Asheville and Buncombe County Market Analysis

3rd Quarter 2019

The housing market in Asheville and Buncombe County in the 3rd quarter of 2019 showed signs of strength and stability. 

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Number of homes sold. The number of homes sold in the City and County both set records for quarterly sales with 475 sales in the City of Asheville and 820 sales in Buncombe County. The City's sales were inflated by a large downtown condo project at 55 South Market, for which all sales were recorded in the 3rd quarter of 2019. This increased the number of sales in the City of Asheville by 64.

The median home sale price in the City of Asheville rose between the 3rd quarters of 2018 and 2019 by $40,250, a 13.6% rise. Without the sales that occurred at 55 South Market, the median sale price in the City of Asheville would have been $325,000, 9.7% higher than the 3rd quarter in 2018. In Buncombe County, the median sale price rose by $5,500 between the 3rd quarters of 2018 and 2019 to $295,500, a 1.9% increase.

Inventory levels in the Asheville are below 6 months in all price ranges below $700,000 and are at or below 6 months in all price ranges below $400,000 in Buncombe County. There was a slight decrease in inventory between the 3rd quarters of 2018 and 2019 in most price ranges in the City of Asheville except for the luxury price ranges, which were in buyer’s market territory with higher inventory.

 
Average Days on Market (DOM)  rose in the City of Asheville between 2018 and the first three quarters of 2019 to 76 DOM, a 21% increase. In Buncombe County, DOM remained virtually unchanged between 2018 and the first three quarters of 2019, shifting up slightly from 77 DOM to 78 DOM.

 

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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