July 2, 2025

Contact: Kim Walker, 704-940-3149

New listings surged across the region in May, giving buyers more options and time as prices eased and months of supply moved into balanced territory. 

ASHEVILLE, N.C. — The Asheville region and MSA housing markets continued their shift toward balance in May, as inventory levels climbed and prices showed signs of stabilizing. Across the 13-county area where Canopy MLS tracks data, months of supply rose to 5.8, while the four-county MSA reached 5.7 months—both falling within the range of a balanced market. According to the National Association of Realtors® (NAR), a balanced market is one in which neither buyers nor sellers hold a clear advantage, typically characterized by five to six months of supply, allowing buyers adequate time to find a home. Sellers contributed to the increase in inventory, adding 1,844 new listings across the region—a 28.5 percent increase compared to May 2024. Within the MSA, new listings rose 36.7 percent year-over-year, with 1,236 homes added to the market. While a recent NAR report acknowledged the national rise in inventory, it also cautioned that housing affordability continues to present significant challenges.  Data in this report is sourced from Canopy MLS and includes single-family homes, condos, and townhome sales only for 13 counties in western North Carolina, which include: Buncombe, Burke, Haywood, Henderson, Jackson, Madison, McDowell, Mitchell, Polk, Rutherford, Swain, Transylvania, and Yancey Counties.

Buyer activity rose across the region and MSA

Buyers responded to the surge in new listings in May, leading to a modest increase in contract activity. Across the 13-county region, pending sales rose 3.7 percent year-over-year, with 971 homes going under contract, up 7.8 percent from the previous month. In the four-county Asheville MSA, buyer activity was slightly stronger, with pending sales up 6 percent year-over-year and 640 homes under contract. Month-over-month, pending contracts in the MSA rose 8.8 percent—a promising indicator for future closed sales. With mortgage rates holding relatively steady between 6.7 and 6.9 percent throughout May, buyers remained engaged, particularly in the city of Asheville and in Hendersonville, where listings averaged 2.7 and 2.5 showings per property, respectively. 

“With inventory on the rise and prices beginning to moderate, buyers are regaining negotiating power,” said Dave Noyes, Canopy MLS Board of Director and Designated Managing Broker with eXp Realty. “Steady mortgage rates and a growing number of options are creating a more favorable environment for buyers, making now a smart time to consider entering the market.” 

Sales activity slows as prices ease
Closed sales across the region declined 13.8 percent year-over-year, with 839 homes sold compared to 973 in May 2024. On a month-over-month basis, sales were also down 6.9 percent. The MSA reflected similar trends, with closings falling 15.8 percent year-over-year to 545 homes sold. However, closings within the four-county MSA rose slightly from April, up 3.2 percent, indicating some resilience in the metro market.

Prices soften as homes spend more time on market
Home prices across the region continued to soften in May. The median sales price declined 3.4 percent to $420,000, while the average sales price fell 7.5 percent to $504,917. The average list price also dipped, down 3.2 percent to $641,349, contributing to a slight drop in the original list-to-sales price ratio, which decreased 1.1 percent to 95.1 percent. Homes remained on the market longer, with the average list-to-close time rising to 99 days—an increase of 13.8 percent from 87 days a year ago. Days on market until sale also increased, up 20.5 percent year-over-year to 53 days. 

The Asheville MSA
Homebuyers saw a bit more breathing room in May, as inventory increased and prices softened across the Asheville MSA. The median sales price dipped slightly to $459,695, down 3.2 percent from last year, while the average sales price dropped 7.9 percent to $553,861. List prices also edged down, but sellers are still receiving most of their asking price, with homes selling for about 95.7 percent of the original list. Homes are also staying on the market longer, averaging 51 days before going under contract—up from 39 days last May. These shifts point to a market that’s continuing to normalize, creating more opportunities for buyers to explore their options.

Noyes continued, “The market is gradually finding its footing, and that’s good news for everyone. Buyers are gaining more flexibility and time to make informed decisions, while sellers are still seeing strong offers and steady interest, especially when homes are well-priced. We’re entering a phase where both sides can benefit from more balanced conditions. 

County Summaries See data for May 2025

The Buncombe County housing market in May 2025 showed clear signs of transition toward a more balanced environment, as inventory expanded and price pressures began to ease. New listings surged 36.9 percent year-over-year to 698 homes, helping to drive a dramatic 103.4 percent increase in months of supply, which rose from 2.9 to 5.9 months. This increase gave buyers more breathing room and negotiating power, especially as homes remained on the market longer. The average days on market rose 18.9 percent to 44 days, while cumulative days on market jumped 31.6 percent to 50 days. While pending sales rose modestly by 3.3 percent to 341, closed sales fell sharply—down 20.6 percent compared to May 2024—reflecting a potential lag between rising interest and final transactions.

