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Regional Market Analysis

1st Quarter 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 entered the 1st quarter of 2024 in seller’s market territory and remained a seller’s market through the end of the quarter.

View entire report here

Interest Rates. Interest rates moved between 6% and 7% in the 1st quarter of 2024. This is lower than the peak of around 8% that occurred in the 3rd quarter of 2023, but still much higher than they had been for most of the last 15 years. Higher interest rates have made it more expensive for buyers who are getting loans to purchase homes, taking a large swath of would-be buyers out of the housing market. But higher interest rates are also making people who have low fixed-rate loans reluctant to sell because they don’t want to lose their low interest rates. The lack of home sellers has restricted supply, which has both limited options for prospective home buyers and pushed prices higher by tipping the scale of supply and demand in the seller’s favor.

Number of homes sold. The number of home sales in the 1st quarter of 2024 were similar to that in the 1st quarter of 2023. Asheville had 251 home sales in the 1st quarter and Buncombe County had 486 home sales. Between the City and County, there were only 7 fewer home sales in the 1st quarter of 2024 compared to 2023.

Graph of Number of Homes Sold in Asheville + Buncombe County

 

Inventory levels. Every price range in Asheville and Buncombe County had inventory levels lower than 6 months except for the $1.5+ million range in Buncombe County. Inventory remaining low has become the defining feature of the real estate market in Asheville and Buncombe County. 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. Less than 6 months is considered a seller’s market, where there are more buyers than homes available.

City of Asheville Housing Inventory
Buncombe County Housing Inventory


Median home sale price. With a median home sale price of $443,940, Buncombe County had the highest 1st quarter median sales price on record in 2024, while the City of Asheville tied the previous year’s 1st quarter median home price record of $465,000.

Graph of Number of Median Home Prices in Asheville + Buncombe County


Average Days on Market (DOM)  DOM ticked upwards between 2023 and the 1st quarter of 2024, which is a normal because homes that sell in the 1st quarter usually sit on the market for longer over the winter.

Average Days on 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.

Be sure to contact us with any questions as we're your local experts!

 

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