June 28, 2024

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — Home sales in May for the 13 counties in the Asheville region where Canopy MLS trends data were nearly on par with last year, down 1.9 percent year-over-year as 945 homes sold across the region.  A closer look at the data showed only 18 more sales in May 2023 than in May 2024.  Sales compared to April 2024 were up 14.5 percent. Canopy MLS sales represented in this report are for single-family, condo, and townhome sales only.

Pending sales or contracts, an indicator of buyer demand and generally a good predictor of future sales, rose again in May.  Contract activity increased 5.4 percent year-over-year as 1,016 contracts were written during the month compared to 964 in May 2023. Month-over-month contract activity was steady and rose 1.1 percent compared to April 2024. A look at May’s Showings Report indicated buyer interest was strongest in the city of Asheville, where listings average 4.1 showings (or potential buyers) per listing, followed by Henderson County where listings averaged 3.0 showings per listing, while listings in Burke and Transylvania Counties averaged 2.8 showings per listing in May.

New listing activity, showed seller confidence steady and rising 8.6 percent year-over-year in May, as sellers listed 1,424 homes for sale compared to slightly more than 1,300 homes listed in May 2023.  Month-over-month new listings increased 4.7 percent, representing nine consecutive months of year-over-year gains in new listings and significant improvement to the region’s inventory and supply.  

“Even though the market is much slower than last year’s, the sales activity the region and MSA are experiencing has been rather steady, with buyer demand relatively strong, as indicated by the level of contract activity we’ve seen over the past five months, said Caleb Phillips, a Canopy MLS Board of Director and Realtor®/broker with Lusso Realty. Buyers and sellers are learning to work in this higher mortgage rate environment and should know that a number of properties within Canopy MLS qualify for down payment assistance. Buyers should ask their Buyer Agents about Canopy’s Down Payment Resource tool, which could help offset the home price."

Inventory and supply throughout the region have been rising since May 2022. At report time inventory increased 32.8 percent to slightly more than 2,700 homes for sale and 3.2 months of supply.  Both indices show the market is moving closer to equilibrium and a balanced market. A balanced and healthy market has 6 months of supply and favors neither buyers nor sellers. The last time the region had 3.2 months of supply was back in August 2020.

Still, with persistent buyer demand, prices rose again in May.  Both the median sales price ($435,000) and the average sales price ($549,880) increased by 7.4 percent and 11.5 percent year-over-year across the 13 western NC counties where Canopy tracks data.  The average list price increased 19.3 percent to $694,679, bringing the original list price to sales price down a percent to 96.2 percent, which is still a strong indicator of how favorable the market is to sellers. Days on market continued to increase during the month, rising 15.8 percent, and showed homes averaged 44 days on market until sale compared to 38 days on market in May 2023.

Asheville MSA 

Sales across the four-county MSA were sluggish in May, as 630 homes sold during the month compared to 648 that sold in May 2023. Sales compared to the previous month increased 20.9 percent.  Contract activity was down slightly, by 3.5 percent compared to last year, as contracts were written on 655 properties during the month.  In May 2023 there were only 24 more properties under contract than in May 2024.  Month-over-month contract activity was unchanged, rising less than a percent. New listing activity was also in line with last year, and up 1.5 percent year-over-year as 897 homes were listed. At report time inventory rose 26.9 percent year-over-year and showed 1,593 homes for sale or 2.9 months of supply. Supply increased 31.8 percent year-over-year, up from 2.2 months of supply in May 2023.

Prices also rose during the month, due to tight inventory. Both the median sales price ($475,000) and the average sales price ($605,498) increased 8.7 percent and 13.1 percent across the MSA.  The average list price increased 18.1 percent to $725,449, bringing the original list price to sales price measure to 97.1 percent.

Time on market was nearly unchanged compared to last year with homes in the MSA averaging 40 days on market until sale compared to 39 days on market in May 2023.

Phillips continues, “The market is slowly shifting and we can see that throughout the region as more supply and inventory come online. Eventually, buyers will see more inventory in our high-demand MSA, helping them with more choices. Additional supply and inventory can also have the added benefit of softening prices.  But buyers shouldn’t expect to see prices fall dramatically, due to the steady demand the market experiences. However, we are already seeing some price softening in areas where inventory and supply are rising sharply, like Burke and Transylvania Counties this past month.”

