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

May 11, 2023

CHARLOTTE, N.C. — Home sales across 13-counties that Canopy MLS tracks in the Asheville region continued to fall in March, declining 22 percent year-over-year as 858 homes were sold during the month compared to 1,100 that were sold this time last year. Surprisingly, Madison County was the only county throughout the 13-county region in March that showed positive year-over-year sales, which were up 14.8 percent over activity in March 2022. March sales compared to the previous month (February) showed a significant increase of 42.1 percent, likely due to buyers taking advantage of rate declines that saw the 30-year fixed rate dip as low as 6.3 percent by the last week of March. 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 has not fully returned to the region, as indicated by pending contract activity which declined 14.3 percent year-over-year, with 996 homes going under contract during the month.  In March 2022, contract activity was higher and showed 1,162 homes under contract during the month. Month-over-month contract activity rose 27.7 percent, a strong indication of that buyers are still in the market for homes throughout the region.

Seller activity as displayed through new listings, was down 13.6 percent compared to last year, as sellers listed 1,159 homes for sale in March.  Month-over-month new listing figures rose quite a bit, 63.5 percent. New listings have been rising consistently each month and should help buyers with more choices once the selling season truly starts. Inventory at report time, rose 24.1 percent compared to last March and showed 1,595 homes for sale or 1.7 months of supply.

“Prior to the pandemic the home selling season wouldn’t normally start until late April, so the overall sales activity we experienced in March is actually typical.” said Christine Mallette, a Canopy MLS Board of Director, and Realtor®/broker with Better Homes and Gardens Real Estate Heritage. “The large month-over-month increase in sales, only shows how sensitive buyers are to rate changes. Overall, buyers searching for homes this spring will find the market less crowded, but will continue to be challenged by rates and tight inventory.”

The region’s prices remained unchanged compared to last March.  The median sales price was $378,695 and increased 1 percent year-over-year while the average sales price of $446,002 dipped 0.6 percent year-over-year. Month-over-month, both metrics were down 5 percent compared to prices in February 2023. The average list price rose 19.7 percent year-over-year to $562,071 bringing the originalist price to sales price measure down 4.6 percent to 95 percent in March. Time on market increased in March.  List to close averaged 105 days, compared to 93 days in March 2022, while days on market, the metric that accrues for “Active” and “Under-contract-show” statuses, showed the region’s homes were on market 48 days compared to 37 days in March 2022.

Asheville MSA
Sales closer to the city of Asheville continued to fall in March. Sales were down 22.6 percent year-over-year as 557 homes sold compared to 720 that sold in March 2022.  Sales compared to February 2023 however, increased 37.5 percent, a sign that buyers, though more measured, are still in the market for homes in metro-Asheville. Contract activity was down 13 percent year-over-year as 658 homes went under contract compared to 756 that were under contract during the same period last year. Month-over-month contracts or buyer demand seems to ramping up, rising 30.6 percent.  Seller activity as displayed by new listings, were down 10.4 percent year-over-year with 776 homes being brought to market during the month, compared to 866 new listings in March 2022. Month-over-month new listing activity increased substantially, 70.2 percent, an indication that sellers are getting ready for the spring market.

Mallette continued, “This consistent ramping up of new listings, should help buyers with more choices this spring. It’s critical for both buyers and sellers to understand current market dynamics, as today’s market doesn’t have the same level of demand that we saw during the pandemic. Increased time on market, means that buyers are more discerning and measured about their purchases, which means sellers will need to make sure the home is not only priced well, but shows well in order to attract buyers. Sellers should call a Realtor® to understand their market position and whether they should consider upgrades to boost the sale of the home.”

At report time the MSA’s inventory increased 30.1 percent to 986 homes for sale or 1.6 months of supply. Both the median sales price ($411,500) and the average sales price ($493,686) rose slightly, 1.6 percent and 1.8 percent year-over-year respectively, while the average list price increased 15.4 percent year-over-year to $593,741. This brought the original list price to sales price measure down (4.8 percent) to 95.7 percent.  In March 2022 sellers throughout the MSA received all of asking prices and more at 100.5 percent. Time on market increased in March, allowing buyers more time to shop; days on market until sale showed homes averaged 47 days on market compared to 35 days on market in March 2022.

