August 23, 2024

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — Home sales in July across the 13 mountain counties in western North Carolina where Canopy MLS trends data, were nearly on par with sales last year, down slightly, by 2 percent year-over-year as 883 homes sold. A closer look at the data revealed that 18 home sales were the difference between this year’s sales and July 2023. Sales compared to the previous month (June 2024) were up 2.6 percent, as buyers took advantage of mortgage rates that declined to a three-month low of 6.7 percent in mid-July.  Canopy MLS sales represented in this report are for single-family, condo, and townhome sales only.

Contract activity or buyer demand rose by 11.9 percent to slightly more than 1,013 homes moving into under contract status in July; month-over-month contract activity was up 4.3 percent across the region. Showing activity, though lower than previous months revealed the city of Asheville continues to rank highest among buyers where active listings averaged 4.1 showings (or potential buyers) per listing, followed by Hendersonville, where listings averaged 3.6 showings per listing.  Overall, listings in Buncombe County averaged 3.8 showings per listing, which has been consistent this year, showing buyers strong desire to live near Asheville’s amenities and job centers.

New listings rose by 14.7 percent across the region as sellers brought 1,284 new listings to market during the month, compared to 1,119 listings during the same period last year. Month-over-month new listing activity is down 4.8 percent. Still, July’s new listing activity represented a significant boost to both inventory and supply, both of which rose by 33 percent compared to last year.  At report time on August 5, there was slightly more than 3,000 active listings and 3.6 months of supply. This time last year the region had 2.7 months of supply. 

“The region is not quite a buyer’s market yet, but the steady increases in inventory and supply have helped ease pressure on buyers, leading to more contract signings while also helping prices to stabilize, said Caleb Phillips, a Canopy MLS Board of Director and Realtor®/broker with Lusso Realty. If predictions hold true and the FED lowers rates in September we could see a significant boost in market activity later on in fourth quarter."

As inventory and supply increased, prices throughout the region continued to stabilize. The median sales price of $422,890 was nearly on par with last July’s median, down 0.5 percent year-over-year, while the average sales price increased slightly (1.1%) to $531,944.  The average list price rose 18.5 percent to $643,482 which brought the original list price to sales price ratio down slightly to 95.1 percent. Days on market increased 22.9 and showed homes averaged 43 days on market until sale in July compared to 35 days on market in July 2023.

Asheville MSA

The Asheville MSA, which includes Buncombe, Haywood, Henderson, and Madison Counties, had closed sales fall 13.1 percent year-over-year as 557 homes sold compared to 641 that sold in the MSA a year ago. Month-over-month sales were down 3 percent. Pending contracts rose 8.9 percent compared to last year as 649 homes went into under contract status during the month compared to 596 a year ago in July. Contract activity compared to the previous month was up 5 percent. New listings rose a modest 3.5 percent as sellers brought 862 homes to market during the month. Inventory increased 26.9 percent to 1,745 while supply increased 28 percent to 3.2 months of supply. A year ago, in July the MSA had only 2.5 months of supply and 1,382 homes in inventory.  

Prices across the MSA were somewhat steady.  The median sales price ($450,000) was mostly in line with last year’s median, down 0.4 percent while the average sales price increased a modest 2.8 percent to $579,229.  The average list price increased 13.4 percent to $657,636 bringing the original list price to sales price measure to 96.6 percent. Days on market increased 11.8 percent year-over-year and showed homes on market 38 days in July, compared to 34 days in July 2023.

With inventory moving higher in July, buyers and particularly first-time buyers, can find more opportunities in the condo-townhome market.  The property type that gained the most inventory was the condominium segment, where it increased 55.8 percent to four months of supply, while the townhome segment increased 39.6 percent to 3.7 months of supply.

Phillips continued, “Affordability remains top of mind for buyers, but the combination of increased inventory, potentially lower mortgage rates this fall, along with working with a Realtor® who has access to Canopy’s Down Payment Assistance Resource tool should help with affordability and move buyers to the closing table.”

Counties in the MSA

Buncombe County home sales declined 21 percent year-over-year in July, as 282 homes sold compared to 357 that sold a year ago in July, while pending contract activity dipped by 3 percent compared to July 2023. New listing activity was mostly unchanged compared to July 2023, rising 0.5 percent year-over-year as sellers listed 392 homes for sale compared to 390 the previous year.  Inventory and supply continued to rise in Buncombe.  Inventory rose 19.4 percent to 857 homes for sale and supply increased 20.8 percent showing the county with 2.9 months of supply.  Prices were mixed.  The median sales price dipped slightly, down 1.3 percent while the average sales price increased 4.9 percent to $659,012. The average list price increased 11.8 percent year-over-year to $706,757, bringing the original list price to sales price measure down to 97.2 percent while days on market increased 15.6 percent to 37 days on market compared to 32 days in July 2023.  

