 activity from activity the region saw this past June. Month-over-month sales were down 8.9 percent, likely due to the persistently higher mortgage rate environment buyers are enduring. Year-to-date figures showed closed sales for the region were on par with sales activity during the first half of 2023, and only down by one percent.  Canopy MLS sales represented in this report are for single-family, condo, and townhome sales only.

Pending sales or contracts continued to signal buyers’ desire to live within the region, rising 7.9 percent year-over-year as 973 homes went under contract during the month, 71 more pending sales than last June. Contract activity compared to May was down 4.2 percent. A look at Showing Reports in June indicated buyer interest continues to be strongest in the city of Asheville, where active listings received 4.5 showings (or potential buyers) per listing followed by Hendersonville, where listings averaged 3.9 showings per listing. Overall, listings in Buncombe County averaged 4.0 showings per listing, which has been consistent this year, and is a strong indication that buyers want to be closer to the amenities and job centers.  

New listings rose again in June by 7.1 percent year-over-year as sellers listed 1,349 homes for sale compared to 1,260 homes listed a year ago in June. Month-over-month seller activity is up 5.6 percent over May 2024, representing ten consecutive months of rising seller confidence in the region, and helping to improve inventory and supply.

“Sales figures at midyear show the Asheville region and MSA’s housing market is moving closer to a balanced or healthy market, defined by four to six months of available inventory, and favoring neither buyers nor sellers, said Caleb Phillips, a Canopy MLS Board of Director and Realtor®/broker with Lusso Realty. Buyer demand and seller confidence have been steady this year, but buyers and sellers are truly influenced by rates, which have been stubbornly high. Rates moved lower in July, effectively giving buyers more buying power. If the FED cuts rates, as predicted later this year, buyers will be primed with more inventory, lower rates, and greater affordability."

Supply and inventory have risen consistently for the past 18 months. At report time inventory increased 31.5 percent to slightly less than 3,000 homes for sale and 3.5 months of supply.  In midyear 2023, the region had 2.6 months of supply and 2,220 homes for sale.

Prices rose modestly in June, with the median sales price for the region increasing 4.4 percent to $438,500 and the average sales price rising 7.5 percent year-over-year to $531,400.  The region’s average list price increased 8.5 percent to $631,907, bringing the original list price to sales price measure to 95.9 percent, down slightly compared to June 2023. Days on market also increased in June, rising 20.6 percent compared to last year, and showed homes averaged 41 days on market until sale, which is seven days longer than June 2023.

Asheville MSA 

The Asheville MSA, which includes Buncombe, Haywood, Henderson, and Madison Counties, had closed sales fall 12.8 percent in June, as 574 homes sold compared to 658 that sold in June 2023. Sales compared to May 2024 were down 8.9 percent.  Contract activity was steady and roughly unchanged, rising 1.5 percent as 618 homes entered under contract status. New listings increased 3.5 percent during the month, as sellers brought 862 homes to market compared to 833 the previous year. Similar to the region, the steady monthly increases in listings have helped inventory and supply grow.  Inventory at report time increased 26.9 percent year-over-year to 1,745 homes for sale, while supply increased 28 percent to 3.2 months of supply.  Prices rose during the month.  Both the median sales price ($493,500) and the average sales price ($586,184) rose by 8.2 percent and 6.9 percent year-over-year respectively, while the average list price increased 9.6 percent to $677,145. This brought the original list price to sales price measure down slightly to 96.7 percent, while days on market increased 29 percent to 40 days on market compared to 31 days on market in June 2023. 

A closer look at inventory throughout the region showed more inventory of mid-priced single-family homes coming to market, with homes priced from $300K to $400K seeing a 26 percent year-over-year increase in inventory.  However, the condo market in June had the largest gain in inventory at 38.1 percent followed by the townhome market with a 21.1 percent gain in inventory.

Phillips continues, “Without a doubt, affordability remains a challenge for buyers, particularly first-time buyers and those searching for homes in the MSA and the city of Asheville. But our affordability issues stem largely from three years of high demand amid critically low inventory and supply. Buyers can find more opportunities at affordable price points in the growing condo-townhome market, where there is nearly a four-month supply of condos and a 3.6-month supply of townhomes. Working with a Realtor® who has access to Canopy’s Down Payment Assistance Resource tool, can further help buyers in this complex market.”

