July 28, 2023

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. —  The Asheville region’s home sales declined 20.7 percent year-over-year, as 952 homes closed across the 13-counties in the western region, where Canopy MLS tracks housing data.  This time last year the region had slightly more than 1,200 homes sold.  Month-over-month June sales were nearly unchanged compared to May, up 0.8 percent, as buyers and sellers continue navigating a difficult market.

Haywood County continued its streak, with a second month of positive sales, which were up 7.1 percent compared to last year.  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, showed buyer demand was only down 4.8 percent, as buyers drove 988 homes under contract during the month, compared to 1,038 in June 2022. The region’s contract activity compared to May was down 2.9 percent. June’s Showings report, which tracks buyer foot traffic, showed buyer interest remains concentrated in Buncombe County, with listings in the city of Asheville seeing 4.5 shows or buyers per listing.

New listings declined 21.5 percent year-over-year as 1,242 homes were listed during the month compared to 1,582 that were listed during June 2022. Month-over-month, new listings were down 3 percent compared to May 2023.  New listing activity along with the slower sales environment, has helped inventory and supply to slowly replenish, however inventory in June dipped slightly across the region by 4.3 percent at report time, with 2,001 homes for sale or 2.3 months of supply. In June 2022 inventory showed 2,092 homes for sale and 1.9 months of supply.

“Sales across the region and in the Asheville MSA continue to reflect a market moving towards normalization.” said Dave Noyes, a Canopy MLS Board of Director, and Realtor®/Broker with eXp Realty. “Prices for the most part are holding steady throughout the region, with several counties seeing major improvement in supply, which helped to soften prices a bit in those areas, providing some relief to buyers navigating higher mortgage rates at midyear.”

The region’s median sales price ($416,343) increased by 5.4 percent year-over-year, likely due to the small drop in inventory, while the average sales price remained unchanged compared to last year at $496,348. The average list price increased 15 percent year-over-year to $600,668, which brought the original list price to sales price measure for the region to 97.7 percent.

Time on market continues to increase in buyer’s favor, as List to close averaged 83 days, compared to 75 days in June 2022, while days on market, the metric that accrues for “Active” and “Under-contract-show” statuses, showed the region’s homes were on market 33 days compared to 21 days in June 2022.

Asheville MSA 

Asheville MSA sales were down 20.9 percent year-over-year as 633 homes sold in June compared to 800 that sold this time last year. Contract activity was also down 6.5 percent as 652 homes went under contract during the month compared to nearly 700 that were under contract in June 2022.  New listings continued to show seller confidence down, falling 22 percent year-over-year even as the market highly favors them with fast days on market and an original list price to sales price measure, showing them getting 98.2 percent of asking prices in June 2023. Inventory dropped by 3.9 percent at report time to 1,234 homes for sale or 2.1 months of supply. Prices however rose, likely due to the dip in inventory.  Both the median sales price ($455,000) and the average sales price ($549,932) rose 3.4 percent and 1.7 percent year-over-year respectively, while the average list price rose 15.6 percent to $634,400. If inventory continues to contract, prices across the metro will move higher.  Year-to-date figures show both indices up approximately 3.8 percent, which is moderate, compared to prices at midyear 2022. Days on market showed homes averaged 30 days on market until sale compared to last year’s much faster market, at 17 days on market until sale.

Noyes continued, “Listing activity and inventory are crucial to a healthy market, but the lack of seller activity this year, even though the market highly favors them, reflects the unwillingness of sellers to list their homes, because they too will face higher mortgage rates when becoming buyers.”

Buncombe County homes sales declined 25.4 percent year-over-year as 344 homes sold compared to 461 that sold in June 2022. Pending contracts fell 15.4 percent as 334 homes went under contract compared to 395 that were under contract during the same period last year. New listings declined 26.3 percent year-over-year as 431 homes were listed compared to 585 that were listed in June 2022. Inventory was mostly unchanged, but dropped 1.8 percent to 650 homes for sale or 2.1 months of supply. Should inventory continue falling, prices will move higher. Both the median sales price and the average sales price increased 6.5 percent and 1.7 percent year-over-year respectively, while the average list price increased 18.7 percent to $705,804. This brought the original list price to sales price measure to 98.4 percent, which is still a strong signal to sellers, though down from 102 percent last June, while days on market showed homes averaged 28 days on market until sale compared to 16 days on market in June 2022.  

