Aug. 24, 2022

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — Home sales in the Asheville region continued to slow in July, mirroring broader housing trends and declining affordability across the country.  Sales, impacted by rising mortgage rates, inflationary pressures and prices, declined 22 percent compared to last July, as 994 homes sold across the 13-county Asheville region. This time last year 1,275 homes sold in July, which is typically when home buying in the region is strong. Sales compared to the previous month (June) showed a decline of 14.7 percent.  Housing statistics included in this report are completed transactions that include single-family and condo/townhomes only, according to data from Canopy MLS. 

Pending sales in the region, typically a sign of buyer demand, are also down this month, with 1,142 homes under contract compared to 1,271 last year, a 10.1 percent decline. Month-over-month contract activity declined 3 percent. Though pending contract activity is down, showing activity indicates buyer interest is still steady across the 13-county service area, increasing 18.3 percent compared to July 2021. Listings in Buncombe County during the month of July, showed homes listed for sale averaged 5.4 views (from potential buyers) per listing, a 16.8 percent increase over last year’s showing activity.

New listings continued to cool in July, down 10.8 percent year-over-year, as sellers listed 1,440 homes for sale compared to approximately 1,600 homes listed in July 2021.  With the exception of a 5 percent year-over-year uptick in May 2022, July marks almost seven months of year-over-year declines in new listing activity. Sellers typically begin listing during the spring and summer selling seasons, but rising mortgage rates and declining affordability, which sidelined buyers this past spring, has kept seller activity down across the region. Listing activity compared to June 2022, showed there were 164 fewer homes listed in July 2022, a 10 percent month-over-month decline. 

The region’s inventory at report time declined 15.2 percent year-over-year leaving 2,184 homes for sale or two months of supply. Months of supply and inventory have slowly been improving, in part due to the tremendous growth in new listings in 2021, which at year end showed new listings up nearly 9 percent over new listing activity in 2020.  This factor, coupled with the slower pace of sales has allowed inventory and supply to slowly rise. 

“Even though housing affordability is severely challenged across the region and rising rates, which are still near historic lows have slowed buyer activity, buyers may have more bargaining power now than at any point during the pandemic, said Dave Noyes, a Canopy MLS Board of Director and Realtor®/broker with eXp Realty, LLC. It’s definitely still a seller’s market, however Realtors® are starting to see an increase in price reductions on listings, as our market continues to cycle towards a healthier more sustainable position.” 

Prices continued to rise in July, with the average sales price ($479,700) increasing 19.9 percent and the median sales price ($400,000) rising 17.6 percent year-over-year. The region’s average list price jumped 20.5 percent to $533,596 versus last year. The percent of original list price received by sellers remained relatively stable, at 98.2 percent versus 98.8 percent in July 2021, as sellers throughout the region continue to receive close to asking prices for their homes. 

Time on market shows homes still selling faster than last year, as the time from listing to close in July 2022 was 77 days, compared to 82 days in July 2021. Days on market until sale, the metric, which accrues for “Active” and “Under-contract-show” statuses, showed homes averaged 24 days on market until sale compared to 31 days for the same period a year ago.

Asheville MSA 

 Sales trends for metro-Asheville are similar to the region, as closings across the four-county MSA declined for a seventh month, 22.5 percent year-over-year with 656 homes sold.  There were 190 more homes sold in July 2021 than this past July. Pending sales, which typically measure buyer demand, were also down 10 percent year-over-year as buyers drove nearly 800 homes under contract compared to 844 under contract during the same period last year.  July’s contract activity is only down 2.7 percent compared to the previous month (June 2022). And though the number of homes under contract is down significantly compared to last year, showing activity, which signals buyer interest, remains strong.  In July showing activity for the city of Asheville exhibited listings averaged 6.3 showings (potential buyers) per listing, an increase of 11.4 percent over showing activity in July 2021. The city of Hendersonville experienced similar buyer interest at 5.1 showings per listing, a 15 percent year-over-year increase. 