Counties in the MSA

Buncombe County home sales in June declined 7.3 percent year-over-year as 329 homes sold compare to 355 that sold in June 2023.  Contract activity remained steady and rose 3.1 percent compared to last year as 332 homes went under contract, which is 10 more contracts written than in June 2023.  New listing activity was relatively unchanged compared to last year, increasing 1.1 percent as sellers listed 443 homes for sale compared to 438 that were listed a year ago in June.  Both inventory and supply rose by 21 percent and 20 percent year-over-year respectively, leaving Buncombe with 860 homes for sale or 2.9 months of supply. Prices rose during the month, due to the still too tight inventory situation.  The median sales price ($525,000) and the average sales price ($645,328) rose by 4 percent and 8.3 percent year-over-year respectively, while the average list price increased 12.2 percent to $772,321.  This brought the original list price to sales price measure down 1.6 percent to 96.9 percent, which is still an incentive for sellers to list, while days on market increased 40.7 percent year-over-year and showed homes averaged 38 days on market until sale, compared to 27 days on market a year ago.

Haywood County home sales in June had a sharp decline of 35.2 percent year-over-year as 70 homes sold compared to 108 that sold in June 2023. Contract activity however was up substantially, rising nearly 25 percent as 102 homes went into under contract status compared to 82 last June.  Likewise, new listing activity increased 22.3 percent as sellers added 148 new listings to the market. Inventory rose 31 percent at report time to 317 homes for sale while supply rose 40.7 percent to 3.8 months supply, up from 2.7 months of supply during the same period last year. Supply has now shifted the Haywood market closer to balance. Prices however increased, due to the substantial rise in demand.  The median sales price ($427,195) increased 8.8 percent while the average sales price ($482,510) remained relatively unchanged, increasing 1.4 percent year-over-year. The average list price increased 7.3 percent to $503,213 in June, bringing the original list price to sales price measure down less than a percent to 96.2 percent. Days on market show homes taking a little longer to sell, increasing 10.3 percent year-over-year to 43 days on market compared to 39 days on market in June 2023.

Henderson County home sales in June declined 9.9 percent year-over-year as 155 homes sold compared to 172 that sold the previous June.  Contract activity also declined by 6.9 percent as 162 homes went under contract during the month versus 174 the in June 2023.  New listings increased 6.2 percent to 240 homes listed during the month, compared to 226 that were listed in June 2023.  Inventory and supply increased by 46.1 percent and 39.1 percent year-over-year respectively to 485 homes for sale or 3.2 months of supply.  The median sales price ($480,000) and the average sales price ($520,000) rose 6.7 percent and 2.8 percent year-over-year respectively, while the average list price increased a modest 3.3 percent to $602,061. This brought the original list price to sales price measure down slightly to 96.6 percent while days on market increased 28.1 percent year-over-year to 41 days on market compared to 32 days on market in June 2023.

Madison County home sales totaled 20 in June, a decline of 13 percent compared to 23 homes sold in June 2023. Pending contracts declined 29 percent year-over-year to 22 homes in under contract status compared to 31 the previous June.  New listings had a steep decline of 35.4 percent year-over-year as sellers listed 31 homes during the month.  Inventory declined by 7.8 percent to 83 homes for sale compared to 90 a year ago in June, while months of supply inched up 2.7 percent to 3.8 months of supply.  The median sales price of $421,500 was relatively unchanged, dipping less than a percent (-0.2%) compared to last June, while the average sales ($484,334) rose a modest 3 percent. The average list price increased 40.8 percent to $728,745 bringing the original list price to sales price measure down 3.1 percent to 97.4 percent. Days on market increased by 48.6 percent to 55 days on market until sale compared to 37 days on market in June 2023.

Other counties around the region  See data for June 2024

Burke County Both the median sales price ($270,000) and the average sales price ($372,588) rose this month 12.5 and 28.2 percent respectively. Closed sales dipped slightly by 9.6 to 66 properties this month. The average list price increased 49.6 percent to $475,367 bringing the percent of list price received down slightly to 95.8 percent.

There was a substantial 103.1 percent increase in inventory level, with 199 properties available, equivalent to a 3.0 months supply, a 100 percent increase from 2023. Pending contract activity rose 7.0 percent with 76 homes under contract during June. New listings jumped 16.3 percent as sellers brought 93 homes to market compared to 80 in June 2023. Days on market reached 37 days up from 27 the previous year. 

Jackson County had 20 homes close in June, a decline of 16.7 percent year-over-year while pending contract activity jumped 19.2 percent compared to last year as 31 homes went under contract.  New listings also jumped by 47.4 percent as sellers listed 56 homes during the month compared to 38 newly listed in June 2023. Inventory at report time showed 102 homes for sale, which was an increase of 15.9 percent compared to last year, while months of supply signals the market is closer to equilibrium, at 5.1 months of supply. The median sales price ($305,000) declined 7.8 percent year-over-year while the average sales price increased 10.1 percent to $374,450.  The average list price declined by 11.2 percent to $755,193 bringing the original list price to sales price measure to 92.5 percent while days on market showed homes averaged 58 days on market until sale compared to 45 days on market in June 2023.

