Year End 2020
The housing market in 2020 had all the hallmarks of a strong seller’s market with high demand, low inventory, rising prices, and frequent bidding wars. The market was largely driven by low interest rates and demand from people relocating to Asheville, primarily from major metro areas, where the shift in being able to work remotely has created “Zoom Towns,” places that have urban amenities, access to nature, and lower costs of living than larger cities.
Number of homes sold. Strong demand was a defining feature of the market in 2020, especially for the second half of the year. With 477 home sales in the City of Asheville and 966 home sales in Buncombe County (not including Asheville), 2020 had the most 4th quarter sales of any year on record. For the year, Buncombe County had 3,155 home sales, the highest number of home sales for any year on record by 8.8%. The City of Asheville had close to its record home sales in 2020 with 1,505 sales.
Median home sale price. Because of such low inventory levels, prices in Asheville and Buncombe County were quickly rising. In the 4th quarter the median home sales price hit $385,000 in the City and $349,500 in the County, representing the highest quarterly median home sale price on record; 6.9% higher in the City and 4.6% higher in the County than the previous high set in the 3rd quarter of 2020.
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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