Asheville and Buncombe County Market Analysis

1st Quarter - 2018

The housing market in Asheville and Buncombe County ended the 1st quarter with fewer sales than in the first quarter of 2018. In Asheville, there were 298 sales in the first quarter of 2018 compared with 327 in the first quarter of 2017. In Buncombe County, there were 461 sales in the first quarter of 2018 compared with 511 in the first quarter of 2017.
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The median home sale price increased during this time by 9.0% in Asheville and 11.6% in Buncombe County. The median home sale price in Asheville rose from $275,000 to $302,250 between the 1st quarters of 2017 and 2018, and in Buncombe County from $243,000 to $274,995.

Inventory levels are some of the best indicators of the health of a housing market. When inventory levels are more than 6 months it is a buyer’s market and there is downward pressure on prices and when inventory levels are less than 6 months, it is a seller’s market and there is upward pressure on prices. Inventory levels in Asheville are below 6 months in all price ranges below $600,000 and are below 6 months in all price ranges below $450,000 in Buncombe County. First-quarter inventory levels are slightly higher in many categories in the City and County compared with 2017, but the increase in inventory is slight and could be due to randomness as the dataset is small.

 
The Average Days on Market (DOM) rose between 2017 and the 1st quarter of 2018 by 21% in the city and by 24% in the county. The rise in days on market is most likely due to seasonality, as a first quarter spike in days on market occurred in previous years.

 

For a complete market analysis, including charts and graphs, 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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