Prices reflected the softer market dynamics, with the median sales price down 2.9 percent to $505,000 and the average sales price declining 11.1 percent to $611,124. Despite these decreases, sellers continued to receive a solid return, with homes selling for 95.8 percent of original list price on average. 

Haywood County's housing market in May reflected a significant shift toward balance, driven by increased inventory and buyer engagement. New listings surged 35.0 percent year-over-year to 193, pushing months of supply up 69.4 percent to 6.1 months, surpassing the threshold for a balanced market. Pending sales rose 13.3 percent to 94 homes under contract, indicating that buyers are responding to greater availability. However, closed sales declined 13.2 percent compared to last May, totaling just 79 homes sold, suggesting that some contracts may take longer to close or reflect earlier seasonal slowdowns. Homes also spent considerably more time on the market, with days on market rising 60.5 percent to 61 days and cumulative days on market jumping 70.5 percent to 75 days.

Despite the slower pace of sales, home values continued to appreciate. The median sales price rose 7.1 percent year-over-year to $397,500, while the average sales price increased 9.1 percent to $458,148—signaling ongoing demand and value retention in the area. Sellers, however, received slightly less of their asking price, with the original list-to-sale price ratio dipping to 94.7 percent. As the market recalibrates, sellers are advised to price strategically and prepare for longer marketing periods, while buyers benefit from more choices and time to make informed decisions. 

Henderson County’s housing market continued its rebalancing trend in May, with a notable influx of new listings and a slight pullback in closed sales. New listings jumped 41.4 percent year-over-year to 304, helping push months of supply up to 4.8 months—a 50 percent increase from last May. While pending sales rose 11.2 percent to 188 homes under contract, closed sales dipped 5.1 percent to 166, suggesting some lag between contract activity and finalized transactions. Inventory rose significantly as well, up 50.4 percent, giving buyers more options and slowing the pace of sales. Homes spent more time on the market, with average days on market climbing 33.3 percent to 56 days and cumulative days on market increasing nearly 55 percent to 65 days.

Prices reflected the cooler demand and increased competition. The median sales price declined 9.1 percent year-over-year to $422,500, while the average sales price dipped 3.0 percent to $506,709. Sellers still received about 96 percent of their original asking price, indicating a market that remains relatively stable despite adjustments. The increase in inventory and softening prices are giving buyers more leverage, while sellers may need to price more competitively and prepare for longer marketing periods.Noyes continued further, “As the Asheville MSA continues to recalibrate from the overheated pace of recent years, conditions are becoming more favorable for buyers while still offering opportunity for well-positioned sellers. The significant increase in inventory suggests that the second half of the year could bring more stability and a healthier pace of activity, particularly if mortgage rates remain steady. Going forward, sellers may need to price more competitively and prepare for longer marketing periods.”

In May 2025, Madison County’s housing market showed signs of cooling, with both pending and closed sales declining significantly year-over-year, down 22.7 percent and 31.8 percent, respectively. While new listings rose 13.9 percent and inventory increased 50 percent, pushing months of supply to 8.0 (more than double last year), buyer activity slowed. The median sales price dipped slightly by 1.6 percent to $471,150, and the average sales price fell 16 percent to $485,370. Despite softer pricing and slower sales, sellers still received 95.6 percent of their original asking price, suggesting stable demand for well-priced homes. However, with homes now taking longer to sell and supply expanding, the market is firmly shifting in favor of buyers.

Other counties around the region

Burke County’s housing market in May 2025 showed mixed signals, with sales activity slowing but home prices rising sharply. Closed sales declined 9.8 percent year-over-year, while new listings also fell by 14.8 percent, tightening overall supply even as inventory grew modestly by 14.1 percent. Despite fewer sales, prices surged, with the median sales price jumping 21 percent to $290,500 and the average price rising 11.3 percent to $320,103. However, sellers saw a dip in returns, receiving just 93.3 percent of their original asking price, and homes stayed on the market much longer, averaging 67 days, more than double last year. These trends suggest that while pricing remains strong, buyers are taking more time and negotiating more aggressively as the market adjusts to new conditions.

Jackson County’s housing market in May 2025 reflected a notable shift, with a dramatic 118.5 percent increase in new listings helping to drive inventory higher and push months of supply up to 7.0—well above the 4.5 months recorded last May. Despite this influx of homes for sale, both pending and closed sales declined slightly, down 4.3 percent and 4.8 percent, respectively. Prices softened significantly, with the median sales price falling 17.3 percent year-over-year to $330,000 and the average price dropping 38.5 percent to $382,533, likely influenced by a broader mix of lower-priced inventory. Still, sellers received 94.5 percent of their original asking price on average, and homes spent slightly more time on the market. The data suggests a market cooling off from recent highs, offering more choices and bargaining room for buyers. 

