Asheville and Buncome County Market Analysis

1st Quarter - 2017

The housing market in Asheville and Buncombe County continues to be a strong seller’s market for most price ranges.  There were 327 homes sold in Asheville and 510 homes sold in Buncombe County in the 1st quarter of 2017, which is the highest 1st quarter sales on record in the City of Asheville.

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The median home sale price in the 1st quarter was a record high of $275,000, and in Buncombe County, it was $243,450, which is close to the previous record high of $247,000 set in 2016.

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 the 1st quarter of 2017, for the first time on record, inventory in Asheville was under 6 months in all price ranges below $1,000,000. In Buncombe County, levels were under 6 months for all price ranges under $450,000. Inventory for most price ranges in Buncombe County was lower in the 1st quarter of 2017 than previous years, but there is still more supply in the County relative to the City, especially in the mid and upper price ranges..

 
The Average Days on Market (DOM) in Asheville increased to 68 days in the 1st quarter, up from 55 days in 2016.  The average DOM in Buncombe County also increased from 77 days in 2016 to 82 days in the 1st quarter.  The increase in DOM is likely due to more sellers pricing their homes higher than market value, causing the homes to take longer to sell.

 
Green Building continues to be the brightest spot in the market, with low inventory levels and high median price per square feet.

 

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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