August 18, 2021

Contact: Kim Walker, 704-940-3149

Asheville region had record number of home sales in June

CHARLOTTE, N.C. – After June’s record number of transactions, residential home sales across the Asheville region cooled in July 2021, with sales dipping 4.5 percent year-over-year as 1,240 properties sold across the western North Carolina mountains. Canopy MLS data showed month-over-month, sales were down 4.3 percent compared to June 2021. These are completed transactions that include single family and condo/townhome data only.

Buyer demand, as displayed by pending sales or contracts, is still strong and rose 2 percent year-over-year as buyers drove 1,429 properties under contract.  Contract activity tends to be a forward-looking indicator or predictor of future sales. Contract activity compared to June 2021, was up 3 percent. 

Seller confidence continues to be strong, with new listings increasing 8.8 percent year-over-year as 1,587 properties were listed. Buyers will find inventory throughout the region a challenge, with the number of homes for sale at report time totaling 2,076 a decrease of 43 percent year-over-year, or 1.7 months of supply. This time last year the region had 3.8 months of supply.

Darrin Graves, a Canopy MLS Board of Directors member and broker/Realtor® with Keller Williams Great Smokies, said, “Even though sales have cooled a bit after last month’s record number of transactions, one month of depressed sales activity doesn’t necessarily point to a shift. Last year’s pandemic pushed buyer and seller activity into the second half of 2020 and high demand has driven sales into this year. Buyer demand is still steady and this slight slowdown in activity coupled with the continued increases in new listings should help moderate home prices a bit.”

All price indices increased in relation to the lack of supply. Both the median sales price ($340,000) and the average sales price ($401,409) rose 15.3 percent and 16.4 percent year-over-year respectively, while the average list price rose 8.3 percent year-over-year to $401,409. The original list price to sales price measure showed sellers across the 13-county region received 98.8 percent of list price in July. Home sales were brisk and averaged 31 days on market in July 2021 versus 72 days on market last July.

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

Asheville MSA
Sales across the Asheville metropolitan statistical area (MSA) were similar to the region, decreasing 9.1 percent year-over-year as 823 homes sold versus 905 in July 2020. Pending contracts, which typically close 45-60 days later, showed 953 homes went under contract during the month, an increase of 3.6 percent year-over-year, while sellers continued to respond favorably, by listing 1,068 homes for sale, an increase of 7.4 percent year-over-year. Still, inventory is challenged throughout the metro-area, falling 40.7 percent year-over-year with 1,308 homes for sale at report time or 1.6 months of supply. This is a small improvement since June 2021, when there was a month and a half of supply.

The dynamic of low supply amidst steady demand continues to pressure prices. Both the median sales price ($370,000) and the average sales price ($436,411) rose 19.4 percent and 21.8 percent year-over-year, respectively, while the average list price of $472,269 rose 11.3 percent compared to last July.  Sellers in the metro area are getting nearly all of asking price, as displayed by the original list price to sales price ratio increasing 3.4 percent year-over-year to 99.3 percent of asking price. Days on market averaged 26 days this past July versus 62 days in July 2020.

Graves added, “Our region’s lack of supply is the chief reason that prices are rising, especially in areas closer-in to the city of Asheville and prices are definitely impacting first-time and workforce home buyers, locking many out of the market.  However, the growth in new listing activity over the first half of the year will definitely help buyers with more homes to choose in the short term, while long term adding to supply and cooling prices.”

Buncombe County
July home sales in Buncombe fell 5.7 percent year-over-year as 460 homes were sold versus 488 in July 2020. Pending contract activity showed buyer demand is steady and rose 3.5 percent year-over-year as 501 properties went under contract.  New listing activity was also positive and rose 7.4 percent with sellers bringing 569 homes to market during the month. Year-to-date figures show the county strongly positioned, as closings, contracts and new listing activity are well ahead of activity during the first seven months of 2020. Prices rose in relation to tight inventory.  Both the median sales price ($395,000) and the average sales price ($485,957) rose 19.7 percent and 25.2 percent year-over-year respectively, while the average list price rose 11.4 percent over last July’s list price to $516,209. Inventory at report time showed 647 homes for sale, a 45.2 percent decline over last July or 1.4 months of supply. The original list price to sales price ratio shows sellers getting 99.3 percent of asking prices, while their homes averaged 28 days on market in July 2021 versus 54 days this time last year.

Haywood County
Home sales in Haywood County slipped 12.2 percent year-over-year as 129 homes sold versus 147 that sold in July 2020. Pending contract activity is nearly unchanged compared to last July, rising just 1.2 percent as 163 properties went under contract during the month. New listings should help buyers with more choice as sellers listed 184 homes for sale, an increase of 6.4 percent year-over-year. However, buyers will find inventory tight, as only 241 homes were on market at report time compared to 369 on market in July 2020. This is a decrease of 34.7 percent, that has left 1.9 months of supply of homes for sale. Tight inventory will continue to pressure prices. Both the median sales price ($302,000) and the average sales price ($333,394) rose 14.6 percent and 17.8 percent year-over-year respectively, while the average list price rose 28.9 percent over last year to $428,254. Sellers in Haywood received 97.7 percent of asking prices in July 2021, according to the original list price to sales price ratio and also enjoyed faster days on market, which averaged 26 days this past July.

