April 25, 2024                                                                         

Contact: Kim Walker, 704-940-3149      

CHARLOTTE, N.C. — Sales across the Asheville region slipped in March, falling 16.3 percent year-over-year as 738 homes sold compared to 882 that sold in March 2023.  The region’s sales across the 13 counties where Canopy MLS tracks housing data were up 34.2 percent compared to February 2024, as buyers tried to take advantage of rates in the 6 percent range in early March.  Canopy MLS sales represented in this report are for single-family, condo, and townhome sales only.

Pending contracts were unchanged compared to last year as buyers drove 917 properties into under-contract status, but compared to buyer activity in February 2024, pending contracts were up 21.8 month-over-month.

“Mortgage rates at the end of February and early March were somewhat stable, averaging 6.8 percent for most of the month and actually dipping to 6.7 percent during the second week of March, driving both buyer and seller activity,” said Caleb Phillips, a Canopy MLS Board of Director and Realtor®/broker with Lusso Realty. “Rates in the 6 percent range seem to be the ‘sweet spot’ for buyers. Unfortunately, higher-than-expected inflation numbers in late March and at the start of April will keep mortgage rates elevated, which is disappointing news for spring buyers. Fortunately, seller activity is still somewhat steady and will help buyers with more choices.”

March showing reports indicated buyer interest remains concentrated in the MSA with listings in the city of Asheville receiving an average of 4.8 showings (or potential buyers) per listing, followed by the city of Hendersonville, where listings received an average of 3.9 showings per listing.

Sellers continued to respond positively to the market bringing 1,237 new listings in March, representing an increase of 5 percent over new listing activity in March 2023. New listings compared to February 2024 were up 34 percent, with 314 more new listings offered in March than in February.

“Steady seller activity in the form of new listings over time will continue to boost supply and inventory levels, which helps buyers and the market in the long run,” said Phillips. “More supply also helps stabilize prices, however, inventory across the region is still tight, and though supply is increasing and moving in the right direction, we’re still not close to being a healthy, balanced market at six months of supply, and favoring neither buyers nor sellers.”

The region’s inventory increased again in March, rising 26.6 percent over last year to 2,186 homes for sale at report time. Inventory has been steadily rising across the region since September 2023, but remains critically low. Supply also rose again in March, by 36.8 percent to 2.6 months of supply compared to 1.9 months of supply in March 2023.  Supply is up from 2.3 months of supply in February 2024.  

All price indices increased during the month. The median sales price of $410,000 increased 9.3 percent year-over-year, while the average sales price increased 13.3 percent year-over-year to $501,311. Both price indices are up slightly compared to last month (February 2024) due to the surge in demand or contract activity, month-over-month. The average list price of $614,951 rose 11.7 percent compared to last year. This brought the original list price to sales price measure across the region down less than a percent (-0.1%) to 94.9 percent, as sellers still receive nearly all of asking price for their homes.

Time on market continues to increase. The list to close metric rose 0.9 percent year-over-year to 107 days compared to 106 days in March 2023, while days on market, the metric that accrues for “Active” and “Under-contract-show” statuses, increased 18.4 percent and showed homes averaged 58 days on market until sale this past March, compared to 49 days on market in March 2023.

Asheville MSA 

After consecutive months of sales rising year-over-year, sales declined across the MSA fell by 14.8 percent as 490 homes sold. Last March there were only 85 more home sales than in March 2024. But month-over-month the MSA’s home sales compared to February 2024 were up 15 percent.  Contract activity was down slightly (-2.6%) as 594 homes went under contract compared to 610 in under contract status last March. Contract activity or buyer demand compared to February 2024 was up 18.8 percent. New listing activity was relatively unchanged, falling less than a percent (-0.8%) as sellers offered 782 new listings during the month, just six listings less than last March. Still, seller activity in the form of new listings was up 38.4 percent compared to February 2024, which ensures enough listings to meet current demand, while continuing to slowly impact inventory and supply.

Both inventory and supply rose 20.2 percent and 27.8 percent respectively, boosting inventory to 1,289 homes for sale at report time in March, or 2.3 months of supply, compared to 1.8 months of supply during the same period last year.  All price indices rose, based on month-over-month buyer demand.  Both the median sales price ($445,000) and the average sales price ($549,064) increased 8.4 percent and 12.2 percent across the MSA.  The average list price increased 20.2 percent to $658,608, bringing the original list price to sales price measure to 95.4 percent.

Like the region, time on market across the MSA increased in March and showed homes averaged 55 days on market until sale compared to 48 days on market in March 2023, an increase of seven days.

Phillips continues, “Given the tight inventory situation across the MSA, using a Realtor® is crucial. Their expertise in market trends, pricing, and negotiation can be invaluable for both buyers and sellers alike, helping them find the right property at the right price and guiding them through the closing process. Buyers should work with a Buyer’s Agent and inquire about Canopy MLS’s new Down Payment Resource tool, which matches properties to local, state, and national down payment assistance programs.”

