Asheville and Buncombe County Market Analysis

4th Quarter 2019

The housing market in Asheville and Buncombe County ended 2019 with strong demand, low inventory, and higher prices in both Asheville and Buncombe County. 

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Number of homes sold. The City of Asheville had a record-setting year, with 1604 home sales, 10.8% more than the previous year. Buncombe County home sales were also brisk, with 2729 sales recorded in 2019, 10.4% more than in 2018.

The median home sale price in the City of Asheville rose by 2.3% between 2018 and 2019 to $317,000, marking nine straight years of median home price increases. In Buncombe County, the median home sale price rose by 5.3% between 2018 and 2019 to $300,000, also showing nine straight years of median home price increases.

Inventory levels in the Asheville are under six months in all price ranges below $900,000, and in Buncombe County, inventory levels were under six months for all price ranges under $700,000. Inventory levels in both Asheville and Buncombe County dropped in most price ranges between 2019 and 2018, showing that housing demand is outpacing supply. Inventory levels under six months indicate a sellers’ market and inventory levels over six months indicate a buyers’ market.

 

Average Days on Market (DOM)  rose to an average of 77 Days on Market in Asheville and 80 Days on Market in Buncombe County. Days on Market has risen 4 years in a row in Asheville and 3 years in a row in Buncombe County. While Days on Market is not abnormally high, a rising Days on Market indicates that even though we are in a sellers’ market, sellers still face a risk of overvaluing their property and having it sit on the market until the price is adjusted to market value.

 

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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