McDowell County home sales in June increased 5.6 percent year-over-year as 38 homes sold compared to 36 the previous June. Pending contracts rose 36.4 percent to 45 homes under contract during the month while new listings increased 10 percent compared to last year to 55 new listings, compared to 50 new listings in June 2023. Inventory increased 34.4 percent to 121 homes for sale or 3.5 months of supply. Prices rose by double-digits due to the substantial increase in demand.  The median sales price ($284.500) and the average sales price ($381,983) increased 16.1 percent and 16.5 percent year-over-year respectively, while the average list price increased 10.8 percent to $442,153. This brought the original list price to sales price measure to 93.5 percent while days on market lengthened 78.3 percent to 41 days compared to 23 days in June 2023.

(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 14 closed sales in June, down from 20 closed sales the previous June, 12 pending contracts, compared to 13 in June 2023 and 22 new listings, compared to 20 new listings a year ago.  Inventory at report time showed 60 homes for sale compared to 58 the previous year and six months of supply.  Prices declined. The median sales price declined 7.6 percent year-over-year to $270,000, while the average sales price declined 5.1 percent to $330,559.  The average list price increased 9.5 percent to $445,805 bringing the original list price to sales price to 90.4 percent during the month, while days on market increased 90.4 percent to 104 days on market until sale compared to 59 days in June 2023.

(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 12 percent year-over-year to 22 homes sold compared to 25 that sold in June 2023. Pending contracts increased 34.8 percent to 31 homes under contract compared to 23 under contract a year ago in June. New listings declined 5.1 percent to 37 new listings, compared to 39 listings in June 2023. Inventory increased 25.6 percent to 113 homes for sale or 4.6 months of supply. The median sales price jumped 30.3 percent to $527,750 while the average sales price rose 22.9 percent to $630,182.  The average list price increased by 13.96 percent to $781,631 bringing the list price to sales price measure down slightly to 95.3 percent.  Days on market declined 8.7 percent and showed homes on market 42 days compared to 46 days on market a year ago.

Rutherford County home sales dipped 9.3 percent as 68 homes sold in June compared to 75 that sold in June 2023. Pending contracts showed buyer demand rose 43.1 percent as 83 homes went under contract compared to 58 that were under contract a year ago.  New listings increased 16.7 percent as sellers listed 112 during the month compared to 96 newly listed in June 2023.  Inventory at report time showed 264 homes for sale or 4.1 months of supply, both up 45.1 percent and 36.7 percent year-over-year respectively. The median sales price declined 10.1 percent to $257,500 while the average sales price remained relatively stable, rising 1.4 percent year-over-year to $344,434.  The average list price dipped 6.5 percent to $411,299 bringing the original list price to sales price measure to 92.5 percent. Days on market increased 21.4 percent and showed homes on market 34 days versus 28 days a year ago in June.

Transylvania County sales declined 29.6 percent year-over-year as 38 homes closed versus 54 that closed a year ago in June.  Pending contract activity rose 21.1 percent during the month to 46 homes under contract compared to 38 that were under contract in June 2023.  New listing activity was somewhat unchanged, rising 1.7 percent o 60 new listings, compared to 59 new listings in June 2023. Inventory rose 52.8 percent to 169 homes for sale compared to 111 for sale during the same period, while supply jumped 46.2 percent to 3.8 months of supply.  The median sales price remained steady, falling 1.9 percent year-over-year to $458,125 while the average sales price increased 16.1 percent to $652,996.  The original list price to sales price measure is unchanged compared to last year at 95.4 percent while days on market until sale dropped 34 percent to 35 days on market compared to 53 days on market in June 2023.

(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 13 sales in June versus 13 a year ago; 25 pending contracts compared to 21 in June 2023 and 43 new listings compared to 33 a year ago in June. Inventory increased to 116 homes for sale, which is 13 more homes for sale than in June 2023 and supply increased to 5.9 months up from 5.8 in June 2023. Prices declined.  The median sales price dropped 21.8 percent to $340,000 while the average sales price dropped 19.3 percent year-over-year to $399,670 bringing the original list price to sales price measure to 97.3 percent and days on market declined 52.7 percent to 44 days on market versus 93 days on market in June 2023.

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: 7/26/2024