Counties in the MSA

Buncombe County home sales declined 11 percent year-over-year as 275 homes sold compared to 309 that sold in March 2023. Buyer demand in the form of pending contracts slipped by 2.1 percent to 323 homes under contract, with seven more contracts written in March 2023 than this past month. New listing activity was also down 4 percent as sellers listed 412 homes for sale compared to 429 that were listed a year ago in March. Inventory at report time rose 21.5 percent to 645 homes for sale while supply rose 37.5 percent to 2.2 months of supply.  With demand nearly unchanged from last year, prices rose. Both the median sales price ($470,000) and the average sales price ($590,829) rose 8.5 percent and 11.1 percent year-over-year respectively, while the average list price increased 15.2 percent to $749,321. This brought the original list price to sales price measure to 95.8 percent while days on market showed homes averaged 50 days on market until sale compared to 45 days on market in March 2023.

Haywood County home sales dropped a dramatic 37.1 percent as 61 homes sold during the month compared to 97 that sold in March 2023. Contract activity climbed by 7 percent to 92 homes under contract during the month compared to 86 under contract during the same period last year.  New listing activity also increased by 2.3 percent as sellers brought 135 new listings to market, two more listings than the previous March.  Both inventory and supply rose at report time, by 8.3 percent and 18.2 percent respectively.  Haywood’s supply is now at 2.6 months.  Still, prices rose due to rising demand during the month.  Both the median sales price ($400,000) and the average sales price ($425,000) rose 19.4 percent and 16.8 percent year-over-year respectively, while the average list price rose 18.6 percent to $513,587. This brought the original list price to sales price measure to 92.5 percent while days on market showed an increase from 57 days in March 2023 to 63 days on market in March 2024.

Henderson County home sales were nearly unchanged compared to March 2023, as 136 homes sold compared to 138 that sold during the same period last year. Contract activity was down slightly (-2.5%) with buyers driving 155 homes under contract, just four less than last year’s total.  Sellers offered 204 new listings during the month, an increase of 5.2 percent year-over-year, which also boosted inventory by 24.2 percent at report time or 344 homes for sale and the county to 2.3 months of supply. Supply is up 27.8 percent from 1.8 months of supply in March 2023. Due to steady demand, prices increased. The median sales price ($426,375) and the average sales price ($515,922) increased by 6.7 percent and 7.3 percent year-over-year respectively, while the average list price increased by 7.4 percent to $593,995. This brought the original list price to sales price measure to 96.6 percent while days on market showed homes averaged 57 days on market until sale compared to 42 days on market in March 2023.

Madison County home sales totaled eighteen in March compared to 31 that sold in March 2023. Pending contracts showed 24 homes under contract during the month compared to 35 that were under contract a year ago in March.  New listing activity showed sellers offered 31 new listings to the market, compared to 33 new listings in March 2023.  Still, due to steady new listing activity in the first two months of the year, both inventory and supply increased.  Inventory at report time showed 78 homes for sale compared to 59 homes for sale in March 2023, while supply moved from 2.5 months to 3.2 months of supply in March 2024.  Both the median sales price ($429,933) and the average sales price ($580,381) increased by 14.6 percent and 17.7 percent year-over-year respectively, while the average list price increased by 4 percent to $508,849, bringing the original list price to sales price ratio down (-1.9%) to 92 percent. Time on market has increased substantially by nearly 45 percent, or 29 more days than last March. Homes averaged 94 days on market until sale compared to 65 days on market in March 2023.

Other counties around the region  See data for March 2024

Burke County once again experienced increases in most metrics. The only decreases were found in closed sales with a 17.1 percent decline to 63 properties and the percent of original list price received with a slight 0.4 percent dip to 95 percent. There was a 47.7 percent increase in inventory levels, with 158 properties available, equivalent to a 2.4 months supply, a 50% increase from 2023. Pending contract activity was flat this month with 88 homes under contract during March. New listings rose 9.3 percent as sellers brought 106 homes to market compared to 97 in March 2023. Days on market also increased 5.6 percent to 38 days, a slight increase from 36 days last year.  The median sales price experienced an increase of 15.5 percent from the previous year to $270,000. Additionally, the average sales rose by 4.3 percent to $277,723 while the average list price increased by 23.3 percent year-over-year to $403,223.

Jackson County had eight homes sold compared to 19 homes sold last year, for a decline of 57.9 percent year-over-year.  Pending contract activity rose by 87.5 percent compared to last year as 30 homes were under contract compared to 16 in March 2023.  New listings showed sellers responding favorably as 42 homes were newly listed compared to 30 newly listed in March 2024, an increase of 40 percent. Inventory showed 81 homes for sale at report time, an increase of 30.6 percent while supply jumped by 28.1 percent to 4.1 months of supply. The median sales price of $442,500 increased 27.2 percent compared to last March, while the average sales price declined 18.1 percent to $391,500. This brought the original list price to sales price measure to 93.1 percent, compared to 99.1 percent in March 2023, while days on market showed homes averaged 75 days on market until sale compared to 73 days on market in March 2023.

