4th Quarter 2022
Our WNC regional real estate market analysis is updated quarterly. Scroll down the page for the Asheville/Buncombe County real estate data and trends, or click these buttons to download the full report PDF for each area.
Asheville/Buncombe County Market Analysis
The housing market in 2022 started as a red-hot, extremely strong seller’s market and still ended in seller’s market territory, just substantially weaker than at the start. In May, there was a noticeable shift away from the frenzy of the beginning of the year, as higher interest rates and the prospect of a recession slowed the housing market. The Asheville area continued to experience strong housing demand from people relocating to Asheville who could work remotely, people purchasing homes to use as vacation rentals, retirees moving to Asheville, millennials entering the housing market in significant numbers, and people who are moving to Asheville because of the projections that it will not experience extreme climate change-related weather events.
Number of homes sold. The number of home sales dropped significantly between 2021 and 2022. However, the combination of a lack of housing supply and people moving to the area kept prices from falling substantially.
Inventory levels. In the 4th quarter, housing inventory in Asheville and Buncombe County was well below 6 months in all price ranges, except for the $1,500,000+ price range in Buncombe County (Table 1 and Table 2). Compared to the 4th quarters of 2021, inventory in 2022 was slightly higher in most price ranges.
Median home sale price. Home prices spiked in the first 5 months of the year, peaking in the 2nd quarter in Asheville and the 3rd quarter in Buncombe County, but dropped from the peak as the Federal Reserve began to raise the federal funds rate to combat inflation in May. Even with higher interest rates, housing prices remained slightly higher at the end of 2022 than at the end of 2021 in both Asheville and Buncombe County.
Average Days on Market (DOM) Average Days on Market (DOM) for home sales in 2022 was low, ending with record lows for the year. In Asheville, the Average DOM was 29, and in Buncombe the Average DOM was 31.
For a complete market analysis, including Trends in Green Homes, Inventory or Price Per Square Foot, view the entire report here. If you have any questions or would like a price evaluation of your house, please contact one of our agents or call us at (828) 707-9556.
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