Henderson County
Sales fell 9.8 percent year-over-year in July 2021, as 211 homes were sold versus 234 that sold in July 2020. Pending sales activity shows buyers still in the market, as 252 homes went under contract in July, an increase of 5 percent year-over-year, while new listing activity also rose 6.2 percent over last July, as sellers listed 275 homes for sale. Year-to-date figures show the county strongly positioned, as closings, contracts and new listing activity are well ahead of activity during the first seven months of 2020. Prices rose in relation to tight inventory, both the median sales price ($352,000) and the average sales price ($401,537) rose 14.1 percent and 15.1 percent year-over-year respectively.  The average list price is relatively unchanged, dipping 1.1 percent to $406,216. Still, sellers enjoyed receiving nearly all of asking prices in July as indicated by the original list price to sales price ratio registering 99.9 percent. Inventory at report time showed 350 homes for sale, versus 537 homes for sale or 1. 6 months of supply. Sellers in Henderson County also had a faster rate of sales, averaging 22 days on market in July 2021, versus 60 days this time last year.

Madison County
(Due to small sample size of homes for sale, percentages of change can look extreme) Sales in Madison County declined 36.1 percent year-over-year in July, as 23 homes sold compared to 36 that sold this time last year. Pending sales, however increased 5.7 percent year-over-year as 37 homes went under contract during the month.  New listing activity rose 25 percent year-over-year as 40 homes were added to inventory.  However, this will not improve the inventory situation, which declined 41.2 percent in July, leaving 70 homes for sale or 2.6 months of supply.  Prices are rising. Both the median sales price ($325,000) and the average sales price ($343,224) rose 1.5 percent and 5.3 percent year-over-year respectively, while the average list price rose 28.8 percent to $502,161. Sellers received 102 percent of asking prices in July 2021, as indicated by the original list price to sales price ratio. The market moved rather quickly in Madison, as days on market averaged 35 days in July versus 123 days on market in July 2020.

Other counties around the region
Burke County closed sales rose 22.5 percent as 87 homes sold compared to 71 home sales in July 2020. Pending sales show that buyer demand is heavy in the county, rising 60.7 percent year-over-year with 98 homes going under contract during the month compared to 61 that went under contract last year. New listing activity rose significantly, 66.7 percent year-over-year with 120 homes newly listed versus 72 listed last July. The rise in new listings however does little to improve the current inventory situation, which declined 21 percent year-over-year leaving 109 homes for sale or 1.4 months of supply. Supply has improved a bit since last month’s low of one month of supply. Prices were mixed. The median sales price of $250,000 rose 16.3 percent year-over-year, while the average sales price declined 6.5 percent year-over-year to $251,181.  The average list price was $290,422 and represented a 15.3 percent increase of last July’s average list price. Sellers enjoyed 100.2 percent of asking prices in July, as evidenced by the original list price to sales price ratio while their homes sold quickly. Days on market until sale in July 2021 averaged 20 days versus 65 days this time last year.

(Due to small sample size of homes for sale, percentages of change can look extreme) Jackson County, sales declined 7.4 percent year-over-year as 25 homes sold versus 27 in July 2020. Pending contract activity declined as well, falling 34.1 percent year-over-year as 29 homes went under contract compared to 44 this time last year. New listing activity dropped by 50 percent as sellers listed 24 homes for sale. Prices are rising in relation to inventory, which declined by 54.5 percent year-over-year, leaving 75 homes for sale or 2.3 months of supply. Both the median sales price ($330,000) and the average sales price ($402,188) rose 61 percent and 19.1 percent year-over-year respectively, while the average list price rose 13.8 percent in July to $526,535. The original list price to sales price ratio showed sellers received 94 percent of asking price in Jackson County in July 2021, while homes averaged 55 days on market until sale.

McDowell County home sales increased 22 percent year-over-year as 50 homes sold versus 41 in July 2020. Pending contract activity showed buyer demand was steady and rose 9.1 percent year-over-year as 48 homes went under contract. New listing activity rose 23.9 percent year-over-year as sellers listed 57 homes for sale in July versus 46 this time last year. Inventory is tight and fell 42.1 percent year-over-year, leaving 77 homes for sale or 1.7 months of supply. In July 2020, there was 3.8 months of supply. Prices are moderating.  Both the median sales price ($190,250) and the average sales price ($221,087) declined 8.3 percent and 13.6 percent year-over-year respectively, while the average list price rose 5.6 percent to $383,477 in July.  The original list price to sales price ratio showed sellers received 97.4 percent of asking prices during the month, while homes sold quickly, averaging 24 days on market until sale. (Due to small sample size of homes for sale, percentages of change can look extreme)