Haywood County home sales increased for a second consecutive month, rising 7.1 percent year-over-year as 105 homes sold compared to 98 that sold in June 2022. Pending sales were down 7.5 percent year-over-year as 98 homes went under contract versus 106 this time last year.  New listings dropped sharply, down 35.1 percent year-over-year as 120 homes were newly listed during the month compared to 185 listed in June 2022. Inventory, which had been ramping up, declined sharply as well, down 21.1 percent as 209 homes were on market compared to 265 on market in June 2022.  Months of supply also declined 12 percent to 2.2 months of supply compared to 2.5 months of supply in June 2022.  The drop in supply and inventory pressured prices which rose in response.  The median sales price ($390,000) and the average sales price ($479,707) rose 10.6 percent and 21.9 percent year-over-year respectively, while the average list price rose 6.1 percent to $479,190. This brought the original list price to sales price measure to 96.8 percent, while days on market showed homes averaged 37 days on market until sale compared to 21 days on market in June 2022.  

Henderson County home sales declined 22.1 percent year-over-year as 162 homes sold compared to 208 that sold at midyear 2022. Pending contract activity was positive, rising 9.9 percent year-over-year as 189 homes went under contract compared to 172 that were under contract in June 2022. New listings were down 7.9 percent as sellers listed 223 homes for sale compared to 242 that were listed during the same period last year. Inventory and supply continued to rise, with inventory up 3.2 percent at report time to 289 homes for sale or 1.9 months of supply. Prices were moderately mixed.  The median sales price ($450,000) increased 3 percent year-over-year while the average sales price declined 1.5 percent to $500,994. The average list price increased 23.3 percent to $597,054. This brought the original list price to sales price measure to 98.5 percent in June.  Homes sold quickly, though not as fast as last year, averaging 29 days on market until sale compared to 15 days on market in June 2022. 

(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)

Madison County homes sales declined 33.3 percent year-over-year as 22 homes sold compared to 33 in June 2022. Pending contract activity rose 29.2 percent as 31 homes went under contract compared to 24 this time last year, while new listings were also positive and rose 14.3 percent year-over-year as 48 homes were listed during the month. Inventory increased 11.7 percent and showed 86 homes for sale at report time or 3.5 months of supply. Prices were mixed.  The median sales price of $411,250 increased 12.5 percent year-over-year while the average sales price of $463,247 declined 5.8 percent year-over-year. The average list price in June dropped 21.9 percent compared to last year to $553,081. This brought the original list price to sales price measure to 101.4 percent as sellers receive all of asking price and more for their homes in June, while days on market indicated that homes sold quickly, averaging 28 days on market until sale compared to 19 days in June 2022.

Other counties around the region

Burke County home sales in June declined 21.1 percent year-over-year as 71 homes sold compared to 90 that sold in June 2022. Pending contract activity jumped 20.6 percent to 82 homes under contract during the month compared to 68 during the same period last year. New listings declined 16.8 percent as sellers brought 79 homes to market compared to 95 in June 2022. Inventory at report time declined 18.6 percent to 83 homes for sale or 1.2 months of supply. In June 2022 months of supply was slightly higher at 1.3 months. Prices were mostly unchanged. Tighter inventory pushed the median slightly higher, 1.6 percent year-over-year to $245,000 while the average sales price dipped 0.2 percent to $294,693.  The average list price was down 2.5 percent year-over-year to $325,164.  This brought the original list price to sales price measure down 3.1 percent to 97.2 percent in June compared to 100.3 percent in June 2022. Days on market rose 16.7 percent to 28 days on market in June compared to 24 days 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)