Haywood County home sales in July dipped 3.4 percent year-over-year as 86 homes sold compared to 89 the previous year, while pending contract activity was mostly unchanged, up slightly (1.1%) as 93 homes went under contract during the month. In a strong sign of seller confidence, new listings jumped by 38.8 percent as 136 homes were listed for sale compared to 98 the previous year. Inventory rose by 48.2 percent at report time to 332 homes for sale or four months of supply, which also rose by 53.8 percent, bringing Haywood closer to a buyer’s market. Prices rose this month, amidst steady demand. The median sales price ($405,000) and the average sales price ($506,365) increased 13.6 percent and 26.2 percent year-over-year respectively, while the average list price dipped 1.5 percent to $526,995, bringing the original list price to sales price measure down slightly to 94.7 percent, while days on market increased 16.7 percent to 49 days on market, compared to 42 days on market in July 2023.

Henderson County home sales rose in July by 3.1 percent as 166 homes were sold compared to 161 the previous year.  Pending contracts signaling buyer demand also increased significantly in July, as 218 homes went under contract during the month, an increase of 42.5 percent year-over-year. Seller activity also had a strong increase, as sellers brought 265 new listings to market, an increase of 48.9 percent compared to July 2023. Inventory rose by 50.7 percent to 511 homes for sale while months of supply increased 43.5 percent to 3.3 months of supply. Prices dipped.  Both the median sales price ($442,950) and the average sales price ($501,805) dropped by 2.6 percent and 5.1 percent year-over-year respectively, while the average list price rose by 26.5 percent year-over-year to $666,233. This brought the original list price to sales price ratio to 96.8 percent while days on market rose 11.8 percent to 38 days on market compared to 34 days on market in July 2023.

Madison County home sales in July plummeted 32.4 percent year-over-year as 23 homes sold compared to 34 that sold a year ago. Contract activity also retreated, down 13 percent as 20 homes went under contract during the month compared to 23 in July 2023. New listing activity was unchanged with sellers bringing 42 additional homes to market during the month. Inventory declined by 3 percent year-over-year to 98 homes for sale while supply increased 9.8 percent to 4.5 months of supply.  Both price indices decline.  The median sales price dropped 13.1 percent year-over-year to $380,000 while the average sales price dropped by 8.7 percent compared to last year to $432,259. The average list price increased by 34.7 percent to $569,337 brining the original list price to sales price ratio down slightly to 96.1 percent. Days on market declined by 6.7 percent compared to last year in July, to 28 days on market compared to 30 days on market in July 2023.

Other counties around the region  See data for July 2024

Burke County experienced increases in all metrics except for the percent of original list price received which fell to 92% this month. The median sales price ($260,000) and the average sales price ($277,024) rose this month 1.0 and 4.1 percent respectively. Closed sales increased by 20.3 to 77 properties this month. Pending contract activity rose 50.9 percent with 83 homes under contract during July. The average list price increased 24.1 percent to $398,152.

There was a substantial 64.2 percent increase in inventory with 197 properties available, equivalent to a 2.9 months supply, a 52.6 percent increase from 2023. New listings jumped 8.2 percent as sellers brought 92 homes to market compared to 85 in July 2023. Days on market reached 48 days, up from 32 the previous year.

Jackson County home sales jumped by 52.9 percent as 26 homes sold in July compared to 17 that sold in July 2023. Contract activity rose by 17.4 percent to 27 homes under contract, which is four more than were under contract in July 2023. New listings showed sellers listed 32 homes for sale and increase of 18.5 percent compared to 27 newly listed in July of last year.  Inventory increased 20.9 percent to 104 homes for sale while supply increased 15.9 percent to 5.1 months of supply, moving closer to a buyers’ market in the county.  The median sales price declined 11.1 percent year-over-year to $392,500 while the average sales price jumped 38 percent to $737,750. The average list price in July soared 74.2 percent to $751,909 bringing the original list price to sales price ratio to 94.1 percent. Days on market showed homes averaged 38 days on market until sale compared to 31 days on market in July 2023.

