Asheville homes

REAL ESTATE MARKET UPDATE ASHEVILLE AREA MAY 2022

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

 

Jan

Feb

Mar

Ap

May

June

NEW LISTINGS

752

888

1,303

1,355

1,591

 

PENDING

950

1003

1,258

1,191

1,253

 

CLOSED

906

749

1,078

1,005

1,116

 

MEDIAN

$340

$355

$375

$375

$401

 

AVG

$418

$432

$449

$449

$489

 

DAYS ON MARKET

36

39

37

29

24

 

MONTHS SUPPLY

1.0

0.9

0.9

1.1

1.4

 

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

 

Jan

Feb

Mar

Ap

May

June

NEW LISTINGS

123

134

217

225

266

 

PENDING

149

161

189

208

214

 

CLOSED

156

136

178

170

201

 

MEDIAN

$417

$413

$496

$500

$485

 

AVG

$541

$505

$603

$610

$665

 

DAYS ON MARKET

34

36

35

27

29

 

MONTHS SUPPLY

0.9

0.7

0.8

0.9

1.1

 

 

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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