Asheville and Buncombe County Market Analysis

Year End - 4th Quarter 2018

The housing market in Asheville and Buncombe County appears to have stabilized in 2018 with slightly rising prices and demand that is strong but not increasing faster than supply.

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Number of homes sold.  In 2018, there were 1,448 homes that sold in the City of Asheville, a 6.1% decrease compared to 2017. In Buncombe County, there were 2,472 homes that sold, a 4.9% decrease compared to the previous year. The decrease is most likely correlated to higher interest rates and higher prices in 2018 compared to 2017.

The median home sale price was up in the City and County compared 2017 to 2018. In the City of Asheville, the median home sale price was $310,000, (6.8% increase over 2017). During the same time period, the median home sale price in Buncombe County rose by 7.1% to $285,000.

Inventory levels were still low in 2018 in the largest and most active price segments in both Asheville and Buncombe County. 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 $1,000,000, and in Buncombe County inventory levels were below 6 months in all price ranges below $400,000.

 
The housing market showed a slight uptick in the Average Days on Market (DOM) in both Asheville and Buncombe County. In Asheville, the average DOM was 63 days in 2018, a 10.5% increase compared to 2017. In Buncombe County the average DOM was 77 days in 2018, a 6.9% increase compared to 2017.

 

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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