Aug. 28, 2022

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — Home sales in August declined across the 13-County Asheville region, falling 9 percent year-over-year as 1,117 homes sold, just 100 units shy of the total number of homes sold in last August’s hot market. Month-over-month sales showed some life, rising 12.4 percent compared to July 2022.  Home sales in Asheville, like other parts of the country have largely been impacted by inventory, interest rates and inflation. Housing statistics included in this report are completed transactions that include single-family and condo/townhomes only, according to data from Canopy MLS.

Buyer demand as displayed through pending contract activity continued to decline as well, falling 6.2 percent year-over-year with a little over 1,200 homes in the pipeline of sales this past month.  As home sales typically close within 40-60 days, this metric continues to signal that sales will be slower than the previous year.  Contract activity compared to the previous month (July 2022) actually increased, 6.6 percent, a sign that buyers are still active in the market and looking for homes.  Canopy MLS August Showings report, shows the region’s listings are averaging 3.8 showings (potential buyers) per listing. However, buyers at this point are actively seeking homes closer to metro areas, as listings within the city of Asheville are averaging 7.2 showings per listing, while listings in the city of Hendersonville are averaging 5.2 showings per listing.

Seller confidence as displayed by new listing activity continued to fall in August, declining 7.5 percent year-over-year with a little more than 1,300 homes listed. Month-over-month this metric is down 8.2 percent. For most of the year, month-over-month new listing activity has helped to slowly increase inventory.  As inventory increases over time, prices will cool, bringing the market back to equilibrium.

“Even though year-over-year sales are down, this marks the return to a more normal market, with sales tracking similarly to 2019, which was a robust year, said Debbie Williams, a Canopy MLS Board of Director and Executive Vice President of Allen Tate/Beverly-Hanks Realtors®. Current buyer activity continues to trend back to pre-pandemic levels, however, with the rise in interest rates, sellers and recent homebuyers are more thoughtful when trading up or down, which means inventory will continue to be constricted in the coming months, underscoring the ongoing need for new construction to lift supply.”

Inventory at report time was down 13.7 percent year-over-year with 2,181 homes for sale or two months of supply.  This time last year the market had about 2.1 months of supply.

Prices continued to rise in August, with the average sales price ($468,656) increasing 6.7 percent and the median sales price ($395,000) rising 12.9 percent year-over-year. The region’s average list price jumped 16.2 percent to $533,965 versus last year. The percent of original list price received by sellers dipped 1.9 percent to 96.7 percent compared to 98.6 percent in August 2021.

Time on market shows homes still selling faster than last year, as the time from listing to close in August 2022 was 72 days, compared to 80 days in August 2021. Days on market until sale, the metric, which accrues for “Active” and “Under-contract-show” statuses, showed homes averaged 25 days on market until sale compared to 30 days for the same period a year ago.

Asheville MSA 

August home sales across the MSA were down 8.1 percent year-over-year as 746 homes were sold versus 812 homes sold this time last year. Contract activity was also down year-over-year, as 800 homes went under contract. This time last year, there were 64 more homes under contract than in August 2022. New listing activity was also weaker than last year, down 10.8 percent year-over-year with 834 homes listed for sale, about 100 less homes listed than this time last year.  Inventory at report time showed 1,287 homes for sale or 1.8 months of supply.  Last year, there was about two months of supply.  Prices continued to increase, with both the median sales price ($424,950) and the average sales price ($494,408) rising 10.8 percent and 5.9 percent year-over-year respectively, while the average list price increased 15.3 percent to $569,932. This brought the original list price to sales price measure down 1.8 percent to 97.5 percent, as sellers still receive most of asking price, but not nearly what sellers received in August 2021, when the list price to sales price measure was 99.3 percent.  A look at price reductions on active listings across the Asheville MSA showed that sellers are dealing with a shifting market. Price reductions on active listings increased 39.1 percent year-over-year as sellers contend with rising rates that have caused buyers to pull back and take more measured steps towards their purchases.

Still, sellers control the market, as indicated by the pace of days on market, which showed homes averaging 23 days on market until sale compared to 25 days this time last year.

Williams continues, “While new listings are slightly outpacing sales, we don’t forecast a rapid or dramatic increase in inventory in the short term. Our showings reports, which monitor foot-traffic, tell us that buyer demand is more concentrated in metro-Asheville and Hendersonville. When properties are priced well, they don’t linger on the market. Seller’s market conditions still remain, but the market will slowly move towards equilibrium over the next year.  This should help normalize appreciation to a healthier pace in the mountain region.”