McDowell County home sales declined in March, falling 18.9 percent to 30 homes sold compared to 37 homes sold in March 2023. Contract activity remained flat with 35 homes under contract during the month, while new listings declined by 6.1 percent year-over-year to 46 new listings, versus 49 last year. Due to steady increases in sales and new listing activity in first quarter, inventory rose by 59.1 percent to 105 homes for sale at report time or 3.1 months of supply. Last March 2023 there was only 1.9 months of supply.  All price indices rose.  The median sales price rose 24.5 percent to $305,000 and the average sales price rose 114.8 percent to $565,710.  The average list price increased 6 percent year-over-year to $427,633, bringing the original list price to sales price measure to 94.5 percent. Days on market in March showed homes averaged 68 days on market until sale compared to 57 days on market 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 seven home sales in March 2024 compared to 16 sales a year ago, while pending contracts showed only ten homes in under contract status compared to twelve a year ago. Sellers listed 20 homes for sale during the month compared to 19 newly listed homes added in March 2023. Inventory at report time showed 54 homes for sale or 4.8 months of supply.  Prices dropped. Both the median sales price ($205,000) and the average sales price ($231,714) declined 18.5 percent and 30.7 percent year-over-year respectively while the average list price dipped 19.9 percent to $494,415. Sellers received 79.3 percent of asking prices for their homes in March, a decline of 14.4 percent compared to March 2023. Days on market showed homes averaged 91 days until sale compared to 47 days on market 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)
Polk County home sales in March declined 44.4 percent year-over-year as 20 homes sold compared to 36 that sold in March 2023. Pending sales dropped by 20 percent year-over-year as buyers wrote contracts on 28 homes versus 35 in the previous year.  New listing activity was down 10.8 percent compared to March 2023, as sellers listed 33 homes for sale compared to 37 the previous year.  Inventory at report time showed 89 homes for sale and 3.9 months of supply. Supply is up 85.7 percent over last year when there were only 2.1 months of supply. All price indices declined, as a result of lowered demand amidst more supply.  Both the median sales price ($322,500) and the average sales price ($372,910) dropped by 20.5 percent and 25.1 percent year-over-year respectively, while the average list price declined by 7 percent. Subsequently, the original list price to sales price measure dipped 4.4 percent leaving sellers with 92.7 percent of asking price for their homes, while days market showed homes averaged 90 days until sale compared to 50 days on market in March 2023.

Rutherford County home sales declined in March, falling 10 percent year-over-year as 63 homes sold compared to 70 that sold in March 2023. Pending sales dipped by 2.9 percent as 67 homes went under contract versus 69 in under-contract status during the previous year. New listings jumped by 17.5 percent as sellers offered 94 new listings.  Inventory at report time showed a 36.2 percent increase to 188 homes for sale or three months of supply. Still, with demand steady amidst low supply, prices rose. Both the median sales price ($300,000) and the average sales price ($404,955) rose 21.1 percent and 38.3 percent year-over-year respectively, while the average list price increased 20 percent to $434,885.  This brought the original list price to sales price measure to 94.8 percent while days on market showed homes sod in 57 days compared to 54 days in March 2023.   

Transylvania County home sales increased for a third consecutive month in March as 37 homes sold compared to 35 that sold in March 2023.  Pending sales or contracts showed buyers drove 46 homes into under-contract status during the month, representing a year-over-year increase of 17.9 percent. Sellers continued to respond positively to the market, by offering 75 new listings during the month, an increase of 44.2 percent over last year when 52 new listings were offered.  Inventory increased 38.6 percent to 122 homes for sale at report time or 2.8 months of supply.  Supply is p 47.4 percent compared to last year, when there was only 1.9 months of supply. Still, due to rising demand, the median sales price increased nearly 30.1 percent to $540,000.  The average sales price was down 4.5 percent to $557,155. The average list price dipped slightly (-1.9%) to $724,492, bringing the original list price to sales price metric to 93.3 percent. Days on market showed homes taking a bit longer to sell, averaging 77 days on market compared to 49 days on market in March 2023.

Yancey County had 15 home sales in March, which is unchanged compared to last yar, while contracts for the month totaled 16 compared to eleven in March 2023. New listings rose from 20 last March to 23 in March 2024, while inventory at report time dipped 4.3 percent to 66 homes for sale compared to 69 homes for sale last March. Supply rose from 3.4 months to 3.6 months of supply while prices rose by double -digits this past month. Both the median sales price ($312,0000 and the average sales price ($409,817) increased by 41.8 percent and 37.3 percent year-over-year respectively while the average list price declined 8.7 percent to $547,502. This brought the original list price to sales price measure to 92.1 percent while homes averaged 90 days on market until sale in March 2024 compared to 72 days on market in March 2023.

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.