Feb. 3, 2023

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — At the end of 2022, existing-home sales across the 13-county Asheville region declined 14.7 percent year-over-year, as nearly 12,200 homes sold last year. The region had approximately 2,000 more home sales in 2021 than in 2022, which included eleven consecutive months of year-over-year declines that started in February 2022.  Last year’s sales are slightly lower than sales at the end of 2020, and will likely continue to align more closely with sales in 2019, which was a healthier year of sales, due to the overall pace of the market and amount of inventory at that time.

There were 789 home sales during the month of December 2022 throughout the thirteen mountain counties where Canopy MLS tracks housing data, which represented a 39.6 percent year-over-year decline. Housing statistics included in this report are completed transactions that include single-family and condo/townhomes only, according to data from Canopy MLS.

Pending contracts at yearend showed a total of 11,607 homes went under contract last year, a decline of 19.4 percent when compared to the 14,408 contracts written in 2021. Buyers pulled back from the market during 2022, largely due to the FED raising interest rates in response to inflation.  During the month of December, the region’s contract activity declined 31.7 percent year-over-year as 585 homes went under contract.    Contract activity is typically a forward-looking indicator and a good predictor of future sales. Sales activity over the next few months will continue to be unsteady and decline, due to lower overall demand from buyers.

Sellers listed 14,241 homes for sale last year, which is a decline of 9.1 percent compared to new listings in 2021.  New listings over time help to replenish inventory and supply. New listings totaled 527 during the month of December and were down 21.2 percent when compared to new listings in December 2021.

“Looking back over the last couple of years, we can see that our region has experienced a tremendous amount of growth but what we saw in 2021 was an anomaly compared to previous years, which makes the year-over-year sales declines that we experienced last year appear significant.” said Christine Mallette, a Canopy MLS Board of Director, and Realtor®/broker with Better Homes and Gardens Real Estate Heritage.  “Our market, like a number of housing markets across the country, will continue to return to a somewhat healthier time and pace of activity. The good news is that this slower pace of sales should help our inventory situation, leaving buyers with more choice in the spring.”

The region’s inventory rose in December 6.6 percent, leaving 1,933 homes for sale at report time, or two months of supply.  In December 2021 there was only 1.5 months of supply.

The region’s median sales price for all of 2022 was $380,000, which is an increase of 11.8 percent year-over-year, while the average sales price (for all of 2022) was $426,639 an increase of 10.7 percent year-over-year.  The region’s original list price to sale price measure in 2022 was unchanged from last year, showing sellers across the 13- counties received 97.8 percent of asking price for their homes last year.

Mallette continued, “A number of indicators are signaling a recession could be in store this year, but in our area, at least currently, slowing sales suggests a return to seasonality, which is quite normal in the mountains. Still, buyers need to understand that a recession doesn’t necessarily equate to falling prices. In fact, with inflation easing, rates should soften a bit in response, but the days of rates in the three-to-four percent range are probably behind us.”

The region’s homes are still selling faster than last year, as the time from listing to close averaged 85 days in 2022, compared to 91 days in 2021. Days on market until sale, the metric, which accrues for “Active” and “Under-contract-show” statuses, showed the region’s homes sold much faster in 2022, and averaged 31 days on market until sale compared to 39 days in 2021. 

Asheville MSA 

At yearend sales across the Asheville MSA showed 8,030 homes sold throughout the four-county metro region, a decline of 15.8 percent when compared to the 9,479 homes sold in 2021.  There were 7,582 pending contracts last year, a decline of 21.3 percent, while there were 9,232 new listings, a 12 percent decline when compared to new listing activity in 2021. Inventory at yearend showed a modest increase of 5.9 percent, leaving 1,180 homes for sale or 1.9 months of supply. The median sales price of $412,000 was 12.9 percent higher than in 2021, while the average sales price of $500,847 was 11.3 percent higher than in 2021. Sellers however received top dollar for their homes and averaged 98.7 percent of asking prices according to the original list price to sales price measure at yearend. Homes in the metro area sold faster than other parts of the region, averaging 28 days on market until sale compared to 34 days on market in 2021. The Asheville MSA will continue to be a seller’s market, since buyers typically seek homes closer to job centers and area amenities.

Buncombe County ended 2022 with 4,472 homes sold compared to 5,217 that sold in 2021, a decrease of 14.3 percent in year-over-year sales, while pending contract activity showed 4,200 homes went under contract last year representing a decline of 20.5 percent year-over-year.  New listings for all of last year totaled a little more than 5,000, representing an 11.5 percent decline in new listing activity. Inventory dipped 2.8 percent at report time and showed 591 homes for sale, while supply increased to 1.7 months compared to 1.4 months in 2021. The 2022 median sales price of a home in Buncombe County was 13.3 percent higher than 2021, at $442,000; while the average sales price is 10.9 percent higher than 2021’s average sales price, at $554,610.  The original list price to sales price measure at yearend showed sellers received 99.2 percent of asking prices for their homes while homes averaged 28 days on market until sale in 2022, compared to 34 days on market in 2021.