Counties in the MSA

Buncombe County home sales in May increased 2.4 percent year-over-year as 347 homes sold compared to 339 that sold in May 2023.  Contract activity dipped during the month by 3.3 percent as buyers wrote contracts on 349 homes compared to 361 a year ago in May.  New listings continue to rise and showed seller confidence up by 7.7 percent as sellers listed 505 homes for sale compared to 469 listed in May 2023.  Inventory at report time showed 798 homes for sale, representing a 21.6 percent boost to inventory during the month, while supply increased 28.6 percent to 2.7 months of supply. Still, with demand somewhat steady, prices rose.  Both the median sales price ($520,000) and the average sales price ($694,958) increased by 9.9 percent and 17 percent year-over-year respectively, while the average list price increased by 19.7 percent to $728,510. This brought the original list price to sales price measure to 97.8 percent while days on market showed homes in Buncombe County averaged 37 days on market until sale compared to 31 days on market in May 2023.

Haywood County home sales in May declined 13.5 percent year-over-year to 90 homes sold compared to 104 that sold in May 2023.  Contract activity fell during the month as buyers wrote contracts on 91 homes compared to 114 homes a year ago in May, a decline of 20.2 percent.  New listing activity was unchanged compared to a year ago. At report time inventory rose 26.7 percent to 280 homes for sale, while supply increased 41.7 percent to 3.4 months, compared to 2.4 months of supply in May 2023.  Price activity was mixed. The median sales price increased 5.2 percent to $343,000, while the average sales price slipped less than a percent (-0.2%) to $420,572, bringing the original list price to sales price measure to 96 percent. Time on market was relatively unchanged, as homes averaged 38 days on market until sale compared to 39 days on market in May 2023.

Henderson County home sales slipped by 8.1 percent year-over-year as 171 homes sold during the month compared to 186 that sold in May 2023. Pending contracts rose 12.9 percent as buyers drove 192 homes under contract during the month compared to 170 that were under contract a year ago in May.  New listing activity declined 4.9 percent year-over-year as sellers listed 213 homes for sale, with eleven listings the difference in activity from May 2024 and last year. Inventory rose 42.7 percent to 431 homes for sale while supply increased 33.3 percent to 2.8 months of supply compared to 2.1 months in May 2023. Both the median sales price ($465,000) and the average sales price ($524,859) increased 8.8 percent and 6.5 percent year-over-year while the average list price increased 19.7 percent to $698,095. This brought the original list price to sales price measure to 96.6 percent while days on market showed homes averaged 42 days on market in May compared to 48 days on market in May 2023.

Madison County home sales increased 15.8 percent year-over-year as 22 homes sold compared to 19 that sold in May 2023. Contract activity was down 32.4 percent year-over-year as 23 homes went under contract compared to 34 that were under contract a year ago.  New listing activity also fell during the month, by 25 percent as sellers listed 36 homes for sale compared to 48 that were listed a year ago in May.  Inventory rose 10.5 percent to 84 homes for sale and 3.7 months of supply. With the pace of sales slow, time on market extending and the overall pool of homes for sale nearly what it was a year ago, prices rose substantially. Both the median sales price ($478,750) and the average sales price ($577,775) increased 22.8 percent and 27.2 percent year-over-year respectively, while the average list price slipped 0.5 percent to $592,989. This brought the original list price to sales price measure up 1.1 percent to 94.8 percent while days on market rose and showed homes averaged 70 days on market until sale compared to 69 days on market in May 2023.

Other counties around the region  See data for May 2024

Burke County experienced some declines this month. Both the median sales price ($242,500) and the average sales price ($291,435) dipped this month 8.7 and 12.2 percent respectively. Closed sales also dipped slightly by 9.2 to 79 properties this month. The average list price increased 35.1 percent to $455,337 bringing the percent of list price received up slightly to 97.3 percent.

There was a substantial 103.1 percent increase in inventory level, with 197 properties available, equivalent to a 3.0 months supply, a 100 percent increase from 2023. Pending contract activity rose 28.3 percent with 77 homes under contract during May. New listings jumped 53.3 percent as sellers brought 115 homes to market compared to 75 in May 2023. Days on market dropped to 29 days from 36 the previous year.  

Jackson County had 18 homes sold in May, a decline of 28 percent year-over-year, compared to the 25 homes sold in May 2024; while pending sales were up 4.3 percent year-over-year as 24 homes went under contract during the month compared to 23 the previous May.  New listings declined 39 percent compared to last year, as sellers listed 25 homes for sale compared to 41 in May 2023. Inventory inched up 3.6 percent to 86 homes for sale at report time or 4.4 months of supply.  The median sales price declined by 5.9 percent while the average sales price rose 9.5 percent to $632,764. The average list price increased 87.9 percent to $1,033,504 bringing the original list price to sales price measure to 93.8 percent while days on market showed homes averaged 52 days on market until sale compared to 49 days on market in May 2023.  

