Year End 2024
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 started 2024 in seller’s market territory and despite damage caused by Tropical Storm Helene at the end of September, the area remained a seller’s market in most segments of the market.
Number of homes sold. While yearly median home sale prices were the highest that they have ever been, the number of home sales in 2024 was the lowest it has been since 2012. Asheville had 1,132 home sales in 2024 and Buncombe County had 2,052 home sales. This decrease was the result of a combination of factors: the impact of Helene on the ability to do business while recovering from the storm, damage to some homes caused by Helene, uncertainty in the marketplace caused by Helene, higher prices and higher interest rates, and lastly, a lack of inventory.
Inventory levels. Despite the uncertainty and damage that Helene caused, the real estate market proved remarkably resilient, as reflected in prices and also inventory. Economists generally consider a balanced market to have 6 months of inventory, meaning that it would take 6 months for all the available homes to sell based on the rate of sales within the last 12 months. Fewer than 6 months is considered a seller’s market, where there are more buyers than homes available. At the end of the 4th quarter in 2024, every price range in Asheville and Buncombe County had inventory levels lower than 6 months except for the $1.5+ million range in the City of Asheville. And while inventory levels were slightly higher at the end of the 4th quarter in 2024 compared to 2023, likely due to Helene, it was not appreciably higher in most price segments, and was lower in some price segments.
Median home sale price. At $477,000, Buncombe County had the highest yearly record for median sales price in 2024, while in the City of Asheville, the median yearly sales price of $488,000 was also the highest. 4th quarter prices were slightly lower in the City and County in 2024 compared to 2023, mostly likely a result of Helene. But the decline was less than $10,000 in both the City and County.
Average Days on Market (DOM) Average Days On Market increased slightly to 47 DOM in Asheville and 54 DOM in Buncombe County. Inventory generally remained low, which has become the defining feature of the real estate market in Asheville and Buncombe County.
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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