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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