market update

Real Estate Market Update Greater Asheville NC Area June 2020

Nationally as well as locally, the month of June reflected a pent-up demand by prospective home buyers.  New Listings were down in the Asheville region by 7.0 percent to 1,430. Pending Sales increased 33.1 percent to 1,509. Inventory shrank 38.0 percent to 3,354 units.

Prices moved higher as Median Sales Price was up 3.7 percent to $280,000. Days on Market decreased 5.9 percent to 64. Months Supply of Inventory was down 42.6 percent to 3.5 months, indicating that demand increased relative to supply.

Buyers are eager to purchase as fast as possible.  Those who have returned to work want to find a house and move NOW!

Sellers are more reluctant to list right now.  Many are in a wait and see mode.  They want to make sure they have a place to live if a second wave of Covid 19 hits. Until sellers regain confidence, housing inventory will continue to remain low and force prices upward.

Buncombe and Henderson County have limited inventory in all price ranges with the medium days of market of only 18 days.  In houses less than $300K, the majority are under contract within 4 days and often involve bidding wars, if the houses are in good condition.

Even with the shortage, buyers are still being choosy and want homes that are in good condition and have some upgrades.  The higher price point makes it less likely buyers will have extra money for improvements.   If seller’s want that top dollar they will need to put some money into the home to have it in good condition and staged attractively.  

I am encouraging sellers, to make the improvement as fast as possible and get their house on the market NOW! 

Who knows what this fall will bring?

Source: Canopy MLS, and the NAR (National Association of Realtors) reports and surveys.


I am running a little late for the March review (remember we get our stats from the previous month), I meant to post this April 30. I just have been to busy to get it all together.  Anyway---

March was a busy month for all of the Greater Asheville region. We are experience an extreme housing shortage so multiple offers are the norm.  If you  are planning on buying here, you must be pre approved with a lender or have proof of funds to show.  Houses are receiving multiple offers within the first 8 hours of listing. Many buyers are making offers with just virtual viewings. Be prepared to make your highest and best the first time.  Also be prepared to pay at least 1% of offer price for the due diligence fee. This holds true for all price range

The YouTube post goes into more detail about the month to month review.