Mitchell County had 15 homes sold in the month of July 2021, which is unchanged compared to last July. Pending contract activity fell 14.3 percent year-over-year as 24 homes went under contract compared to 28 that were under contract this time last year. New listings rose 4.3 percent as sellers listed 24 homes for sale. Inventory dropped 46.9 percent year-over-year leaving 52 homes for sale or 2.7 months of supply. Prices were mixed. The median sales price of $290,000 declined 1.7 percent compared to last year while the average sales price of $389,207 increased 53.3 percent year-over-year. The average list price of $285,665 however, was 24.7 percent lower than last July’s and sellers received 91.7 percent of asking prices according to the original list price to sales price ratio. Days on market until sale averaged 79 days in July 2021.

Polk County sales decreased 26.1 percent year-over-year as 34 homes sold versus 46 in July 2020. Pending sales fell 10.7 percent year-over-year as buyers drove 50 homes under contract versus 56 this time last year. New listings increased 3.7 percent year-over-year as 56 homes were listed for sale during the month, just two more than in July 2020. Inventory fell 32.4 percent year-over-rear, leaving 92 homes for sale or 2.3 months of supply.  Prices rose by double-digits.  Both the median sales price ($375,000) and the average sales price ($416,832) rose 36.4 percent year-over-year and 40.8 percent year-over-year respectively, while the average list price rose of $456,523 rose 6.2 percent over last year’s list price.  This resulted in the original list price to sales price ratio registering 98.8 percent, as sellers get closer to all of asking price. Days on market averaged 36 days in July 2021 versus 87 days on market this time last year.

Rutherford County sales bounced back after June’s decline, as 98 homes sold versus 79 that sold in July 2020, a 24.1 percent year-over-year increase. Pending sales, which signal buyer demand increased 38.8 percent year-over-year as buyers drove 118 homes under contract during the month. New listing activity rose 64.6 percent year-over-year as 130 homes were listed. This will help buyers in the area with more choice, however it does little to improve inventory, which fell 40 percent year-over-year leaving 141 homes for sale or 1.6 months of supply.  Price are rising. Both the median sales price ($277,500) and the average sales price ($315,367) rose 23.3 percent and 3.1 percent year-over-year respectively, while the average list price rose 5.3 percent year-over-year to $337,662. The original list price to sales price ratio registered 98.4 percent in July, showing sellers getting closer to full asking price. Days on market averaged 32 days in July 2021 versus 100 days this time last year. (Due to small sample size of homes for sale, percentages of change can look extreme)

Swain County had very little activity during the month of July 2021, with just six sales reported compared to nine sales in July 2020. Pending sales activity decreased as two properties went under contract during the month, compared to 14 under contract in July 2020.  New listing activity is down 57.1 percent year-over-year, as sellers brought six properties to market versus 14 this time last year. Price were mixed. Inventory fell to 18 homes for sale at report time or 2.8 months of supply at the current sales pace. The median sales price of $209,250 declined 7 percent year-over-year while the average sales price rose 21.1 percent year-over-year $251,117.  The average list price rose 40 percent over last July, to $789,800. The original list price to sales price ratio registered 99.1 percent in July, showing sellers getting nearly all of asking prices. Days on market until sale averaged 57 days in July 2021.

Transylvania County sales decreased by 19 percent year-over-year as 68 homes sold versus 84 that sold this time last year.  Pending contracts fell by 38.3 percent year-over-year as 56 homes went under contract during the month. New listing activity declined 35.9 percent year-over-year as sellers listed 59 homes versus 92 listed in July 2020. Inventory is pressuring prices. Both the median sales price ($382,500) and the average sales price ($472,138) rose 4.8 percent and 11.5 percent year-over-year respectively, while the average list price rose 8.2 percent year-over-year to $549,625.  This brought the original list price to sales price ratio to 97.5 percent, showing sellers getting ever closer to full asking prices.  Days on market until sale averaged 39 days versus 93 days in July 2020.

Yancey County sales in July 2021 increased 61.9 percent year-over-year as 34 homes sold versus 21 that sold in July 2020. Pending sales fell 10.9 percent year-over-year as buyers drove 49 homes under contract versus 55 in July 2020. New listing activity rose 16.2 percent year-over-year as sellers brought 43 homes to the market. Inventory continues to fall and totaled 87 homes for sale at report time or 2.6 months of supply at the current sales pace.  Prices are rising.  Both the median sales price ($320,000) and the average sales price ($326,204) rose 18.5 percent and 27.9 percent year-over-year respectively, while the average list price rose 53.2 percent to $636,690. The original list price to sales price ratio registered 95.2 percent showing sellers inching closer to full asking prices, while days on market until sale averaged 118 days in July 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, the mountains area of North Carolina, South Carolina, and beyond. 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: 8/19/2021