Asheville and Buncombe County Market Analysis

2nd Quarter 2019

The housing market in Asheville and Buncombe County had slightly lower prices in the City of Asheville and higher prices in Buncombe County, with both areas having more sales compared to the same quarter last year. Greater demand in Asheville was being driven by lower prices and lower interest rates compared to this time last year. Demand in the County was being influenced by lower interest rates and also by more affordable pricing, having a lower per square foot than the City of Asheville.

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Number of homes sold. In the City of Asheville, there were 453 sales in Asheville the 2nd quarter of 2019, slightly higher any other quarter on record. There were 732 sales in Buncombe County the 2nd quarter of 2019, higher than the 2nd quarter of 2018 by 8.3%.

The median home sale price rose between the 1st and 2nd quarters by 4.7% to $309,000, but dropped between the 2nd quarters of 2018 and 2019 by -4.9%. The 2nd quarter of 2018 had the highest median price on record in the City of Asheville. The larger shifts appear to be happening in Buncombe County, where the median home sale price rose between the 1st and 2nd quarters by 16.2% and between the 2nd quarters of 2018 and 2019 by 10.2% to its highest point on record at $319,500.

Inventory levels were still lower in most price ranges in the City of Asheville compared to Buncombe County in the 2nd quarter of 2019. Inventory levels appear to be dropping in many price ranges in Buncombe County relative to the previous year. Inventory levels under 6 months indicate a sellers’ market and inventory levels over 6 months indicate a buyers’ market.
 

 
The housing market showed a decrease in the Average Days on Market (DOM) in both Asheville and Buncombe County between the 1st and 2nd quarters, ticking the Average DOM down to 73 DOM in Asheville and 83 DOM in Buncombe County for the year-to-date.

 

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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