Jackson County home sales in June were unchanged for a second consecutive month, as 22 homes sold in June 2023.  Pending contracts jumped 27.3 percent as 28 homes went under contract compared to 22 in June 2022. New listing activity dipped slightly, by 2.8 percent as sellers listed 35 homes for sale compared to 36 listed in June 2022.  Inventory increased y 19.4 percent to 80 homes for sale at report time or 3.9 months of supply. Both the median sales price ($340,750) and the average sales price ($351,681) dropped by 10.9 percent and 35.3 percent year-over-year respectively while the average list price increased 35.1 percent to $956,712. This brought the original list price to sales price measure to 91.7 percent while days on market declined 17.2 percent to 48 days on market compared to 58 days on market in June 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 home sales declined 27.1 percent as 35 homes sold compared to 48 in June 2022. Pending contracts however rose 12.1 percent as 37 sales went pending during the month compared to 33 pending in June 2022. New listings declined 17.2 percent to 48 homes newly listed versus 58 listed in June 2022. Inventory increased 3.9 percent at report time to 80 homes for sale or 2.4 months of supply. Prices decreased. Both the median sales price ($242,500) and the average sales price ($329,101) decreased 17.1 percent and 9.6 percent year-over-year respectively, while the average list price dipped 1.1 percent year-over-year to $413,531. This brought the original list price to sales price measure to 99.2 percent, as sellers receive nearly all of asking price in June while days on market showed homes averaged 24 day on market until sale compared to 20 days on market in June 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 home sales declined 17.4 percent year-over-year as 19 homes sold compared to 23 that sold in June 2022. Pending contract activity was also down 16.7 percent as 15 homes went pending during the month versus 18 this time last year.  New listings fell by 31 percent as sellers listed 20 homes for sale compared to 29 listed in June 2022. Inventory and supply dropped, pushing prices higher.  Inventory was down 25.7 percent at report time to 55 homes for sale or 3.6 months of supply.  Both the median sales price ($284,500) and the average sales price ($332,329) increased by 7.4 percent and 14.7 percent year-over-year respectively, while the average list price increased 47.8 percent compared to last year to $419,305. This brought the original list price to sales price measure to 96.9 percent while days on market showed homes average 61 days on market in June compared to 17 days on market in June 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 dropped 41 percent year-over-year as 23 homes sold compared to 39 that sold in June 2022. Pending contracts also declined 36.6 percent year-over-year to 26 homes under contract compared to 41 under contract during the same period last year. New listings showed seller confidence down, falling 33.9 percent with 39 homes listed for sale compared to 59 listed in June 2022. Inventory increased slightly and showed 86 homes for sale at report time and 3.6 months of supply. Both the median sales price ($408,000) and the average sales price ($534,887) increased 23.6 percent and 18.7 percent year-over-year respectively, while the average list price increased 22 percent to $701,268.  This brought the original list price to sales price measure to 97.1 percent while days on market showed homes averaged 35 days on market compared to 101.1 in June 2022. 

Rutherford County home sales declined 14.1 percent year-over-year in June as 74 homes sold compared to 86 that sold in June 2022. Pending contracts declined 9.3 percent year-over-year as 68 homes entered pending status in June 2023 versus 75 that were pending in June 2022. New listings decline 11.9 percent year-over-year as sellers listed 96 homes for sale compared to 109 listed during the same period last year. Inventory increased 4 percent to 156 homes on market at report time or 2.4 months of supply. Both the median sales price ($281,000) and the average sales price ($338,485) dipped in June falling 3.1 percent and 10.4 percent year-over-year respectively while the average list price increased 22 percent year-over-year to $452,497. This brought the original list price to sales price measure to 97.2 percent while days on market showed homes averaged 28 days on market until sale compared to 25 days on market in June 2022.

Transylvania County home sales declined 11.9 percent year-over-year as 52 homes sold in June compared to 59 that sold in June 2022. Pending contract activity showed buyer demand fell 18.9 percent year-over-year as 43 homes went under contract compared to 53 that were under contract in June a year ago. New listings declined 27.5 percent as sellers listed 58 homes for sale compared to 80 listed in June 2022. Inventory dropped 14 percent at report time and showed 104 homes for sale or 2.4 months of supply. Both price indices declined.  The median sales price ($472,000) and the average sales price ($572,698) dipped by 2.7 percent and 5.9 percent year-over-year respectively while the average list price increased 25.4 percent to $771,229. This brought the original list price to sales price measure to 95.3 percent in June while time on market increased to 55 days on market until sale versus June 2022’s faster sales environment, when homes averaged 33 days on market until sale.

(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 17 homes sold in June compared to 24 that sold in June 2022. Contract activity showed buyers drove 24 homes under contract compared to 28 homes under contract during the same period last year, a 14. 3 percent year-over-year decline.  New listings fell sharply, 34 percent year-over-year as sellers listed 33 homes for sale compared to 50 newly listed in June 2022. Inventory dipped 5.9 percent at report time to 95 homes for sale or 5 months of supply, which is almost a balanced market. The National Association of Realtors® notes a balanced market has 6 months of supply which favors neither buyer nor seller.  Prices increased. Both the median sales price ($435,000) and the average sales price ($495,441) increased 22.8 percent and 5.3 percent year-over-year respectively, while the average list price dropped 20.8 percent to $457,415.  This brought the original list price to sales price measure to 93 percent, while days on market showed homes averaged 93 days on market until sale compared to 40 days on market in June 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: 7/28/2023