The average sales price ($514,607) and the median sales ($425,000) rose 18.7 percent and 16.4 percent year-over-year, respectively. July’s average list price increased 19.3 percent year-over-year to $553,982. The percent of original list price received remained nearly unchanged at 99 percent in July 2022 versus 99.3 percent last year.  However, data from Canopy MLS shows price reductions, which started in April of this year, have continued to increase each month. This past July, the number of price reductions on listed properties across the MSA have increased nearly 30 percent year-over-year since the market started to shift in April.

Some of that shift is starting to have an impact on prices regionally, for example Rutherford County, home to Lake Lure and Chimney Rock, had declines in both the median sales price ($245,000) down 11.7 percent year-over-year, and the average sales price ($302,828) down 4 percent compared to July 2021.  Burke County’s median sales price ($220,000) also declined nearly 4 percent compared to July 2021.

Noyes continues, “As the market starts to shift, Realtors® are watching days on market, percent of list price to sales price received and supply in particular, in order to help buyers and sellers navigate changes. Buyers can enjoy some market wins, since there is less competition and pockets within the region that are seeing prices fall. Sellers need to understand that as the market changes, homes will need to be priced well in order to continue attracting buyers and sell quickly.” 

Buncombe County closed sales declined 25.1 percent year-over-year from 470 homes sold last July to 352 sold in July 2021. Pending sales decreased 13 percent to 396 homes under contract in July 2022 from 455 homes under contract in July 2021. New listings also decreased, falling 11.2 percent year-over-year as sellers listed 514 homes for sale compared to 579 that were listed during the same period last year.  Inventory at report time showed 678 homes for sale or 1.7 months of supply compared to 1.8 months of supply in July 2021. Supply continues to pressure prices which rose. The average sales price ($553,450) and median sales price ($445,745) increased by 14.7 percent and 13 percent year-over-year, respectively. While the average list price rose 16.3 percent year-over-year to $591,878. This brought the percent of original list price received by sellers to 99.1 percent which is fairly unchanged (-0.1%) when compared to last year at 99.2 percent.  Homes spent 18 days on the market this July, a 35.7 percent decline year-over-year compared to 28 days this time last year.

Haywood County closed sales declined 16.7 percent year-over-year as 110 homes sold during the month compared to 132 in July 2021. Pending sales were nearly unchanged, rising a notch (+0.7 percent) as 136 homes went under contract versus 135 this time last year.  New listings contracted 21.9 percent year-over-year as sellers listed 143 homes for sale, just 40 less than listed in July 2021.  Inventory at report time showed 256 homes for sale, a 13 percent year-over-year decline, which brought months of supply to 2.4 months. This is unchanged compared to months of supply in July 2021. Prices continued to tick upwards.  Both the average sales price ($407,608) and median sales price ($358,750) increased by 21.9 percent and 17.8 percent year-over-year, respectively, while the average list price increased 18.9 percent year-over-year to $491,219. This brought the original list price to sales price ratio to 97.2 percent, which is down slightly (-0.6%) compared to last year. On average, homes spent 21 days on the market in July, a 19.2 percent decrease in time on market, compared to 26 days in July 2021. 

Henderson County home sales fell 23.2 percent year-over-year as 169 homes sold versus 220 in July 2021. Pending contract activity was also down 7.6 percent as buyers drove 207 homes under contract during the month, compared to 224 this time last year.  New listing activity also contracted 11.6 percent year-over-year as sellers only 245 homes for sale compared to 277 listed for sale in July 2021.  Inventory at report time showed 301 homes for sale versus 423, a 28.8 percent year-over-year decline, which brought months of supply to 1.5 months in July.  Low supply continues to pressure prices which rose. The average sales price ($508,524) and median sales price ($426,850) increased by 27.3 percent and 22 percent year-over-year, respectively. Sellers continued to receive all of asking prices and more in Henderson County, as indicated by the percent of original list price received by sellers ticking up to 100.1 percent, compared to 99.9 percent in July 2021.  Though home sales are still very fast, time on market increased in July 2022, showing homes on market 24 days versus 21 days this time last year. 

