It is time for our monthly real estate update. This information is based on statics from our local MLS. The information is calculated from the past month so we will always be talking about the previous month’s stats.
The city of Asheville is located in Buncombe County. The monthly real estate updates will focus on Buncombe and Henderson County, along with the city of Asheville and Hendersonville.
The Asheville Region includes Buncombe, Burke, Haywood, Henderson, Jackson, Madison, McDowell, Mitchell, Polk, Rutherford, Swain, Transylvania and Yancey Counties. The surrounding counties are becoming more popular and price increases are occurring throughout the region. Depending on what is happening in the market, a surrounding county may be highlighted.
If you've been reading online or listening to the news, you are probably wondering if the housing market is going to crash. It seems all the experts are saying the market is slowing down. Is that true for our local market? The national housing market is shifting. The higher interest rates and increase inflation are having an effect on who can and will buy a house in the next few months. Don’t panic or celebrate yet. The housing supply is still very limited and people still want to buy houses, especially in the greater Asheville area.
It amazes me that the median house price has continued to climb every month in Buncombe and Hendersonville counties.
ASHEVILLE REGION
Months of supply = number of houses currently for sale/ by the average number of homes sold per month.
BUNCOMBE COUNTY
|
| Jan | Feb | Mar | Ap | May | June |
| NEW LISTINGS | 271 | 307 | 448 | 484 | 573 |
|
| PENDING | 349 | 363 | 422 | 426 | 444 |
|
| CLOSED | 325 | 267 | 390 | 348 | 401 |
|
| MEDIAN | $389 | $415 | $448 | $450 | $472 |
|
| AVG | $494 | $515 | $546 | $567 | $613 |
|
| DAYS ON MARKET | 33 | 36 | 34 | 27 | 23 |
|
| MONTHS SUPPLY | 0.9 | 0.7 | 0.8 | 0.9 | 1.2 |
|
ASHEVILLE CITY
HENDERSON COUNTY
|
| Jan | Feb | Mar | Ap | May | June |
| NEW LISTINGS | 123 | 164 | 219 | 225 | 250 |
|
| PENDING | 140 | 181 | 227 | 195 | 222 |
|
| CLOSED | 165 | 127 | 185 | 183 | 189 |
|
| MEDIAN | $355 | $365 | $379 | $403 | $439 |
|
| AVG | $405 | $434 | $436 | $444 | $488 |
|
| DAYS ON MARKET | 22 | 34 | 28 | 16 | 19 |
|
| MONTHS SUPPLY | 0. 8 | 0.7 | 0,7 | 0.9 | 1.0 |
|
CITY OF HENDERSONVILLE
|
| Jan | Feb | Mar | Ap | May | June |
| NEW LISTINGS | 75 | 103 | 113 | 140 | 154 |
|
| PENDING | 80 | 115 | 126 | 117 | 141 |
|
| CLOSED | 109 | 67 | 115 | 104 | 111 |
|
| MEDIAN | $349 | $360 | $375 | $386 | $415 |
|
| AVG | $410 | $455 | $438 | $422 | $456 |
|
| DAYS ON MARKET | 25 | 32 | 27 | 16 | 16 |
|
| MONTHS SUPPLY | 0.8 | 0.7 | 0.6 | 0.9 | 1,0 |
|
I decided to go to the outer area of our region for the special focus and what I found was very interesting. The stats were off the charge with the median home price. An increase of 111% in one month! This made me dig deeper to see what was happening. When I compared year to date it was even odder. The median home price had declined by 41%! What on earth was going on? I did more research to discern what was happening there. Based on a year review of 3/2 homes, the trend was fewer houses with an acre or less come on the market each month. This create a vacuum for more affordable houses and left the larger tracks of land and homes on the market longer. The houses that sold from Ap to May were higher price which affected the median. However, this trend caused the year to date to be lower.
SPECIAL FOCUS
| MITCHELL CO. | 2021 | 2022 |
| April 22 |
| NEW LISTINGS | 17 | 48 |
|
|
| PENDING | 21 | 25 |
|
|
| CLOSED | 16 | 14 |
|
|
| MEDIAN | $356 | $209 | -41% | 111% |
| AVERAGE | $339 | $309 | -9% |
|
| DAYS ON MARKET | 57 | 34 |
|
|
| MONTHS SUPPLY | 3.1 | 3.1 |
|
|
TAKE AWAY
High gas prices and rising interest rates will increase the medium house price inside the city limits. There are plenty of people moving here who think our prices are good deals. They will be less likely to drive more than 20 minutes from center of city.
The outer region is already seeing a market shift and will continue to do so as houses with less land stop coming on the market.
Buyer need to buy now. Prices may level out but they are not going to drop.
Sellers outside of city limits will see a leveling of the price and larger homes may see a slight price drop.
Investors, need to be careful with their numbers. The sweet spot is probably in the mid $400s to find house with mainly cosmetic needs.
For more detailed statics view Asheville Market Update May 2022 PDFS
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