Asheville and Buncombe County Market Analysis

1st Quarter 2019

The housing market in Asheville and Buncombe County moved towards a more balanced market in the 1st quarter of 2019, shifting away from a strictly seller’s market, especially in the City of Asheville.

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Number of homes sold. In the 1st quarter of 2019, there were 273 homes sold in the City of Asheville, an 8.4 % decrease compared to the 1st quarter of 2018. In Buncombe County, there were 511 homes sold in the1st quarter, a 10.8% increase.  The decrease in the number of homes sold in Asheville and the corresponding increase in the number of homes sold in the County is most likely due to some buyers choosing the County market over Asheville because of the less expensive market in some areas of the County.

The median home sale price in the 1st quarter of 2019 in the City of Asheville the median home sale price was $295,000, representing a 2.5% decrease over the 1st quarter of 2018. During the same time period, the median home sale price in Buncombe County stayed static at $275,000.

Inventory levels were still low in the 1st quarter of 2019 in the largest and most active price segments. When inventory levels are more than 6 months, it is a buyer’s market and there is downward pressure on prices; 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 were below 6 months in all price ranges below $700,000, and in Buncombe County levels were below 6 months below $400,000.  However, inventory levels were generally higher in both Asheville and Buncombe County comparing the 1st quarters of 2019 to 2018.

 
The housing market showed an uptick in the Average Days on Market (DOM) in both Asheville and Buncombe County. In Asheville, the average DOM was 80 days in the 1st quarter of 2019 compared to 69 days in the 1st quarter of 2018, a 15.9% increase.  In Buncombe County, the average DOM increased from 89 days to 93 days between the 1st quarters of 2018 and 2019, a 4.5% increase.

 

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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