For more information: Kim Walker, 704-940-3149

December 16, 2022

CHARLOTTE, N.C. — November home sales in metro Asheville and surrounding counties continued to cycle lower, falling 32.1 percent year-over-year, as 863 homes sold across the 13 counties, where Canopy MLS tracks housing data. Month-over-month sales were down 12.4 percent, as buyers frustrated by rising rates and prices continue to pull away from the market.

Year-to-date figures show nearly 11,400 sales over the last eleven months and on pace to end 2022 with slightly more than 12,000 home sales, which is slightly higher than total sales in 2019.  Housing statistics included in this report are completed transactions that include single-family and condo/townhomes only, according to data from Canopy MLS.

The region’s contract activity, which signals buyer demand and generally predicts future sales, declined 31.3 percent as 767 homes went under contract during the month, compared to 1,116 during the same period last year. Month-over-month pending contracts were down 22.8 percent. Year-to-date, contracts are down 18.1 percent.  Canopy MLS showing reports showed buyer interest/foot-traffic is predominantly focused in metro-Asheville. New listing activity was also down across the region 21.5 percent as sellers listed 819 properties for sale. Year-to-date figures show sellers have listed 13,691 homes for sale this year, which is down 8.4 percent compared to the same period in 2021.

“November sales are down because we’re in the time of year, which is typically a quieter time for home sales in our area and that’s actually a good thing, because the 2021 market was anything but normal" said Darrin Graves, a Canopy MLS Board of Director, and Realtor®/broker with Allen Tate/Beverly Hanks Realtors®. “Sales are still occurring, just not at the pace or volume of last year. The slower pace of sales means time on market and inventory are increasing and that’s good news for buyers. Buyers have more options now than they did last year and should strategize financing and down payment options with their Realtor® to prepare for next year’s spring market.”

The region’s inventory increased in November, rising 1.7 percent year-over-year leaving 2,198 homes for sale at report time. Months of supply also increased to 2.2 months of supply compared to 1.8 months in November 2021. Supply is stable and unchanged however compared to October 2022.

Still, with supply and inventory tight, prices increased across the region. Both the median sales price ($375,000) and the average sales price ($455,803) rose 7.1 percent and 3.4 percent year-over-year respectively, while the average list price increased 9 percent to $507,993. This brought the original list price to sales price ratio to 94.8 percent, as seller’s control of the market continues to weaken.

Graves continued, “As the market moves towards normal, prices will continue to moderate as well, which is why we are seeing some price softening in a number of areas throughout the region. However, we don’t expect to see dramatic drops in home prices. Sellers who are listing during the winter selling season should work with a Realtor® who has access to real-time market and price data, and will help to develop pricing strategies and a strong marketing plan to price the home competitively, so it can sell quickly and with fewer price reductions.”

The region’s homes are still selling faster than last year, as the time from listing to close in November 2022 was 100 days, compared to 112 days in November 2021. Days on market until sale, the metric, which accrues for “Active” and “Under-contract-show” statuses, showed homes averaged 52 days on market until sale compared to 53 days in November 2021. 

Asheville MSA 

Sales across the Asheville MSA followed the same downward trajectory, falling 34.3 percent as 564 homes sold during the month of November compared to 859 in November 2021. Pending contracts also declined 33 percent year-over-year as close to 500 homes went under contract during the month. New listings dropped 23.4 percent year-over-year as sellers brought 518 homes to market during the month. Inventory was mostly unchanged, dipping 0.6 percent year-over-year leaving 1,350 homes for sale at report time or 2.1 months of supply. This time last year the four-county MSA had 1.7 months of supply.  Still, with supply low across metro, prices rose modestly. The median sales price ($401,925) and the average sales price ($486,054) rose 7.2 percent and 1.8 percent year-over-year respectively, while the average list price increased 13.4 percent to $534,015. This brought the original list price received to sales price measure down to 95.7 percent. Last November the figure showed sellers receiving 98.1percent of asking prices. Days on market increased in November and showed homes averaged 33 days on market until sale compared to 26 days on market in November 2021.

Buncombe County closings in November declined 37.7 percent year-over-year as 297 homes sold versus 477 during the same period last year. Pending contract activity was also down 31.1 percent as 272 homes went under contract during the month. New listing activity dropped 28.7 percent as 281 homes were brought to market during the month compared to 394 in November 2021.  Inventory declined  by 8.1 percent year-over-year leaving 678 homes for sale or 1.9 months of supply (which is a 11.8 percent year-over-year increase in supply over last year. Both the median sales price ($423,725) and the average sales price ($530,351) increased 5.9 percent and 0.1 percent year-over-year respectively, while the average list price increased 13.1 percent to $570,900.  This brought the original list price to sales price ratio to 96.4 percent a drop from last year, when it was 98.9 percent.  Days on market increased in November by 29.2 percent over last year, showing homes averaging 31 days on market until sale compared to 24 days this time last year.