Haywood County had a total of 1,197 closed sales in 2022, a decline of 16 percent year-over-year, while pending contract activity dropped 19.7 percent year-over-year to 1,149 contracts at yearend.  New listing activity showed sellers listed 1,471 homes for sale, which was a decline of 7.9 percent compared to listing activity in 2021. Inventory rose 24.6 percent at yearend and showed 238 homes for sale or 2.5 months of supply compared to 1.6 months of supply at yearend 2021. Yearend prices showed modest year-over-year increases.  The median sales price for all of 2022 was $330,250, and is 5.9 percent higher than the 2021 median sales price, while the average sales price of $379,990 is 6.1 percent higher than the previous year. Sellers in Haywood County received 96.1 percent of asking prices for their homes in 2022, while homes averaged 32 days on market until sale compared to 35 days on market in 2021.

Henderson County sales at yearend declined 18.7 percent year-over-year as 2,052 homes sold in 2022 versus 2,523 homes that sold in 2021. Pending contract activity declined 25.1 percent for the year with 1,945 homes going under contract last year compared to 2,596 contracts written the previous year.  New listing activity showed sellers brought 2,311 homes to market, a decline of 16.5 percent year-over-year. Inventory at report time showed a 12.5 increase to 288 homes for sale or 1.8 months of supply.  At yearend last year there was only 1.2 months of supply of homes for sale. The median sales price of $403,423 is 15.3 percent higher than last year’s median sales price, while the average sales price is 14.2 percent higher than last year’s average price.  Sellers in 2022 received 99.7 percent of list prices according to the original list price received at yearend, while homes averaged 25 days on market until sale in 2022, compared to 31 days on market in 2021.

Madison County at yearend had 309 homes closed in 2022, a decline of only 1.6 percent when compared to sales in 2021. Pending contracts totaled 288 at yearend, a decline of 11.4 percent year-over-year, while new listings down 2.8 percent year-over-year, showed sellers listed 379 homes for sale over the course of 2022. Inventory at report time showed 63 homes for sale or 2.6 months of supply. At yearend 2021 the was only 2.2 months of supply of homes for sale. The median sales price of a home for all of 2022 was $370,000, which is 5.9 percent higher than the 2021 median sales price, while the average sales price for all of 2022 was $442,266, a 12.8 percent increase over the 2021 average sales price.  Sellers last year received 96.5 percent of list price according to the original list price received measure, while homes averaged 39 days on market until sale in 2022 compared to 56 days on market in 2021.

Other counties around the region

Burke County home sales in 2022 declined 8.6 percent year-over-year and showed 905 homes sold in 2022 compared to 990 in 2021.  Pending contracts for the year totaled 871 which is down 12.9 percent compared to the previous year when 1,000 homes went under contract.  New listing activity showed sellers listed 1,004 homes for sale which is down 7 percent year-over-year. Yearend figures showed inventory rose 5.6 percent in December to 113 homes for sale of 1.6 months of supply. At yearend 2021, there was only 1.3 months of supply.  The median sales price of a home for all of 2022 was $230,000, which is 11.7 percent higher than 2021’s median sales price while the average sales price was $275,472 for all of 2022, which is 6.2 percent higher. The original list price to sales price ratio in 2022 was 97.3 percent, which is on par with 2021, and shows sellers received most of asking prices last year while home averaged 28 days on market until sale compared to 27 days in 2021.

Jackson County closed sales in 2022 totaled 277, a year-over-year decline of 23.3 percent when compared to 2021 sales.  Pending contracts declined 21.9 percent at yearend and showed 267 homes went under contract last year compared to 342 in 2021.  New listings at yearend declined 5.4 percent to 352 homes listed during the year, just 20 less than what was listed in 2021. Inventory at yearend showed 63 homes for sale or 2.8 months of supply. At yearend 2021 there was only 1.9 months of supply.  The median sales price of a home in Jackson County, for all of 2021 was $332,306

McDowell County had 490 homes sold in 2022 compared to 514 that sold in 2021, representing a 4.7 percent year-over-year decline. Pending sales for the year totaled 470, a decline of 8.7 percent when compared to pending sales in 2021.  New listing activity showed sellers listed 569 homes for sale last year, which represents a decline of 3.4 percent when compared to new listings in 2021.  Inventory at yearend showed 86 homes for sale or 2.2 months of supply. The median sales price for all of 2022 was $280,000, which is 19.3 percent higher than the median sales price in 2021 while the average sales price of $365,006 was 24.7 percent higher than the average sales price in 2021. The original list price to sales price showed sellers received 96 percent of asking prices in 2022 while their homes averaged 36 days on market until sale which is unchanged when compared to days on market in 2021.

