3rd Quarter 2020
The housing market in the 3rd quarter of 2020 was a seller’s market with continued strong demand, low inventory, rising prices, and bidding wars. The market was largely being driven by low interest rates and demand from people relocating to Asheville, primarily from major metro areas, where the shift in being able to work remotely has created “Zoom Towns,” places that have urban amenities, access to nature, and a lower cost of living than larger cities.
Number of homes sold. With 457 home sales in the City and 952 home sales in the County, the 3rd quarter showed a strong uptick in home sales from the slower 2nd quarter. The County had the highest number of home sales per quarter by 16%, and the City had its second-highest quarterly home sales. This was a sharp departure from the 2nd quarter, where there were fewer sales happening because of a COVID-related slowdown in both demand and supply.
Median home sale price. Because of low inventory, prices in Asheville and Buncombe County remained high. For the City of Asheville, the 3rd quarter median home sales price hit $355,000, the highest quarterly median home sale price on record; 4.6% higher than the previous quarter. In Buncombe County, the median sales price was also the highest on record at $335,0000, slightly above the previous record of $319,500, set in the 2nd quarter of 2019.
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!