Haywood County closed sales in November declined by 25.2 percent year-over-year as 98 homes sold versus 131 this time last year. Pending sales declined by 30.8 percent as 72 homes went under contract. New listing activity also declined 10.5 percent year-over-year as sellers listed 85 homes for sale during the month. Inventory increased however by 16.9 percent at report time and showed 270 homes for sale or 2.8 months of supply. Months of supply is up 47.4 percent over last year. Prices were mixed. The median sales price of $302,750 declined 10.9 percent year-over-year while the average sales price remained relatively stable, inching up 0.1 percent to $376,676. The average list price rose 18.8 percent to $407,814. This brought the original list price to sales price measure down 4.4 percent, as sellers received 92.2 percent of asking prices during the month, compared to 96.4 percent a year ago. Days on market increased and showed homes averaged 35 days on market until sale compared to 27 days on market in November 2021.

Henderson County home sales declined 34.9 percent to 142 homes sold during the month compared to 218 in November 2021. Pending sales dropped 38.7 percent as buyers drove 133 homes under contract during the month, while new listing activity showed sellers listed 131 homes for sale during the month, a decline of 17.1 percent over last year.  Inventory at report time showed 323 homes for sale, an increased of 4.2 percent compared to last year, while months of supply increased 35.7 percent to 1.9 months of supply. Both the median sales price ($408,030) and the average sales price ($459,536) rose 10 percent and 4.9 percent year-over-year respectively, while the average list price increased 13.1 percent to $545,267. This brought the original list price to sales price measure to 97.1 percent, compared to 97.6 percent in November 2021.  Days on market until sale increased by 23.1 percent year-over-year showing homes averaged 32 days on market until sale compared to 26 days in November 2021.

Madison County had 27 homes sold during the month of November a decline of 18.2 percent when compared to the 33 homes that sold in November 2021. Twenty homes went under contract compared to 26 under contract last year while sellers listed 21 homes for sale compared to 29 listed in November 2021. Inventory was unchanged with 79 homes for sale at report time or 3.1 months of supply. Both the median sales price ($398,000) and the average sales price ($535,259) rose 14 percent and 41.9 percent year-over-year respectively, while the average list price increased28.6 percent to. $484,595. This brought the original list price received to sales price ratio to 94.2 percent while days on market showed homes averaged 48 days on market until sale compared to 45 days on market in November 2021.

Other counties around the region

Burke County home sales decreased 47.1 percent year-over-year as 45 homes sold versus 85 homes sold this time last year.  Pending contract activity dipped 15.8 percent year-over-year as 64 homes went under contract versus 76 this time last year. New listings decreased 4.3 percent to 67 homes in November 2022, from 70 last year. Inventory at report time increased 4.3 percent year-over-year leaving 121 homes for sale or 1.6 months of supply.  This time last year supply in Burke County hovered at 1.4 months of supply. Both the median sales price ($230,000) and average sales price ($264,811) increased by 9.5 percent and 9.6 percent year over year, respectively. The average list price also rose (+19.5 percent) to $310,400. This brought the original list price to sales price measure to 96.4 percent, a 1.9 percent increase in November 2022. This time last year the metric was 94.6 percent. Days on the market increased 42.3 percent in November 2022, showing homes averaging 37 days on market until sale compared to 26 days on market this time last year.

Jackson County closed sales dropped 4 percent year-over-year as 24 homes sold compared to 25 in November 2021. Contract activity dropped from 25 homes under contract last November to 14 under contract in November 2021. New listings also decreased as sellers listed 16 homes for sale compared to 20 this time last year. At report time there were 81 homes for sale compared to 61 for sale in November 2021, which brought months of supply to 3.7 months of supply. The median sales price ($328,250) increased 13.2 percent but the average sales price declined by 13.6 percent to $454,063. The average list price was relatively stable compared to last year rising 1 percent to $471,069.  This brought the original list price to sales price metric to 93 percent as sellers lose their grip on the market, while days on market until sale showed homes averaged 28 days in November compared to 113 days in November 2021.

