3rd Quarter 2022
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 in the third quarter of 2022 was defined by competing market forces, some pulling the market downward and others keeping it strong. The primary dynamics pulling the housing market down were higher mortgage interest rates and a downward-trending stock market. Factors keeping the market strong were low housing inventory, a tight labor market, high construction material and labor costs, and population growth in the Asheville metro area. With low inventory, the third quarter was a seller’s market, but prices stopped their steady march upwards. There were buyers in every price range, but fewer than in the first half of this year, as some buyers were forced out of the market with higher interest rates, as well as less equity to pull from stocks. Bidding wars still happened but were less common, and mostly present on move-in-ready homes that didn’t need work.
Number of homes sold. In the 3rd quarter of 2022, there were 424 homes that sold, 6.4% fewer homes when compared to the same quarter of 2021. In Buncombe County, 812 homes sold in the 2nd quarter, 12.8% fewer than during the same time period in 2021.
Inventory levels. In Asheville and Buncombe County, inventory in the 3rd quarter of 2022 was under 6 months in almost all price ranges, and under 2 months in most price ranges, deep in seller’s market territory. 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.
Median home sale price. Asheville’s median sale in the 3rd quarter of 2022 was $447,356, an increase of 11.7% compared to the 3rd quarter of 2021, but a decrease of 10.5% compared to the 2nd quarter of 2022. In Buncombe County, the median sale price in the 3rd quarter of 2022 was the highest on record, with an increase of 13% compared to the 3rd quarter 2021 and a slight increase of 1.6% compared to the 2nd quarter of 2022.
Average Days on Market (DOM) Average Days on Market continued to decline as well, with 27 DOM in Asheville and 30 DOM in Buncombe County year-to-date through the 3rd quarter of 2022.
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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