McDowell County home sales declined in May by 37.8 percent as 23 homes sold compared to 37 that sold in May 2023. Pending contract activity rose by 5.1 percent as buyers wrote contracts on 41 homes during the month compared to 39 during the same period a year ago.  New listings rose 9.1 percent as sellers brought 60 homes to market versus 55 during the previous May. Inventory rose by 51.3 percent to 121 homes for sale or 3.6 months of supply. Prices surged during the month. Both the median sales price ($493,500) and the average sales price ($548,813) increased by 93.5 percent and 78.4 percent year-over-year respectively, while the average list price dipped 3.5 percent to $531,692. This brought the original list price to sales price measure to 91.9 percent while days on market, increased significantly (333.3%) and showed homes averaged 104 days on market until sale this past May, compared to 24 days on market in May 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 nine homes close in May 2024 compared to 13 that closed a year ago in May, while pending contracts increased 42.9 percent to 20 homes under contract versus 14 during the same period last year. New listings increased by 30 percent as sellers bought 26 homes to market during the month compared to 20 in May 2023.  Inventory at report time showed 58 homes for sale or 5.3 months of supply.  Both the median sales price ($260,000) and the average sales price ($307,667) rose by 11.3 percent and 14.7 percent year-over-year respectively while the average list price rose by 40.6 percent to $575,849. This brought the original list price to sales price measure down slightly to 90.1 percent while days on market showed homes averaged 69 days on market until sale compared to 61 days on market in May 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 increased 15.4 percent as 30 homes sold in May compared to 26 that sold in May 2023. Pending contract activity rose by 31.8 percent as 29 homes went under contract during the month, compared to 22 that were under contract a year ago in May. New listings increased by 44.4 percent as sellers brought 52 homes to market compared to 36 that were listed in May 2023.  Inventory rose 37.5 percent to 100 homes for sale or 4.6 months of supply.  The median sales price dipped slightly by 1.6 percent to $469,873, while the average list price ($589,205) increased by 3.8 percent year-over-year.  The average list price increased 11.6 percent to $740,726, bringing the original list price to sales price measure down 4.1 percent to 91.2 percent.  Days on market increased by 266.7 percent and showed homes averaged 99 days on market until sale compared to 27 days on market in May 2023.

Rutherford County home sales increased by 20.3 percent year-over-year as 83 homes sold compared to 69 that sold in May 2023. Pending contract activity showed buyer demand increased by 26.2 percent to 82 homes under contract versus 65 a year ago in May. Seller confidence in the form of new listings rose 26.4 percent compared to last year as sellers listed 110 homes for sale.  Inventory increased by 54 percent to 248 homes for sale, while month of supply increased 50 percent to 3.9 months of supply. Last May supply stood at 2.6 months in Rutherford County.  Prices rose during the month.  Both the median sales price ($314,900) and the average sales price ($398,319) increased by 14.5 percent year-over-year respectively, while the average list price rose less than a percent (0.5%) to $443,530. This brought the original list price to sales price measure to 93.5 percent while days on market showed homes averaged 55 days on market until sale compared to 41 days on market in May 2023.     

Transylvania County home sales increased for a fifth consecutive month this year as 44 homes sold during the month, an increase of 15.8 percent year-over-year compared to 38 that sold in May 2023.  Pending contracts increased 3.9 percent year-over-year as 53 homes went under contract during the month compared to 51 a year ago in May. New listings jumped by 47.4 percent as sellers brought 84 new listing to market during the month compared to 54 in May 2023. Inventory increased 57 percent to 168 homes for sale or 3.8 months of supply. Supply is up 58.3 percent from 2.4 months of supply a year ago. Prices softened.  Both the median sales price ($510,000) and the average sales price ($605,802) declined by 5.4 percent and 13.2 percent year-over-year respectively, while the average list price soared 64.9 percent to $1,090,569.  This brought the original list price to sales price measure down to 94.9 percent while days on market indicated that homes averaged 44 days on market until sale compared to 25 days on market a year ago in May. 

(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 21 homes sold in May 2024 compared to 18 that were sold in May 2023, representing a 16.7 percent year-over-year increase, while pending contracts rose 166.7 percent to 24 homes under contract versus nine a year ago.  New listings increased by 10 percent to 44 new listings, compared to 40 listed in May 2023. Inventory at report time showed 97 homes for sale or five months of supply.  Prices declined in May.  Both the median sales price ($280,000) and the average sales price ($358,350) declined by 13.2 percent and 6.1 percent year-over-year respectively while the average list price dipped 4.1 percent to $675,958.  This brought the original list price to sales price measure to 97.7 percent while days on market showed homes sold in 45 days compared to 69 days on market in May 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.