McDowell County had 27 homes sold during the month compared to 43 that sold in November 2022. There were 32 homes that went under contract during the month, compared to 38 this time last year.  New listings dropped from 42 last year to 40 newly listed homes in November 2022.  Inventory and supply dropped by 17.9 percent and 12 percent year-over-year respectively, leaving 87 homes for sale or 2.2 months of supply. Prices were mixed. The median sales price ($242,000) was relatively stable, rising 0.8 percent year-over-year while the average sales price ($315,050) dropped by 8.9 percent compared to last year.  The average list price increased 37.9 percent to $451,063. This brought the original list price received down to 94.7 percent compared to 95.3 percent in November 2021. Home continued to sell quickly as days on market until sale showed homes averaged 31 days on market compared to 42 days on market this time last year.

Mitchell County had 18 homes sold in November 2022 versus 21 this time last year.  Pending contract activity showed seven homes went under contract during the month compared to 17 in November 2021. Sellers listed 12 homes for sale compared to 15 during the same period last year. Inventory increased 3.8 percent to 55 homes for sale at report time or 3.3 months of supply.  Both the median sales price ($283,500) and the average sales price ($272,278) dropped by 5.2 percent and 16.9 percent year-over-year respectively, while the average list price increased 23.5 percent to $373,666. This brought the original list price to sales price ratio to down to 82.7 percent.  Last November sellers received 94.3 percent of asking prices. Days on market showed homes averaged 62 days on market until sale compared to 47 days on market in November 2021. 

Polk County closings dropped 58.3 percent year-over-year as 15 homes sold versus 36 that sold in November 2021. Pending contract activity however increased 9.1 percent to 36 homes under contract compared to 33 this time last year.  New listings declined 33.3 percent as sellers brought 20 homes to market compared to 30 in November 2021. Inventory showed 79 homes for sale at report time or 2.7 months of supply. Both the median sales price ($401,250) and the average sales price ($489,898) rose 25.4 percent and 15.9 percent year-over-year respectively, while the average list price decreased 3.5 percent to $575,245. This brought the original list price to sales price measure to 91.7 percent compared to 94.3 percent this time last year, while homes averaged 47 days on market until sale in November compared to 56 days on market in November 2021.

Rutherford County home sales declined 16.9 percent year-over-year as 74 homes sold compared to 89 that sold in November 2021.  Contract activity declined 42 percent year-over-year  to 51 homes under contract during the month compared to 81 under contract this time last year. New listing activity also dropped as sellers listed 57 homes for sale copared to 90 listed in last November, a 36.7 percent decline. Inventory rose 27.7 percent year-over-year leaving 183 homes for sale or 2.3 months of supply. This time last year there were 150 homes for sale and 1.7 months of supply. Prices were mixed. The median sales price ($224,950) declined 6.3 percent year-over-year, while the average sales price ($327,620) increased 7.1 percent year-over-year.  The average list price also increased 27.7 percent to $370,140. This brought the original list price received metric to 92.6 percent, which is down from 96.5 percent in November 2021.  Dyas on market increased 76.9 percent showing homes averaging 46 days on market until sale versus 26 days this time last year.

Transylvania County home sales were unchanged with 65 homes sold during the month, while pending contract activity declined 33.9 percent year-over-year as 37 homes went under contract compared to 56 this time last November. New listing decreased by 8.5 percent as sellers brought 54 homes to the market during the month, compared to 59 a year ago. Inventory is unchanged rising 0.8 percent to 134 homes for sale or 2.6 months of supply. Last November there was 2.1 months of supply and 133 homes for sale at report time. Both the median sales price ($452,000) and the average sales price ($541,754) increased 31 percent and 6.7 percent year-over-year respectively, while the average list price declined 9.8 percent to $608,217. This brought the original list price to sales price measure down to 94.9 percent compared to 95.6 percent in November 2021, while days on market until sale showed homes averaging 36 days compared to 42 days on market this time last year.  

Yancey County home sales declined by 30.8 percent year-over-year as 27 homes sold in November compared to 39 in November 2021. Contract activity declined 48.8 percent year-over-year as 21 homes went under contract compared to 41 that were under contract a year ago. New listing activity also declined 24.3 percent year-over-year as sellers listed 28 homes for sale compared to 37 listed in November 2021. Inventory declined by 3.4 percent to 86 homes for sale at report time but months of supply increased 25 percent year-over-year to 3.5 months of supply compared to 2.8 months of supply in November 2021. Prices were mixed.  The median sales price ($275,000) declined 11.6 percent while the average sales price increased 35.6 percent year-over-year to $540,719. The average list price declined 17.6 percent to $667,421. This brought the original list price to sales price metric to 91.1 percent, while days on market until sale showed homes averaging 52 days on market until sale compared to 53 days in November 2021.

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.