Buncombe County closed sales declined 7.7 percent year-over-year from 455 homes sold last August to 420 sold in August 2022. Pending sales decreased 4.7 percent to 449 homes under contract in August 2022 from 471 homes under contract in August 2021. New listings also decreased, falling 10.5 percent year-over-year as sellers listed 461 homes for sale compared to 515 that were listed during the same period last year.  Inventory at report time showed 650 homes for sale or 1.6 months of supply compared to 1.8 months of supply in August 2021. Supply continues to pressure prices which rose. The average sales price ($543,336) and median sales price ($450,000) increased by 4.4 percent and 8.3 percent year-over-year, respectively. While the average list price rose 24.3 percent year-over-year to $633,722. This brought the percent of original list price received by sellers to 98 percent which is fairly unchanged (-1.4%) when compared to last year at 99.4 percent.  Homes spent 21 days on the market this August, a 19.2 percent decline year-over-year compared to 26 days this time last year.

Haywood County closed sales declined 3.9 percent year-over-year as 124 homes sold during the month compared to 129 in August 2021. Pending sales were nearly unchanged, declining a notch (-0.8 percent) as 132 homes went under contract versus 133 this time last year.  New listings rose 17.5 percent year-over-year as sellers listed 141 homes for sale, 21 more than August 2021.  Inventory at report time showed 254 homes for sale, a 1.6 percent year-over-year decline, which brought months of supply to 2.4 months. This is unchanged compared to months of supply in August 2021. Prices continued to tick upwards.  Both the average sales price ($398,087) and median sales price ($350,000) increased by 5.8 percent and 7.7 percent year-over-year, respectively, while the average list price increased 3.8 percent year-over-year to $421,798. This brought the original list price to sales price ratio to 95.8 percent, which is down slightly (-2.6%) compared to last year. On average, homes spent 26 days on the market in August, a 23.8 percent increase in time on market, compared to 21 days in August 2021.

Henderson County home sales fell 10.8 percent year-over-year as 182 homes sold versus 204 in August 2021. Pending contract activity was also down 14.6 percent as buyers drove 193 homes under contract during the month, compared to 226 this time last year.  New listing activity also contracted 20.9 percent year-over-year as sellers only 208 homes for sale compared to 263 listed for sale in August 2021.  Inventory at report time showed 304 homes for sale versus 439, a 30.8 percent year-over-year decline, which brought months of supply to 1.6 months in August. Low supply continues to pressure prices which rose. The average sales price ($459,597) and median sales price ($406,000) increased by 12.8 percent and 16 percent year-over-year, respectively. Sellers received 98.1 percent of their original asking price this August compared to last, a 1.8 percent decrease. Home sales remained stable at exactly 25 in Henderson County this August. 

Madison County home sales decreased 16.7 percent as 20 homes sold in August 2022, just four less than in August 2021. Pending contract activity was down 23.5 percent as 26 homes went under contract during the month compared to 34 this time last year.  New listing activity declined 35.1 percent year-over-year as sellers listed 24 homes for sale compared to 37 that were listed in August 2021.  Inventory at report time showed 79 homes for sale, a decline of 13.2 percent compared to last August when there were nearly 100 homes for sale. Months of supply showed 2.9 months of supply compared to 3.5 last August. Both the median sales price ($342,000) and the average sales price ($380,875) declined 16.2 percent and 14.4 percent year-over-year respectively, while the average list price decreased 19.2 percent year-over-year to $418,050. This brought the original list price to sales price ratio to 91.8 percent, which is down from 96.5 percent in August 2021. Days on market declined 26.5 percent showing homes on market for 36 days in August 2022 versus 49 days on market this time last year.

Other counties around the region

Burke County home sales increased 3.7 percent year-over-year as 84 homes sold versus 81 homes sold this time last year.  Pending contract activity dipped 7.3 percent year-over-year as 89 homes went under contract versus 96 this time last year. New listings however remained stable at 102 homes in August 2022. Inventory at report time declined 10.9 percent year-over-year leaving 123 homes for sale or 1.5 months of supply.  This time last year supply in Burke County hovered at 1.7 months of supply. Both the median sales price ($252,500) and average sales price ($311,113) increased by 26.3 percent and 11 percent year-over-year, respectively. The average list price also rose (+38.3%) to $367,723. This brought the original list price to sales price measure to 97.6 percent, a .3 percent increase in August 2022. This time last year the metric was 97.3 percent.  Homes are still selling quickly, days on market decreased 18.2 percent in August 2022, showing homes averaging 18 days on market until sale compared to 22 days on market this time last year.

Jackson County closed sales declined 28.2 percent year-over-year, as 28 homes sold versus 39 this time last year. Pending sales in the county increased 20 percent year-over-year from 20 homes under contract last year to 24 in August 2022. New listings increased 22.6 percent year-over-year as 38 homes were listed for sale versus 31 in August 2021. Inventory at report time showed 86 homes for sale versus 90 last year, while months of supply increased to 3.6 months in August 2022 compared to 2.8 months this time last year. The average sales price increased 50.1 percent to $560,622, while the median sales price, however, declined 3.5 percent compared to last year to $312,500. The average list price also increased substantially (61.5%) to $796,374.  This brought the percent of original list price received by sellers down to 92.9 percent compared to 94.8 percent in August 2021.  On average, homes spent 52 days on the market this August, a 36.8 percent rise in time on market compared to 38 days this time last year. 