McDowell County’s housing market in May 2025 saw a notable boost in activity and inventory, signaling a more competitive environment. New listings surged 36.1 percent year-over-year, contributing to a 75.7 percent increase in months of supply, which reached 6.5—well into balanced market territory. Closed sales jumped 56 percent to 39, while pending sales rose 27 percent, suggesting renewed buyer interest. Despite this uptick, home prices adjusted downward, with the median sales price falling 27.8 percent to $350,000 and the average price dropping 9.9 percent to $473,271. Sellers, however, benefited from improved negotiation outcomes, receiving 95.8 percent of their original list price, up from 92.2 percent a year ago. Homes also moved faster, with time on market cut in half, indicating that well-priced listings are attracting buyers quickly. 

(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme.)

Mitchell County’s housing market in May 2025 reflected slower buyer activity but notable price growth amid rising inventory. New listings increased 11.5 percent year-over-year, helping push months of supply up to 9.4—well above the 5.4 months recorded last May, indicating a strong shift toward a buyer’s market. However, pending sales dropped 35.3 percent and closed sales fell slightly by 11.1 percent, suggesting that elevated inventory has not yet translated into higher transaction volume. Despite softer demand, the median sales price rose 16.5 percent to $303,000, and sellers received an average of 91.5 percent of their original list price. Homes are taking significantly longer to sell, with average days on market nearly doubling to 127 days. Overall, the market is adjusting, with pricing strength holding but sales pace slowing considerably. 

(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)
Polk County’s housing market in May 2025 showed signs of shifting dynamics, with increased inventory and diverging price trends. Inventory grew significantly, as months of supply rose to 8.3—up 62.7 percent from a year ago—indicating a firm move into buyer’s market territory. New listings remained steady year-over-year, but the market saw a drop in closed sales, which fell 26.7 percent to just 22 homes sold. Despite this slowdown in sales volume, pending sales increased 12 percent, a positive sign that buyer interest is returning as more options become available.

Home prices continued to reflect overall strength, with the median sales price rising 6.4 percent year-over-year to $500,000. However, the average sales price dipped 12.6 percent to $515,233, suggesting a broader mix of lower-priced homes entering the market. Sellers, on average, received 92.7 percent of their original list price, a slight improvement from last year, while homes sold more quickly, with days on market dropping sharply to 58 days from 99 days a year ago.

Rutherford County’s housing market continued to cool in May 2025, as both buyer demand and closed sales declined despite a rise in new listings. Closed sales dropped sharply—down 36.9 percent year-over-year to just 53 homes sold—while pending sales also fell 6.8 percent. New listings rose 18.2 percent, helping to push months of supply up to 6.5, a 58.5 percent increase from last May, indicating growing inventory and a shift further into buyer’s market territory. Homes sold slightly faster this May, with average days on market falling to 49 days from 55, yet overall transaction volume remains below last year’s pace.

At the same time, home prices declined, reflecting the easing demand and more competitive conditions for sellers. The median sales price fell 11 percent year-over-year to $278,000, while the average price dropped 23.5 percent to $303,181. Sellers received about 92.5 percent of their original asking price, slightly below last year, though still within a relatively stable range. As inventory builds and prices moderate, buyers in Rutherford County are gaining leverage, while sellers should prepare for longer marketing periods and more price sensitivity. The current market conditions favor well-prepared buyers ready to act in a less competitive landscape. 

Transylvania County’s housing market remained steady in May 2025, showing modest gains in both inventory and sales while maintaining stable pricing. New listings rose 4.7 percent compared to last May, helping to lift months of supply to 5.9—up 51.3 percent year-over-year—bringing the market closer to balanced conditions. Closed sales increased 8.9 percent to 49 homes sold, while pending sales held steady at 51, suggesting consistent buyer interest. Homes spent an average of 45 days on the market, nearly unchanged from a year ago, indicating that demand remains healthy amid shifting market conditions.

Pricing remained firm, with the median sales price increasing 3 percent year-over-year to $515,000 and the average sales price rising 2.3 percent to $615,849. Sellers benefited from improved negotiation strength, receiving 97.4 percent of their original list price on average, up from 94.3 percent last year. While year-to-date figures show a slight decline in overall sales volume, price appreciation and elevated list prices—averaging over $1 million in May—highlight the county’s continued appeal to higher-end buyers. Overall, the market in Transylvania County appears resilient, balancing increased supply with steady demand and upward price trends.

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.