McDowell County home sales in July declined by 14.3 percent year-over-year to 30 homes sold compared to 35 that sold in July 2023.  Pending contracts increased 10.8 percent to 41 homes under contract during the month compared to 37 that were under contract a year ago in July. New listings rose by 7.8 percent year-over-year as sellers listed 55 homes for sale compared to 51 newly listed during the same period last year.  Inventory increased by 30.3 percent to 130 homes for sale or 3.7 months of supply.  A year ago, there were 100 homes in inventory and 3.1 months of supply.  Prices dropped.  The median sales price ($277,500) dipped by 7.2 percent compared to last year while the average sales price ($426,387) dipped by 8.8 percent year-over-year. The average list price increased 6.7 percent to $465,483 while days on market increased 108.3 percent to 75 days on market compared to 36 days on market in July 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 11 closed sales in July compared to nine closed sales in July 2023. Contracts increased by 30 percent as buyers wrote contracts on 13 homes compared to 10 under contract in July 2023. New listings dipped by 5 percent year-over-year as sellers listed 19 homes for sale compared to 20 listed this time last year. Inventory rose 16.4 percent to 71 homes for sale or 6.6 months of supply, showing the market at equilibrium and headed in the direction of a strong buyer’s market. Prices fell dramatically. Both the median sales price ($200,000) and the average sales price ($321,977) declined by 42.9 percent and 22.2 percent year-over-year respectively, while the average list price increased 79.1 percent to $519,883.  This brought the original list price to sales price measure to 92.6 percent while days on market increased by 46.9 percent to 72 days on market until sale compared to 49 days on market in July 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 increased in July, rising 9.5 percent year-over-year to 23 homes sold, which is two more than in July 2023. Contract activity also increased by 16.7 percent to 35 homes under contract compared to 30 under contract a year ago.  New listings increased 34.8 percent to 31 newly listed homes, eight more than in July 2023. Inventory rose 41.3 percent to 106 homes for sale and 4.3 months of supply.  Both the median sales price ($640,000) and the average sales price ($727,217) increased by 52.4 percent and 38.6 percent year-over-year respectively, while the average list price increased 11 percent to $610,271.  This brought the original list price to sales price measure to 93.8 percent while days on market increased 36.4 percent to 30 days on market until sale versus 22 days on market in July 2023.

Rutherford County home sales rose 38.8 percent year-over-year as 68 homes sold compared to 49 that sold a year ago.  Contract activity showed 75 homes under contract compared to 66 that were under contract a year ago in July. New listings jumped by 33.8 percent to 103 new listings added to inventory compared to 77 new listings during the same period last year.  Inventory increased 58.7 percent to 284 homes for sale while supply rose 51.7 percent to 4.4 months of supply. Both the median sales price ($256,000) and the average sales price ($318,085) slipped by 1.5 percent and 5.9 percent year-over-year respectively, while the average list price increased 45 percent to $503,705. This brought the original list price to sales price measure to 94.5 percent while days on market increased 11.5 percent to 29 days on market until sale, versus 26 days on market in July 2023.

Transylvania County home sales rebounded in July, increasing 41.5 percent as 58 homes sold compared to 41 that sold in July 2023. Contracts also rose by 20 percent to 60 homes under contract during the month, compared to 50 that were under contract a year ago.  New listing activity dipped by 4 percent year-over-year as 72 new listings were added to inventory compared to 75 that were listed in July 2023. Inventory jumped by 31.1 percent to 173 homes for sale and 3.9 months of supply. Supply is up 25.8 percent year-over-year.  The median sales price ($535,000) and the average sales price ($71,001) increased by 11.5 percent and 4.4 percent year-over-year respectively, while the average list price increased 51.7percent to $1.1M.  Days on market dropped 24.6 percent to 52 days on market until sale compared to 69 days on market in July 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 home sales rose by 47.4 percent to 28 closed sales versus 19 closed sales in July 2023.  Pending contracts dropped 16.7 percent to 25 homes under contract during the month compared to 30 under contract in July 2023.  New listings also declined by 10.3 percent as sellers listed 35 homes during the month compared to 39 that were newly listed during the same period last year.  Inventory rose by 14.7 percent to 117 homes for sale and 6.1 months of supply. Both the median sales price ($329,500) and the average sales price ($414,304) dropped by 31.9 percent and 30.4 percent year-over-year respectively, while the average list price dropped 5.7 percent to $643,069.  This brought the original list price to sales price measure to 91 percent while days on market increased 41.2 percent to 96 days on market until sale versus 68 days on market in July 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: 8/23/2024