Madison County home sales increased 4.2 percent as 25 homes sold in July 2022, just one more than in July 2021. Pending contract activity was down 33.3 percent as 20 homes went under contract during the month compared to 30 this time last year.  New listing activity declined 10 percent year-over-year as sellers listed 36 homes for sale compared to 40 that were listed in July 2021.  Inventory at report time showed 79 homes for sale, a decline of 17.7 percent compared to last July when there were nearly 100 homes for sale. Months of supply showed 2.8 months of supply compared to 3.7 last July. Low supply pressured prices substantially last month. Both the median sales price ($440,000) and the average sales price ($479,620) rose 40.8 percent and 42.8 percent year-over-year respectively, while the average list price rose 7.9 percent year-over-year to $529,108. This brought the original list price to sales price ratio to 98.6 percent, which is down from 102 percent in July 2021. Days on market increased 5.7 percent showing homes on market for 37 days in July 2022 versus 35 days on market this time last year. 

Other counties around the region

Burke County home sales declined 33 percent year-over-year as 61 homes sold versus 91 homes sold this time last year.  Pending contract activity had a slight uptick of 2.4 percent year-over-year as 86 homes went under contract versus 84 this time last year. New listings however declined 16.8 percent as sellers listed 99 homes for sales compared to 119 brought to market in July 2022. Inventory at report time declined 22.5 percent year-over-year leaving 110 homes for sale or 1.3 months of supply.  This time last year supply in Burke County hovered at 1.8 months of supply. Prices were mixed, as the market continues to shift. The median sales price declined 3.9 percent year-over-year to $220,000 while the average sales price increased 12.2 percent year-over-year to $282,435. The average list price also rose (+8.0%) to $309,741. This brought the original list price to sales price measure to 95.8 percent reducing the amount sellers pocketed for their homes in July 2022. This time last year the metric was 100.5 percent.  Homes are still selling quickly, however days on market increased 63.2 percent in July 2022, showing homes averaging 31 days on market until sale compared to 19 days on market this time last year. 

Jackson County closed sales declined 7.1 percent year-over-year, as 26 homes sold versus 28 this time last year. Pending sales in the county decreased 31.4 percent year-over-year from 35 homes under contract last year to just 24 in July 2022. New listings increased 12.9 percent year-over-year as 35 homes were listed for sale versus 31 in July 2021. Inventory at report time showed 68 homes for sale versus 88 last year, while months of supply increased a bit to 2.9 months in July 2022 compared to 2.7 months this time last year. The average sales price remained relatively stable at $448,746, a 1 percent increase year-over-year while the median sales price, however, increased 25 percent compared to last year to $402,000. The average list price also increased substantially (86.5%) to $968,809.  This brought the percent of original list price received by sellers increased to 95.7 percent compared to 94.4 percent in July 2021.  On average, homes spent 59 days on the market this July, a 9.3 percent rise in time on market compared to 54 days this time last year. 

McDowell County had 35 homes sold in July 2022 compared to 52 sold this time last year, while pending contract activity showed buyer interest strong, increasing 18.2 percent year-over-year as 52 homes went under contract compared to 44 homes under contract in July 2021.  New listings ticked up 1.7 percent year-over-year as 59 homes were added to the market in July 2022 which is somewhat unchanged when compared to 58 homes listed this time last year. Inventory at report time showed 78 homes for sale or 1.8 months of supply compared to 109 homes for sale and 2.5 months of supply this time last year. Low supply continues to pressure prices.  Both the median sales price ($330,000) and the average sales price ($420,197) rose 71.2 percent and 86 percent year-over-year respectively, while the average list price decreased 10 percent compared to last year to $342,126. This brought the original list price to sales price ratio to 95.4 percent as sellers lose ground from 97.3 percent in July 2021. Days on market until sale showed homes average 19 days on market in July compared to 23 days on market in July 2021. 

