Asheville and Buncombe County Market Analysis

3rd Quarter - 2018

The housing market in Asheville and Buncombe County appears to be in period of relative stability with slightly rising prices and demand that is strong but that is not increasing faster than supply. In the 3rd quarter of 2018, median home sale prices were higher than they were in the 3rd quarter of 2017 in both the City and the County, but they were relatively flat compared to the 2nd quarter of 2018.

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The number of home sales was down 4.9% in the City of Asheville and was up 1.1% in Buncombe County between the 3rd quarters of 2017 and 2018. For the year to date, the number of home sales was down by 9.2% in the City and 6.5% in the County compared to the same period in 2017.

The median home sale price was up 8.5% in the City and 7.1% in the County comparing the 3rd quarter 2018 to 2017.

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. In Asheville, inventory levels are below 6 months in all price ranges below $600,000 and in Buncombe County inventory levels are below 6 months in all price ranges below $400,000. This is unchanged from the 2nd quarter 2018 inventory levels. However, in both the City and the County, most price ranges’ inventory levels were higher in the 3rd quarter of 2018 compared to the 3rd quarter of 2017. 

 
The Average Days on Market rose in both Asheville and Buncombe County between 2017 and the end of the 3rd quarter of 2018 by 5.3% in the City and by 6.9% in the County. With an average of 60 Days on Market in the City of Asheville and 77 Days on Market in the County, homes that are priced properly are generally selling within 2 to 3 months, with the exception of homes in the luxury price ranges where inventory is higher.

 

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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