McDowell County had 41 homes sold in August 2022 compared to 42 sold this time last year, while pending contract activity showed buyer interest strong, increasing 18.6 percent year-over-year as 51 homes went under contract compared to 43 homes under contract in August 2021.  New listings decreased 3.3 percent year-over-year as 58 homes were added to the market in August 2022 compared to 60 homes listed this time last year. Inventory at report time showed 78 homes for sale or 1.8 months of supply compared to 117 homes for sale and 2.8 months of supply this time last year. Low supply continues to pressure prices.  Both the median sales price ($289,500) and the average sales price ($335,583) rose 17.0 percent and 7.8 percent year-over-year respectively, while the average list price increased 19.1 percent compared to last year to $405,790. This brought the original list price to sales price ratio to 94.6 percent as sellers lose ground from 97.5 percent in August 2021. Days on market until sale showed homes average 35 days on market in August compared to 36 days on market in August 2021.

Mitchell County had 15 homes sold in August 2022 versus 20 this time last year.  Pending contracts showed 30 homes under contract versus 18 under contract in August 2021.  New listing increased 20 percent as sellers listed 30 homes for sale versus 25 this time last year.  Inventory increased 19.7 percent at report time showing 73 homes for sale or 3.9 months of supply. Prices declined as a result of supply. Both the median sales price ($186,000) and the average sales price ($240,860) decreased by 39 percent and 27.7 percent year-over-year respectively, while the average list price increased 14.3 percent to $351,066. This brought the original list price to sales price ratio to 91.8 percent while days on market until sale fell to 64 days compared to 65 days in August 2021.

Polk County closed sales decreased 14.3 percent year-over-year as 30 homes sold versus 35 in August 2021.  Pending contracts declined 24.4 percent as 34 homes went under contract versus 45 this time last year.  New listings also declined 34.4 percent year-over-year as sellers brought 31 homes to market during the month compared to 48 listed in August 2021.  Inventory at report time was down 17.8 percent leaving 83 homes for sale or 2.5 months of supply. Supply has decreased 3.8 percent compared to last year, when there were 2.6 months of supply. Both the median sales price ($390,000) and the average sales price ($444,175) declined 7.1 percent and 11.6 percent year-over-year respectively, while the average list price increased 30.8 percent to $676,791. This brought the original list price to sales price ratio to 94.6 percent in August 2022, while days on market until sale dipped to 22 days on average compared to 35 days this time last year.

Rutherford County home sales showed 75 homes were sold in August 2022 compared to 110 homes sold this time last year, a 31.8 percent year-over-year decline.  Pending contract activity was also down 4.2 percent year-over-year as 92 homes went under contract compared to 96 that were under contract in August 2021. New listings, however, increased 13.7 percent year-over-year as 116 homes were listed during the month compared to 102 listed this time last year. Inventory increased 1.2 percent at report time and showed 188 homes for sale or 2.2 of supply, which is a 10 percent increase compared to last year. Both the median sales price ($290,000) and the average sales price ($417,878) increased 17.2 percent and 18.4 percent year-over-year respectively, while the average list price fell 2.8 percent to $370,555. This brought the original list price to sales price ratio to 95.9 percent, which is down 2.2 percent compared to last year, while days on market showed homes averaging 26 days on market until sale compared to 16 days in August 2021.

Transylvania County home sales remained the same at 59 this August. Pending contract activity declined 18.1% as 59 homes went under contract compared to 72 this time last year.  New listings declined 25 percent year-over-year as sellers listed 60 homes for sale compared to 80 listed in August 2021. Inventory at report time showed a 3.6 percent decline, as 132 homes were for sale representing 2.4 months of supply.  This time last year Transylvania County had 2.0 months of supply.  All price indices continue to rise. Both the median sales price ($420,000) and the average sales price ($589,126) rose 3.9 percent and 4.4 percent year-over-year respectively, while the average list price rose 29.5 percent to $663,205. This brought the original list price to sales price ratio to 95.8 percent which is down 1.1 percent from 96.9 percent in August 2021. Days on market declined 54.5 percent, showing homes averaging 20 days on market until sale compared to 44 days this time last year.

Yancey County home sales totaled 32 homes sold in August 2022 compared to 28 this time last year, for an increase of 14.3 percent.  Pending contracts declined 26.3 percent year-over-year as 28 homes went under contract compared to 38 in August 2021. New listing activity contracted, falling 7.7 percent year-over-year as sellers listed 36 homes for sale compared to 39 listed last August.  Inventory at report time showed 100 homes for sale or 3.6 months of supply, which is an increase from last year, when there was 3.3 months of supply. The median sales price ($400,000) rose 48.1 percent while the average sales price ($416,033) fell 10 percent year-over-year. while the average list price declined 9.6 percent to $392,306. This brought the original list price to sales price measure to 90.3 percent while days on market showed homes averaged 38 days on market until sale in August 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: 8/28/2022