Mitchell County had 19 homes sold in July 2022 versus 15 this time last year.  Pending contracts showed 22 homes under contract versus 20 under contract in July 2021.  New listing increased 20 percent as sellers listed 30 homes for sale versus 25 this time last year.  Inventory increased 22.6 percent at report time showing 76 homes for sale or 4.3 months of supply. Prices declined as a result of supply. Both the median sales price ($220,000) and the average sales price ($270,706) decreased by 24.1 percent and 30.4 percent year-over-year respectively, while the average list price increased 19.2 percent to $319,827. This brought the original list price to sales price ratio to 97.6 percent while days on market until sale fell to 25 days compared to 79 days in July 2021.

Polk County closed sales increased 11.4 percent year-over-year as 39 homes sold versus 35 in July 2021.  Pending contracts declined 36.2 percent as 30 homes went under contract versus 47 this time last year.  New listings also declined 21.1 percent year-over-year as sellers brought 45 homes to market during the month compared to 57 listed in July 2021.  Inventory at report time was down 7.7 percent leaving 96 homes for sale or 2.8 months of supply. Supply has ticked up 3.7 percent compared to last year, when there were only 2.7 months of supply. Prices increased.  Both the median sales price ($465,000) and the average sales price ($604,779) rose 36.8 percent and 46.5 percent year-over-year respectively, while the average list price increased 41.5 percent to $632,950. This brought the original list price to sales price ratio to 99.7 percent in July 2022, while days on market until sale dipped to 31 days on average compared to 35 days this time last year.

Rutherford County home sales showed 77 homes were sold in July 2022 compared to 98 homes sold this time last year, a 21.4 percent year-over-year decline.  Pending contract activity was also down 22.5 percent year-over-year as 79 homes went under contract compared to 102 that were under contract in July 2021. New listings also declined 10.8 percent year-over-year as 116 homes were listed during the month compared to 130 listed this time last year. Inventory dropped 2.9 percent at report time and showed 168 homes for sale or two months of supply, which is unchanged compared to last year.  Price declined.  Both the median sales price ($245,000) and the average sales price ($302,828) fell 11.7 percent and 4 percent year-over-year respectively, while the average list price increased 33 percent to $443,311. This brought the original list price to sales price ratio to 997.3 percent which is down 1.1 percent compared to last year, while days on market showed homes averaging 21 days on market until sale compared to 32 days in July 2021.

Transylvania County home sales totaled 54, a year-over-year decline of 21.7 percent compared to 69 homes that sold in July 2021. Pending contract activity rose slightly (+1.8%) as 58 homes went under contract compared to 57 this time last year.  New listings rose 12.3 percent year-over-year as sellers listed 73 homes for sale compared to 65 listed in July 2021. Inventory at report time showed a 2.2 percent uptick, as 140 homes were for sale representing nearly 2.5 months of supply.  This time last year Transylvania County had 1.9 months of supply.  All price indices continue to rise. Both the median sales price ($427,500) and the average sales price ($587,499) rose 14 percent and 25.1 percent year-over-year respectively, while the average list price rose 11.3 percent to $600,772. This brought the original list price to sales price ratio to 94 percent which is down 3.6 percent from 97.5 percent in July 2021. Days on market increased 10.3 percent, showing homes averaging 43 days on market until sale compared to 39 days this time last year.

Yancey County home sales totaled 22 homes sold in July 2022 compared to 35 this time last year, for a decline of 37.1 percent.  Pending contracts also declined 33.3 percent year-over-year as 24 homes went under contract compared to 36 in July 2021. New listing activity also contracted, falling 20.9 percent year-over-year as sellers listed 34 homes for sale compared to 43 listed last July.  Inventory at report time showed 102 homes for sale or 3.6 months of supply, which is an increase from last year, when there was 3.3 months of supply.  Prices continued to increase. Both the median sales price ($456,500) and the average sales price ($454,886) rose 44.9 percent and 41.2 percent year-over-year respectively, while the average list price increased 21.8 percent to $754,597. This brought the original list price to sales price measure to 97.5 percent while days on market showed homes averaged 34 days on market until sale in July 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 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: 8/24/2022