Mitchell County had 209 homes sold in all of 2022 which is a year-over-year decline of 4.6 percent; ten sales transactions are the difference between sales last year and in 2021. Pending contract activity for the year showed 200 homes went under contract compared to 217 that were under contract in 2021, a year-over-year decline of 7.8 percent.  While new listing activity showed sellers listed 267 homes for sale last year, compared to 234 in 2021, representing an increase of 14.1 percent year-over-year.  Inventory at report time showed 45 homes for sale at yearend and 2.7 months of supply. Prices softened in comparison to 2021. The median sales price for all of 2022 for a home in Mitchell County declined 7.2 percent year-over-year to $241,404 while the average sales price of $294,685 is roughly unchanged compared to 2021’s average sales price. The original list price to sales price measure shows sellers received 93 percent of asking prices in 2022 while their homes averaged 53 days on market until sale compared to 76 days on market in 2021.

Polk County closed sales in 2022 declined 24.6 percent year-over-year to 343 homes sold compared to 455 that sold in 2021.  Pending contract activity showed 334 homes went under contract last year compared to 446 under contract in 2021, a decline of 25.1 percent year-over-year. While new listings totaled 428 last year versus 486 in 2021, which represents a decline of 11.9 percent.  Inventory at yearend showed 71 homes for sale or 2.6 months of supply.  The median sale price for all of 2022 was $399,000, which is 11.5 percent higher than the median sales price in 2021, while the average sales price of $527,475 is 17 percent higher than 2021’s average sales price. According to the original list price to sales price measure, sellers received 96 percent of asking prices in 2022, while their homes sold quickly, averaging 37 days on market until sale compared to 48 days on market in 2021.

Rutherford County home sales declined 7.3 percent year-over-year as 955 homes sold in 2022 compared to 1,030 in 2021.  Pending contracts for the year totaled 909 versus 1,042 in 2021, a decline of 12.8 percent year-over-year.  New listing activity showed sellers listed 1,124 homes for sale in 2022, a decline of 2.3 percent when compared to the 1,151 new listings that entered the market in 2021. Inventory at yearend showed 160 homes for sale or 2.1 months of supply compared to 1.6 months of supply in 2021.  The median sales price for all of 2022 was $250,000 and this is on par with the median sales price in 2021, while the average sales price for a home in Rutherford County in 2022 was $326,550 which is 3.9 percent higher than the 2021 average sales price.  Sellers in Rutherford last year received 96.1 percent of asking price, according to the original list price to sales price measure, while homes averaged 29 days on market compared to 37 days on market in 2021.

Transylvania County had 621 homes sold in 2022 versus 789 that sold in 2021, representing a year-over-year decline of 21.3 percent, while pending contract activity declined 18.7 percent to 612 contracts for the year. New listings only declined 4.4 percent year-over-year as sellers listed 760 homes for sale in 2022. Inventory in December showed 108 homes for sale and this is unchanged compared to inventory at yearend in 2021. Months of supply increased 23.5 percent year-over-year to 2.1 months of supply compared to 1.7 months of supply at the end of 2021. The median sales price of a home in Transylvania County for all of 2022 was $455,250 which is 18.2 percent higher than the 2021 median sales price, while the 2022 average sales price was 16.8 percent higher at $573,771. According to the original list price to sales price ratio, sellers in the county received 96 percent of asking prices in 2022, while their homes sold faster last year, averaging 37 days on market until sale versus 54 days on market in 2021.

Yancey County had 292 homes that sold in 2022, which is a 23.8 percent year-over-year decline compared to 383 homes that sold in 2021. Pending contracts for the year showed 277 homes went under contract in 2022 compared to 390 that were under contract in 2021, a year-over-year decline of 29 percent. New listing activity in 2022 was only down 3.5 percent, as sellers listed 382 homes for sale compared to 396 listed in 2021. Inventory at the end of the year showed 88 homes for sales or 3.8 months of supply, compared to 2.4 months of supply in 2021. The median sales price for all of 2022 was $357,500, which is 15.3 percent higher than the 2021 median sales price, while the average sales price for all of 2022 ($441,461) is 19.8 percent higher than the 2021 average sales price.  Sellers in Yancey County last year received 94.5 percent of asking price for their homes according to the original list price to sales price measure, while their homes sold much quicker in 2022, averaging 44 days on market until sale compared to 114 days on market in 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.