Buncombe County home sales declined 25.5 percent year-over-year as 301 homes sold compared to 404 that sold in March 2022. Pending contract activity was down 13.2 percent year-over-year as 355 homes went under contract during the month compared to 409 during the same period last year. New listings declined 10.6 percent year-=over-year as sellers brought 420 homes to market during the month, 50 units less than what was listed last March. Inventory at report time showed 486 homes for sale or 1.5 months of supply, which is up from 0.9 months of supply last March.  Both price indices fell slightly, an indication that prices are trying to stabilize.  Both the median sales price ($435,000) and the average sales price ($536,915) declined 0.6 percent and 0.2 percent year-over-year respectively, while the average list price increased 15.5 percent to $663,838. This brought the original list price to sales price measure to 96.3 percent while days on market increased 35.3 percent, showing homes averaged 46 days on market until sale compared to 34 days this time last year.

Haywood County home sales declined 7.8 percent year-over-year as 95 homes sold compared to 103 that sold in March 2022. Pending contract activity showed 96 homes under contract during the month, a decline of 14.3 percent compared to last year, when 112 homes were in the sales pipeline. Sellers listed 132 homes for sale in March, an increase of 2.3 percent year-over-year compared to 129 that were listed in March 2022. Inventory increased 36 percent to 189 homes for sale or two months of supply.  Last March, Haywood County only had 1.2 months of supply. Prices were mixed. The median sales price ($335,000) increased 3.1 percent year-over-year, while the average sales price declined 3.8 percent year-over-year to $364,678. This brought the original list price to sales price measure to 93.2 percent, down from last March’s 96.6 percent.  Days on market also increased 30.2 percent, as homes averaged 56 days on market until sale compared to 43 days on market in March 2022.   

Henderson County home sales in March 2023 totaled 130 units sold, compared to 186 sold in March 2022, a year-over-year decline of 30.1 percent.  Pending contracts also declined 17.3 percent year-over-year as 172 homes went under contract compared to 208 that went under contract during the month of March last year. New listings which totaled 192 in March, declined 15 percent year-over-year.  Inventory increased 46 percent and showed 257 homes in inventory or 1.7 months of supply.  Both the median sales price ($400,000) and the average sales price ($487,994) increased 5.3 percent and 11.9 percent year-over-year respectively, while the average list price increased 15.4 percent to $561,104. This brought the original list price to sales price ratio to 96.7 percent while days on market increased 34.5 percent and showed homes averaging 39 days on market until sale compared to 29 days on market in March 2022.
(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)

Madison County home sales in March increased 14.8 percent year-over-year as 31 homes sold compared to 27 that sold in March 2022. Pending contracts increased as well, rising 29.6 percent year-over-year as 35 homes went under contract during the month compared to 27 that were under contract this time last year. New listings declined 22 percent as sellers brought 32 homes to market compared to 41 newly listed during the same period last year.  Inventory is rose in March and showed 54 homes for sale and 2.3 months of supply. Both the median sales price ($375,000) and the average sales price ($493,155) increased 5.6 percent and 15.7 percent year-over-year, while the average list price increased 12.7 percent to $497,262. This brought the original list price to sales price measure to 93.8 percent while days on market increased 20.4 percent and showed homes on market in March 65 days compared to 54 days on market in March 2022.

 
Other counties around the region

Burke County home sales declined 7.4 percent year-over-year as 75 homes sold compared to 81 that sold in March 2022. Pending contract activity increased 3.2 percent as 96 homes went under contract versus 93 that were under contract in March 2022. New listings however declined 12.8 percent as sellers brought 95 homes to market compared to 109 that were newly listed this time last year.  Inventory increased 18.1 percent to 98 homes for sale at report time or 1.4 months of supply. The median sales price of $226,650 declined 2.7 percent year-over-year while the average sales price of $266,605 increased 6.4 percent year-over-year. The average list price increased 7.9 percent to $335,979. This brought the original list price to sales price measure to 95.4 percent while days on market dropped 5.3 percent, showing homes averaged 36 days on market until sale, which is faster than last March’s 38 days on market.
(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)

Jackson County had 19 homes sold in March 2023 a decline of 29.6 percent year-over-year, while 17 homes went under contract, which also represents a year-over-year decline of 39.3 percent.  Sellers brought 29 new listings to market in March a decline of 12.1 percent compared to 33 new listings that were added to market last March. Inventory rose 31.7 percent at report time and showed 54 homes for sale compared to 41 that were for sale this time last year, bringing supply to 2.7 months of supply. Both the median sales price ($348,000) and the average sales price ($477,826) declined 7.2 percent and 5.2 percent year-over-year respectively, while the average list price increased 49.2 percent to $658,600. This brought the original list price to sales price measure to 99.1 percent while days on market increased 170.4 percent and showed homes on market 73 days compared to 27 days this time last year.
(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)

McDowell County  had 35 homes closed in March compared to 42 homes that closed in March 2022, a decline of 16.7 percent year-over-year.  Pending contract activity decreased 34.5 percent to 38 homes under contract, compared to 58 that were under contract this time last March.  New listings decreased 15.5 percent year-over-year as sellers brought 49 homes to market compared to 58 that were added to the market in March 2022.  Inventory at report time increased 44.4 percent to 65 homes for sale compared to 45 this time last year, while months of supply moved higher to 1.8 months of supply. Both the median sales price ($245,000) and the average sales price ($269,917) declined 26 percent and 32.6 percent year-over-year respectively, while the average list price increased 20.5 percent to $410,467. This brought the original list price to sales price ratio to 89.7 percent while days on market was unchanged compared to last year and showed homes averaged 58 days on market until sale in March 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 16 closed sales in March 2023, compared to 17 closed sales during the same period last year a year-over-year decline of 5.9 percent. There were 15 pending sales compared to 16 pending sales in March 2022 for a decline of 6.3 percent year-over-year. New listings totaled 19 compared to 22 in March of last year a decline of 13.6 percent year-over-year. Inventory at report time showed 45 homes for sale compared to 31 at report time last March, brining months of supply to 2.8 months. Both the median sales price ($251,500) and the average sales price ($334,563) rose 50.1 percent and 15.7 percent year-over-year respectively, while the average list price increased 91.7 percent to $637,758.  This brought the original list price to sales price measure to 92.6 percent, while days on market until sale showed homes on market an average of 47 days this past March compared to 38 days on market in March 2022.
(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 declined 5.4 percent as 35 homes sold compared to 37 that sold in March 2022.  Pending contracts increased 20 percent to 36 homes under contract compared to 30 that were under contract this time last year.  New listings declined 5.1 percent year-over-year as sellers brought 37 homes to market compared to 39 that were listed in March 2022. Inventory is tight and showed 57 homes on market compared to 58 at report time last year, while months of supply increased 23.5 percent and showed 2.1 months of supply of homes for sale.  The median sales price of $406,000 increased slightly 1.5 percent year-over-year while the average sales price dipped 3.7 percent year-over-year to $502,786. The average list price increased 43 percent year-over-year to $709,453. This brought the original list price to sales price measure to 96.9 percent while days on market increased 16.3 percent and showed homes averaging 50 days on market until sale compared to 43 days on market in March 2022. 


Rutherford County home sales declined 20.7 percent year-over-year as 69 homes sold compared to 87 homes that sold in March 2022. Pending contract activity dipped 10.2 percent compared to last year as 79 homes went under contract compared to 88 that were under contract in Mach 2022. New listings were down 25.2 percent year-over-year as 80 homes were added to the market versus 107 homes that were newly listed in March 2022. Inventory rose 18.7 percent to 127 homes for sale at report time or 1.8 months of supply. The median sales price of $250,000 increased 10.6 percent year-over-year while the average sales price was relatively unchanged, dipping 1.5 percent year-over-year to $294,997. The average list price increased 10.8 percent compared to last year to $374,517. This brought the original list price to sales price measure to 92.3 percent while days on market until sale increased 45.9 percent to 54 days on market compared to 37 days on market this time last year.

Transylvania County home sales in March declined 30 percent year-over-year as 35 homes sold compared to 50 in March 2022. Pending contract activity declined 36.5 percent as 40 homes went under contract during the month compared to 63 in March of last year. New listings were also down 25.8 percent year-over-year as 49 homes were listed during the month compared to 66 new listings in March 2022. Inventory showed 87 homes for sale at report time, an increase of 6.1 percent compared to last March and 1.9 months of supply. In March 2022 there was only 1.4 months of supply. The median sales price showed a decline of 14.4 percent year-over-year to $415,000, while the average sales price increased 9.5 percent compared to last year to $583,264. The average list price increased 31.6 percent to $750,778 during the month, which brought the original list price to sales price measure to 93.6 percent, while days on market showed homes averaged 43 days on market until sale compared to 50 days on market in March 2022.
(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)

Yancey County had 14 homes sold in March, which is a decline of 53.3 percent compared to sales in March 2022.  Pending contract activity was also down, 48 percent year-over-year as 13 homes went under contract compared to 25 during March 2022. New listings declined 41.2 percent as sellers listed 20 homes for sale compared to 34 listed in March 2022. Inventory at report time in March showed 63 homes for sale and 3 months of supply. Both price indices declined. The median sales price ($237,500) and the average sales price ($305,464) declined 34.5 percent and 29.1 percent year-over-year while the average list price increased 45.8 percent to $613,045. This brought the original list price to sales price measure to 86.2 percent while days on market showed homes averaged 64 days on market until sale compared to 55 days on market in March 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.